Sunday, December 12, 2010
This is amazing video. Who would've thought they'd ever see the Metrodome collapse? What are the owners looking at with regard to this type of loss?
For one, the damage to the Building and indoor Business Property should be covered as most Property policies do cover loss due to weight of rain, ice or snow. However, a policy written in Minnesota may contain certain limitations for snow losses. Their insurance company might have them to take certain precautions to prevent such a loss. If those precautions weren't taken, then the policy may not pay for the damages. An insurance nerd like me is interested in this.
Two, this is direct physical damage to the property, and it will be some time before they can host events in the Metrodome. Therefore, they will need coverage for Loss of Income. Loss of Income normally pays for the loss of net income plus ongoing expenses incurred when a business can't operate after this type of loss. The NFL had to move the Vikings/Giants game to Detroit. How much revenue is lost there?