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Insurance doesn't cover lost businesses, does it?

 
 
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PostPosted: Thu Sep 29, 2005 11:33 pm    Post subject: Insurance doesn't cover lost businesses, does it? Reply with quote

Suppose that you run a host company. Suppose that hurricane hits your data center. Maybe it's earthquake that shuts down your data center. Suppose that your data center is out, but data is still intact. You manage to get things working in a month. It is likely that you've lost a lot of businesses by then.

q. Does any insurance cover lost businesses?
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PostPosted: Thu Sep 29, 2005 11:34 pm    Post subject: Reply with quote

Insurance can cover anything. It just has to be in your policy. Smile

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PostPosted: Thu Sep 29, 2005 11:38 pm    Post subject: Reply with quote

Let me rephrase my question. Is there any (standard business) insurance designed to cover loss like this?
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PostPosted: Thu Sep 29, 2005 11:51 pm    Post subject: Reply with quote

It will depend on the policy but you can, I belive, get insurance cover for loss of business associated with disasters. For example, if your office suffers from a flood, it is possible that your business could be insured for the suspension of your usual day-to-day operations whilst any damage is repaired. I don't know about hurricanes hitting data centres but I would guess the same principle could apply.

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PostPosted: Fri Sep 30, 2005 12:04 am    Post subject: Reply with quote

Another question.

Half of hurricane victims in New Orleans didn't have flood insurance. They only had hurricane insurance. According to insurance companies, hurricane insurance only covers destruction directly caused by hurricane, so if flood (triggered by hurricane) destroyed your house, then you're out of luck. Even if you had flood insurance, the insurance selectively covers lost assets. The point is that it's virtually impossible to get full damage covered even if you have good insurance(s) in this case.

q. How can you ensure that your insurance(s) will cover, if not 100%, 90% of loss, if and when some disaster occurs?
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PostPosted: Wed Nov 09, 2005 7:25 pm    Post subject: Read the fine print Reply with quote

Always read the fine print, for my experience, insurance companies try to get out of paying as often as they can...
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PostPosted: Wed Nov 09, 2005 10:05 pm    Post subject: Reply with quote

A friend of mine used to work for two major insurance companies in US at different times, and he told me that working for an insurance company is not the most pleasant job. His job was basically to not fully insure damage caused; consequently, no one customer liked him. He might be a very nice person, but as an insurance company worker, he was almost seen as enemy ...
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