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“Truly vacant buildings are properly buttoned down for the long haul. Climate and alarm systems often are shut off, contents are removed, the building is infrequently serviced, and it may be secured in a more permanent manner with, for example, its windows and doors covered.”
“I think a large number of owners or even the person wearing the risk-manager hat may not fully understand what the vacancy restrictions are in their policy. We're seeing so many risk managers wearing different hats within an organization that they're not up on it. In some cases, they're relying on an outside agent.”
Escalating U.S. copper theft presents challenges to insurers when determining reimbursement for property owners in these high-value losses.
Questions regarding coverage for vacant buildings come up frequently in the FC&S "Ask the Experts" queue. The following examples illustrate two different outcomes regarding multiple buildings insured under one policy.
American International Group Inc. lifted limits on property claims tied to acts of terrorism to $1 billion as clients ask for more protection in larger cities.
Years of heating and cooling leads to the coils suffering from thermal fatigue, which causes them to crack.