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The Importance of Ordinance and Law Coverage

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When assessing your needs for commercial insurance Maine one area that may be commonly overlooked is that of ordinance and law coverage. It is a portion of insurance that may not get much written about it but can have massive repercussions if not in place. So how does it affect you and what does it mean?

Most business owners recognize risks to their property of fire or damage of some kind and initiate appropriate insurance coverage. Any premises that has been destroyed or extensively damaged may have been assessed for that insurance by looking at replacement costs but what happens if local ordinance or building codes have changed? This could mean that new building techniques or different materials are required when rebuilding. The cost of this may be well and above the initial rebuilding estimate when the insurance was initiated. Ordinance and law coverage is in place to cover those extra costs if they are needed.

Any business premises may be affected by such changes at any point in time. It becomes good business sense to allow for this by the addition of coverage to that of your normal commercial insurance Maine. Timely rebuilding of your premises is essential in getting your business back on track after a disaster. Speak with one of our representatives today.

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