Weather-Related Risks Coin Laundry Operators Face
Weather-related risks include hurricane, tornado, flood, windstorm, hail and just simply heavy rain. Every area of the country is subject to weather-related losses, not just coastal areas. It is wise to purchase a coverage that is an extension of loss of business income coverage known as Utility Services-Time Element. This will apply to a loss of utility service that happens away from your premises but affects your premises with loss of power or water supply. It will pay for the income you lose due to this event. There is normally a waiting period before the coverage applies, usually 72 hours.
There is another coverage called Utility Services-Direct Damage which would apply if, after the utility comes back on, there has been damage to your equipment from the power surge.
All of the weather-related risks named above are covered under your Commercial Policy with the exception of flood. Flood can only be purchased through the National Flood Insurance Program (NFIP) but most insurance agents would be able to get a quote for their customer. NIE has access to the NFIP quote system and can get a premium for you. Remember that flood occurs everywhere, not just near the ocean or the rivers. It is well worth looking into.
I should also mention that, in coastal areas, windstorm and hail are covered with a 2% or 5% deductible. This deductible applies to the limit of insurance and not to the amount of the loss, as some may think.