What Happens When You Do Not Pay For Commercial Flood Protection?

As the owner of a business, you probably have purchased a number of different insurance plans to protect your interests

. One plan that you may have is one that offers commercial flood protection. This will pay for the damages that a flood can cause to your building. Depending on the coverage plan, the flood may have to come from an outside sources, such as a lake or a river, or it may be able to spring from something within your building itself, such as a burst pipe. One thing to really spend some time thinking about is what will happen if you do not pay off the policy on time every month.

At first, the company will just contact you and tell you that you have not paid. They may send you a letter or an email. You should read over this to see what it says and to take appropriate action. It will tell you how much you owe. It will also tell you what the company will be forced to do if you continue to miss your payments. This letter will not indicate that you have put yourself in a bad situation, but it will tell you that one is coming if you do not make things right.

If you still do nothing, you will get a phone call from the company. The representative will likely not leave a voicemail as it is not company policy to discuss financial matters in this way. Voicemail messages could be stolen by others, so these sensitive details cannot be brought up in this manner. If you do not answer, the representative will call back every few days. You would be wise to put the number from the company into your phone's memory as soon as you buy the plan so that you will know who is calling. Many people ignore these calls because they do not recognize the number. If you do pick up, the representative will explain to you that you owe a certain amount of money. You can then pay this off over the phone if you have a credit card with you.

The last thing that will happen if you ignore the letters and the phone calls is that your plan will be cancelled. You will then get a cancellation notice in the mail. None of your money will be refunded. If there is a flood, you will not be covered and the company will refuse to pay. In fact, they may also refuse to pay if there is a flood while they are trying to get in touch with you, even if they have not yet cancelled the policy. You should always make an effort to pay on time.

Copyright (c) 2012 Floodsense

by: Kevin Williams

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