Will Commercial Insurance Cover Mold?
Mold damage after water and fire situation in a Houston,TX building
The owner of a building that is found to contain mold will want to know whether a commercial insurance policy covers remediation costs. Some policies provide mold coverage, while others have exclusions, exceptions, or limits. Here are several considerations that can affect coverage for mold damage.
Check for Exclusions and Exceptions
A heightened number of mold claims in recent decades have led a number of commercial insurers to exclude mold or make exceptions regarding causes or remediation methods. Some of these exceptions may include coverage for fungus growth due to
- Fire suppression system leaks
- Water damage
- Flood insurance policies that only cover mold resulting from flooding
Commercial insurance policyholders should familiarize themselves with the terms and limits of their coverage. This can help building owners decide whether they should obtain a mold insurance endorsement.
Factor in Limitations
Some policies have limited coverage, usually around $15,000, for mold. This limited coverage can help to offset the costs of:
- Tearing out contents or materials
- Replacement and rebuilding
This limit applies to single occurrences and is an annual aggregate. If this coverage is not sufficient, contact an insurer to add a mold endorsement.
File a Complete Claim
Mold damage is more likely to be covered if a complete claim is filed. This process should involve:
- Documenting damage
- Obtaining test results and estimates
- Filing a claim
- Submitting Proof of Loss
- Following up with an adjuster
Proper documentation and procedure can increase the chances of approval. If a policyholder is not sure how to proceed, he or she should contact an insurance agent.
It is possible to obtain commercial insurance coverage for mold. This peril may or may not be covered in a standard policy. Contact your insurer to discuss terms, limits of coverage, and whether additional mold insurance will be necessary to offset the costs of hiring remediation experts in Houston,TX.
3 Property Management Tips for Preventing Hurricane Damage
Having a first aid kit in your Kingwood,TX home can help in an emergency
Tips To Prevent Hurricane Damage On Your Property
The time to prevent hurricane damage on your properties is long before any storm warnings are sounded. Take advantage of the years when hurricane activity is low and put hurricane preparedness tips from the Federal Emergency Management Agency and the Department of Homeland Security into action.
1. Create an Emergency Preparedness Plan
It may not be possible for you to get to each of your properties when a storm is heading to Kingwood,TX, but you can prepare those properties to avoid serious damages. Post evacuation and sheltering-in procedures where everyone on the property can become familiar with the plans. Stock the front office with essential supplies, including
- Fire extinguishers
- Hand-crank or battery-powered radios
- First aid kits
- Basic tool kits
When appropriate, provide a gallon a day of water for each person on the property for at least three days. Access to clean water and ongoing news about the status of a storm could prevent panic among anyone on your properties during emergencies. Reducing panic is an important way to reduce hurricane damage.
2. Perform Annual Emergency Preparedness Trainings
The staff and residents on your properties should understand basic information, such as the elevation level of the property and whether flood or fire prevention steps would be necessary in an emergency. Hold annual trainings for personnel, so they know how to respond when tidal flooding or hurricane evacuation warnings are given. Make sure communication plans are part of this training. Talk to hurricane recovery professionals to learn more.
3. Supply Property Protection Equipment
A vital component of property management during storms is to protect buildings and property from flooding and hurricane damage. Don't wait until storm warnings pop up on the forecast to stock up on plywood and other emergency supplies. It may not be feasible to store enough plywood to protect all the windows on your property, but you can keep enough on hand to protect windows in common areas and places where people are most likely to be doing business. Give a similar focus to the exterior of the property.
Is Your Business Prepared for a Fire Emergency?
The best time to plan your evacuation plan is now
A fire is one of the most unpredictable forces in nature, so knowing how to escape one if it should break out at your Humble,TX, business can be key for reducing injuries to your employees and customers. Even if you have fire safety measures in place, such as ceiling sprinklers and fire extinguisher stations, a contingency plan can be as equally important when a blaze gets too big for you to handle alone. Asking yourself a few questions about your building’s layout and workforce can help you create an effective and viable escape plan.
Where Is Your Company Located?
The location of your business within a building can affect your evacuation plan, so this is a factor you will probably want to consider. Take a quick tour of your office space and note the specifics that might affect your planned route:
- The number of exits
- The floor your company occupies
- The condition of accessible stairwells
If you rent a building, ask your landlord to assist with creating the plan and whether you can modify any exits to make them safer during an evacuation.
Does the Plan Include Handicapped Routes?
Handicapped employees and customers can have difficulty reaching safety during an evacuation, so it is important to include special considerations for them in your contingency plan. Assign handicapped workers an evacuation partner to assist them in case of an emergency and create at least one route that is wheelchair accessible.
Are All Shifts Aware of the Plan?
If you have more than one shift working at your business, it is important that each understands the details of the evacuation strategy. Call in a fire damage and cleanup service to help you organize a company-wide information meeting on safety so you can perform drills and ensure all of your employees are prepared in case of fire.
Fires can break out without warning, even if your Humble,TX, business is normally at low risk for such an event. Having an effective contingency plan in place helps to protect your employees and customers while offering you peace of mind as a business owner.