FOR IMMEDIATE RELEASE
New York Press Office: (212) 346-5500; firstname.lastname@example.org
NEW YORK, February 5, 2016 — The Insurance Information Institute (I.I.I.) has subject matter experts available to discuss the insurance implications of this morning’s deadly crane collapse in lower Manhattan.
This tragedy could impact private-passenger and commercial auto policies as well as workers compensation and life insurance policies.
Anyone whose property was damaged by the crane should immediately contact their insurance professional to find out the terms under which their property damage is covered.
Standard condo/co-op and renters insurance policies will cover property damage caused by falling objects. Policies also provide for additional living expenses to pay the costs of living away from your home if it is uninhabitable due to damage from an insured disaster.
Damage caused by falling objects damage is covered under the optional comprehensive coverage portion of an auto insurance policy. Nearly four out of every five (78 percent) U.S. motorists choose to purchase comprehensive when buying auto insurance.
If you own a business that has been damaged, commercial property insurance will provide coverage for equipment and inventory. Business income (also known as business interruption) insurance replaces lost revenue in the event your business has to shut down due to an insured event. This includes additional operating expenses that may result, such as operating out of a temporary location until repairs are made.
In November of last year a crane collapse occurred at a midtown Manhattan construction site, killing a construction worker. In March 2008, a crane collapsed on the East Side of Manhattan where a building was under construction. Seven people were killed. It was considered the worst construction accident in recent New York City history.
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