Navigating Earthquake Damage: A Property Owner's Insurance Success Story

John, the owner of a mid-sized apartment complex located in a seismically active region, had taken proactive steps to protect his investment by purchasing commercial earthquake insurance which included business income coverage for his business. One fateful evening, a significant earthquake struck the area, causing extensive damage to his buildings, including structural impairments, damage to the pool, fences, and signage.

Thanks to his earthquake insurance policy, John was covered for the structural damage to the building and the additional property damage, including the pool, fences, and signs. The policy provided coverage for the costs associated with repairs and replacements, ensuring that he would not have to bear the financial burden alone. 

Moreover, John's business income coverage proved invaluable during this challenging time. With several units uninhabitable and the property undergoing extensive repairs, John faced a significant loss of rental income. However, his business income coverage kicked in, providing him with claims payments that helped cover ongoing expenses, such as utilities and employee salaries, while the repairs were underway.

Thanks to his foresight in securing adequate earthquake insurance and business income coverage, John was able to navigate the aftermath of the earthquake without facing financial ruin.

The above scenario is strictly documented for illustrative purposes only and provides an example of what a policy could cover. It is intended to provide a general overview of the program described. Please remember only the insurance policy can give actual terms, coverage, amounts, conditions and exclusions. Program availability and coverage are subject to individual underwriting criteria.