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Commercial Mold_49_Understanding Mold Insurance Claims

12/18/2020 (Permalink)

Mold growth in window Mold damage in South Jordan, UT

Regardless of the type of business owned in South Jordan, UT, having general commercial liability insurance is an essential component to being successful. Knowing that the unexpected can happen, having it provides peace of mind. That can only happen if you understand what your policy actually covers. When it comes to mold insurance claims, various factors are considered by insurers to determine if mold damage remediation and restoration will be covered.

What Might Be Covered?

Since not every policy or insurance company is the same, having a clear understanding of your personal policy is essential. In most cases, accidental water losses will include mold issues. For mold insurance claims that are accepted, they typically cover:

Repairs, removal and replacement of materials directly damaged by the mold.
Damage incurred to non-affected materials that need to be removed to access areas with hidden growth.
Costs associated with testing to ensure the problem has been resolved.

What Might Be Denied?
When it comes to mold remediation, most insurers have a list of exclusions that may result in a mold claim being denied. Ranking high on that is list is a failure to address a long-term leak or structural defect. In these cases, the mold is considered secondary damage that could have been avoided if repairs were made sooner. The claim may also be denied if the mold spread to non-affected areas because precautions weren’t taken to contain a water loss. Whenever renewal time comes around, it is important to thoroughly read through the policy and ask your agent questions. There may possibly be new exclusions or changes, so it is better to know what they are before a problem happens.
Although not all mold insurance claims are accepted, there are many situations in which they will be. Having a clear understanding of your policy will help keep you better prepared for potential issues down the road.

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