Ordinance or law insurance is a type of insurance most commercial property owners want to have, no matter how long they are planning to own the commercial building. What if the market bottomed out and you can’t sell your property within that time frame? What if you end up having your commercial complex for many more years to come? While you may have bought the building with different intentions, you never know what the future might bring. This is why it always pays to be prepared. Although you may spend a little money for the policy, it may save you a lot of money in the long run.
Even though you may have ascertained that the building was up to code before you purchased it, you may be surprised to learn that ordinances and building codes change all the time. What if a fire destroys your building and you have to rebuild? What if there are new building codes and standards in construction that require new and improved sprinkler systems or other components? Your insurance company won’t pay for those items if you did not purchase ordinance or law insurance.
If your commercial building sustains serious property damage, having ordinance or law insurance could ensure that you will receive the most money possible under your insurance policy. Without this coverage, you will be prevented from making a full recovery.
For help understanding your commercial insurance policy, or for help appealing a denied insurance claim, call an insurance claim litigation attorney at the Voss Law Firm at 888-614-7730 for a complimentary consultation. Let us fight for your fair recovery.