Business property insurance can be in-depth and will help to protect a company against a near endless supply of threats. However, some of these can be beyond anyone’s wildest dreams.
For example, who could have seen it coming when a million-dollar property was built on the wrong plot of land, leaving the owner as his own neighbour?
That is exactly what happened recently in Florida, where an American builder failed to recognise the site of construction for a new, ocean-facing home, according to Reuters.
The property was built after two state-certified surveyors separately marked the wrong plot for development, Carl Laundrie, spokesman for Flagler County on the Atlantic Coast north of Daytona Beach, told the news agency.
Mr Laundrie said the area earmarked for the property development was indistinguishable from the rest of the sea-front, causing surveyors to lose the plot.
“There is no giant oak tree on one corner of the lot so you would say: ‘OK, this must be the lot’. This particular piece of land is basically in a field back behind the dune,” he explained to Reuters.
The home, measuring 5,300 square feet, comprises of five bedrooms, five-and-a-half bathrooms, a games room, swimming pool and a home theatre, making it an impressive development – despite being on on someone else’s land.
Insurance Business called it: “A million-dollar error that would give any E&O underwriter nightmares.”
Mitigating against risks
It may be difficult for businesses to plan against all eventualities, especially when similarly building new property, or expanding an existing one.
With the help of an insurance broker, an extra set of eyes on your business development can help to mitigate against such risks – even ones as obvious as where your property is being built.
A robust property insurance plan can also protect a business and individuals against a huge range of less obvious threats.
Let’s hope this US new homeowner had a good level of cover and a great insurance broker.