The Tampa Bay Buccaneers won the Super Bowl last night. While Tom Brady has another MVP trophy, he needs to think about insuring himself – as I suggested in yesterday's post, Are Your Trophies Covered Property The Bucs defense stressed the reason for the victory. I could not sleep with that fireworks still being released at two o'clock on the Garrison Channel. During this endless barrage of glitter, barriers and lights that did not stop until 4 o'clock, I began to think about how stopping losses with preventive measures leads to success with property insurance as well as with football matches. Always be mindful of homeowners when it comes to their property. Insurance companies can set requirements in the insurance or insurance that requires the policyholder to take certain measures called "protective protective measures". IRMI notes the purpose of these:
These statements are used for various reasons. Some insurers offer a premium discount for measures that reduce the risk. The insurers want to ensure that such protective measures are implemented and maintained by issuing an endorsement. Other insurers argue that some [risks] may not be able to be insured without the introduction of mandatory safeguards. Still others simply want to reduce their exposure to loss, and they see these recommendations as a tool to accomplish this.
The problem is that if these requirements are in your policy but they do not expire or do not work, this can lead to rejection of claims, as mentioned in, Protective protective measures: Does your insurance have one? policy. For example, a policy may require burglar alarms and exclude theft coverage if alarms do not work at the time of loss. Or a policy may require fire extinguishers and exclude coverage for fire loss if the property does not have one. Some provisions may even allow the insurer to refuse coverage if the insured does not have a contract for regular service of the protection measure, something that is often seen for Ansul systems in restaurants. Courts across the country have almost uniformly upheld the validity of these claims.
The conclusion is that the best loss is the one that never happens. Public policy supports the prevention and reduction of losses. The old adage that the best crime is a strong defense applies especially to property insurance. The danger is when your defense does not show up and you must have one.
The Tampa Bay Buccaneers defense showed up and the results spoke for themselves. ] How cute it is!