coverage question
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coverage question - 11/24/2005 7:14:31 PM
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medic17506
Posts: 2
Joined: 9/27/2005
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Okay, I'm an admitted newbie - please don't hold this aginst me...I have some questions...
Have 2 general property claims - they are on attached buildings - one is a gas station/convenient store the other is strip-mall with a laundrymat.
My question is multifold - beleive me, I've been checking everything I could before I came here - I want to know what's covered as far as:
Fuel Pumps and tanks for the Gas Station (the tanks are below ground) and the pumps are not "attached" to the building except by electrical conduit to power the pumps/tanks. - Are the fuel tanks covered? I have concluded that walk in freezers are covered, I'm reasonably sure that walk-in refrigerators are covered.
I'm also wondering about metal studs - are they protected against salt-water - can I replace them, what is the policy?
Any guidance would be appreciated, thanks.
Medic17506
< Message edited by medic17506 -- 11/24/2005 7:58:12 PM >
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RE: coverage question - 11/24/2005 9:04:37 PM
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Medulus
Posts: 367
Joined: 4/19/2004
Home base: Lake Ariel, PA
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Medic,
What is the policy form and applicable endorsement numbers? And what is the cause of loss?
< Message edited by Medulus -- 11/24/2005 9:06:26 PM >
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Steve Ebner
"With great power comes great responsibility." (Stanley Lieber, Amazing Fantasy # 15 August 1962)
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RE: coverage question - 11/24/2005 9:12:45 PM
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oldbruce
Posts: 5
Joined: 10/21/2005
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Re-the freezer and cooler....is it a joint loss with the B&M carrier?
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RE: coverage question - 11/24/2005 10:17:40 PM
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katadj
Posts: 692
Joined: 4/19/2004
Home base: New Hope, PA
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1) Read the policy.
2) Re-read the policy.
Underground tanks are connected to the fuel dispensing pumps by an underground piping system. The pumps, (in some states) are also cross connected to a vapor recovery system that returns the fumes to the tanks.
The fuel dispensing system is connected to the building by the electrical conduit as you stated.
Therefore the entire system is interconnected. In some instances there is the issue of water entering the underground tanks, rendering the fuel unusable. This , if covered, would require the pumping out of the fuel/water mixture and replacing same with new fuel.
This again could create a problem if the water table is high and the tanks are not properly secured, the tanks may "float" or pop out of the ground, as an empty tank is a balloon. Many of these items are covered if the policy is written as such.
If the claim is outside your parameter as an adjuster, i strongly suggest you return the claim to your lead and accept others in it's stead.
_____________________________
"Excellence often first appears as error. It is only in retrospect that wisdom emerges from ignorance and success from failure." Abraham Lincoln
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RE: coverage question - 11/24/2005 10:20:04 PM
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trader
Posts: 1203
Joined: 4/19/2004
Home base: Houston, TX
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General Property Form for flood coverage, right? All the property must be within the footprint of the described property(unless it falls under # 3 III) which is not the case in your example)
The pumps, tanks and gasoline are not covered for this convenience store. The flood policy affords coverage for direct damage from flood and if the metal studs in the building are damaged... the answer is yes. The walk in freezer is described as part of the building. Please do look for Boiler & Machinery Coverage under the building CP , BOP or B & M coverage, as the flood policy may be excess of specific coverage.
Further reserch and reflection brings this to mind for new adjusters. The flood General Property Form is for property that are not single family dwelling type buildings; therefore do not have "extensions" of coverage like the Homeowner or the dwelling flood policy. It appears the above ground pumps and canopy can be insured for flood damage under the general property form; however all below ground property can not be insured. The below ground plumbing exclusion is specific in both the general property and residence flood policy.
When working commercial losses always look at the specific building coverage or contents therein, as it has to be listed.
.
< Message edited by trader -- 11/25/2005 11:01:17 AM >
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RE: coverage question - 11/26/2005 11:27:28 AM
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mh0825
Posts: 587
Joined: 8/31/2005
Home base: Gainesville, FL
Status: offline
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quote:
ORIGINAL: trader
It appears the above ground pumps and canopy can be insured for flood damage under the general property form...
.
I don't know about that...
IV. Property Not Covered
10. Containers, including relating equipment, such as, but not limited to, tanks containing gases or liquids.
As for the canopy, I don't think you can apply coverage for this structure under a flood policy, regardless of the form.
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RE: coverage question - 11/26/2005 1:07:09 PM
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trader
Posts: 1203
Joined: 4/19/2004
Home base: Houston, TX
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I reread the General property Form, and now agree Matt. It seems the NFIP policy is limited to BUILDINGS,(or personal property) and the canopy does not fit the definition, nor does the pumps. I was thinking about some Inland Marine coverage from years past.
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RE: coverage question - 11/30/2005 10:06:02 AM
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katadj
Posts: 692
Joined: 4/19/2004
Home base: New Hope, PA
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Whoopie!!!
We got 18 more Billion to spread around, maybe some can get paid for their files now.
http://www.fema.gov/news/newsrelease.fema?id=20805
_____________________________
"Excellence often first appears as error. It is only in retrospect that wisdom emerges from ignorance and success from failure." Abraham Lincoln
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