Ordinance or Law Insurance CoverageRunning a business can come with its share of perks, but with the good you can also expect to endure some challenges that may jeopardize your financial standing if you don’t have the right N.C. business insurance.  Suffering any type of damages to your building may equate to repairs and/or replacement and that’s where some obstacles may become apparent.  Your idea of repairing/replacing may mean one thing to you and another to the government or local ordinance.  Find out some common reasons you may need to invest in Ordinance or Law Insurance Coverage.

Losses can and do happen regardless of the precautions you may undertake, so being prepared for those losses to your business property when they do will only enhance your ability to protect your business and financial assets.  Whether your building property is damaged by fire, lightning, wind or some other covered peril, you may run into some obstacles once the repairs/replacements are underway that you weren’t quite prepared to handle.

What is Ordinance or Law Insurance Coverage 

This additional coverage can be added under an endorsement in exchange for a nominal fee that provides protection when your building property has been damaged and must be repaired or restored within standards established by the state and local government law.  If your commercial property is especially older with aging plumbing and electrical structures, you may wish to consider this type of add-on endorsement.  Included in the endorsement are the following features:

  1. Expenses to demolish the undamaged property, including debris removal, within the legal ramifications established by the local ordinance
  2. Increased expenses to repair or restore the damaged property
  3. Increased costs to replace or upgrade undamaged structures (such as plumbing and electrical) established within the guidelines of local ordinance or law
  4. Reduction in value to the undamaged area of the structure that must be demolished in order to satisfy the regulations required by the state or local ordinance

This Endorsement Can Ease Common Difficulties You May Experience  

Ordinance or Law Insurance Coverage may be something you should consider adding to your N.C. business insurance policy, especially when you are the owner of an older building.  Because there are local and state governments that enforce strict regulations, they have the right to control how you restore and/or repair your property, especially when it comes to the following items:

  • Heating and Air-conditioning
  • Plumbing
  • Electrical
  • Debris Removal

If you have any questions as to whether this type of endorsement is right for you and your business needs, you should contact your local N.C. independent insurance agency to inquire.

Being a successful business owner means being prepared to face challenges and complications when they occur.  Having the right type of N.C. business insurance helps to alleviate the stress that may be associated with issues presented so that you can focus on the future of your business.  Twin City Insurance understands your business insurance needs and can assist you with any questions you may have regarding Ordinance or Law Insurance Coverage.  Call us TODAY at 828-464-2643.