Can You Be Insured for Mold?

4/11/2019 (Permalink)

Your commercial property is likely insured for a variety of possible circumstances.

Can You Be Insured For Mold?

Your commercial property in Oxford, OH is likely insured for a variety of possible circumstances. Your liability coverage covers any legal costs that you may have due to incidents that occur in the building. Your flood coverage covers damage done by major flooding. Fungus removal isn't always covered under a property policy, but you may have limited coverage due to an exception. Here is how your insurance coverage likely breaks down when it comes to mold remediation.

Limited Coverage

If you let a problem go unresolved for a long time, your commercial insurance provider is likely to view this as neglect and deny your claim for mold remediation services. If, however, you take action to resolve a leak as soon as you notice it, your policy may cover the following expenses:

• Pretesting for mold growth
• Removal of damaged materials
• Cleanup of damage
• Replacement of unsalvageable items
• Post-testing to confirm complete remediation
  

Be advised that your policy is unlikely to cover more than $15,000 for fungus removal per year. If the problem is extensive, therefore, you may incur some out-of-pocket expenses to fully mitigate the damage.

Mold Exclusion

When you see a mold exclusion in your coverage, that doesn't automatically mean that you are completely on your own when it comes to paying for remediation. Many companies place these exclusions in their policies to avoid confusion when it comes to legal issues regarding mold and mold cleanup. To fully understand the circumstances under which a mold problem would be covered by your policy, you should discuss it with your insurance agent. Then, if you decide that you do not have adequate coverage, he or she can suggest additional coverage for your commercial package.

The bottom line is that it's important to know if fungus removal is covered by your commercial policy. Your insurance agent can answer any questions you have about your coverage so that you can make the decision that is right for your business.