Understanding Your General Liability Policy When It Comes to Mold
If you have been in business for a while in Mesa Verde, CA, you probably keep up with your insurance policy renewals schedule to make sure you are never without adequate coverage. The next time you renew your policy, look out for language that indicates potential rejection of mold insurance claims. It's important to understand exactly what your property and liability policies cover.
What Are Exclusions?
Insurance exclusions help define the parameters of your insurance policy. There are common exclusions in many policies:
For example, if you have a leaky pipe, and a visitor is injured after slipping on the water that leaks onto the floor, either your property policy or your general liability should cover it. If the air quality in your building is bad and you have not had the necessary mold remediation services needed to get rid of the issue, however, a mold exclusion puts the financial responsibility of any legal fees and damages awarded squarely on your shoulders. Exclusions set the limits of your policy.
Are You Covered?
Even if your policy has a mold exclusion, you may be able to get coverage for mitigation. Mold insurance claims may be accepted if the fungus growth in question was a direct result of a problem that the policy does cover. If employees or visitors to your building, however, sue you for mold exposure, your general liability policy may not cover your mold claim if it has an exclusion. Talk to your agent to understand exactly which circumstances are and are not covered by your policy. Then you know what additional coverage you need to buy to protect your building and your finances.
It's important to understand every policy that you purchase from your insurance company. Renewal is the ideal time to ask questions about any changes that are being made. Knowing your coverage helps you navigate mold insurance claims.