Insureon Blog

Flood at UCLA Shows Importance of Updating Insurance Policies

5. August 2014 07:49

flood sign

UCLA’s $136 million Pauley Pavilion, a newly renovated facility, is under eight to 10 inches of water after a water main erupted. Now the university is pointing fingers at the Department of Water and Power to foot the bill.

Here’s the skinny: a 93-year-old water main broke, and about 20 million gallons of water flooded UCLA’s campus. Though a couple underground parking structures are also showing signs of damage, the university’s top concern is the Pauley Pavilion, which houses the Bruins basketball team’s new hardwood court. According to KTLA5, a local news outlet, it’s uncertain whether the court will be salvageable. It’s already showing some signs of buckling and expansion.

Even though UCLA is self-insured, the university believes the Department of Water and Power should pay for the damages because the costs are a direct result of the water main break. The claim is now underway.

So what can your small business learn from UCLA’s pickle? Let’s find out.

Water, Water, Everywhere, and Not a Drop of Coverage

Bad things happen to good businesses. It’s an unfortunate truth of being a small-business owner. You can plan for every disaster and still be the victim of someone else’s oversights or mistakes. Other times, there’s just no outrunning nature.

Here are a few takeaways from the UCLA story:

Other Times You Should Update Your Insurance Policies

While we’re on the topic of updating your policies, here are a few more instances that signal it’s time to call your insurance agent:

Not sure if your business’s coverage needs an update? Chat with an insureon agent to get some perspective and peace of mind.

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Errors and Omissions Insurance | General Liability Insurance | Property Insurance | Tips for All Small Businesses | Workers' Compensation Insurance

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