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Question… 

If a retail client suffers a total loss and decides not to reinstate/ reopen their business but walk away, are they still entitled to make a claim for their stock which was insured under their material damage policy? They have no intention of repurchasing their stock but wish to know whether they would still be cash settled for the stock that was lost. The cause of the loss was a fire that destroyed all their stock. 

 

Reply... Crossley Gates

I cannot see why not. The insured property has been destroyed by an insured peril. The insured has lost the cost to it of buying all that stock. The decision not to carry on business further does not change this. 



Dec 2019

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