@D: It can take upwards of a year for insurance to pay out. And even then, the odds are that they'll just get the cost of replacement of the destroyed equipment and rebuilding. In the meantime they and their staff are out of work.
They also ought to be carrying business interruption insurance. Most commercial landlords require it, so that you can pay your rent if anything happens to a, say, notoriously thin-margin business like a restaurant.
Graham is correct, though - despite their "good hands" promises, insurance companies aren't actually in the business of paying claims fairly and promptly.
They are rather in the business of holding on to premium dollars for as long as humanly possible, as they make most of their money investing those premiums.
Graham is correct, though - despite their "good hands" promises, insurance companies aren't actually in the business of paying claims fairly and promptly.
They are rather in the business of holding on to premium dollars for as long as humanly possible, as they make most of their money investing those premiums.