Deductible and Number of Occurrences under Property Policy
December 12, 2011
Our insured, a commercial bank, has a foreclosure that is a large vacant building that housed a painting company. During a three-week period, a group of people broke into the building and stripped out all of the electrical system. The damage estimate is close to $900,000. The carrier said that since the perpetrators entered the building numerous times over that period, more than one deductible applies. The policy does not define occurrence. I believe that since it is a series of similar events by the same group of perpetrators, it is a single occurrence deserving one deductible. Is that an appropriate argument?
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