NEWS FLASH: NNA member benefits from virtual #NNAatHome convention

Nov 16, 2020

BILL COADY

Vice President | Walterry Insurance Brokers

During the recent NNA tradeshow, a NNA member¹ visited the Walterry Insurance Brokers virtual booth and thanks to the NNA, both parties benefited.

The NNA member had concerns about his policy, which was being provided by a local agent.  After a review, our team determined that his insurance policies were not providing the proper coverage.   Our NNA member would have experienced a lot of headaches, if the inevitable loss would have occurred.  He is now comforted by the fact he has the proper coverage.

As part of the Walterry service, our team completed a review of the existing polices and completed a through interview with the editor. 

Not only was it determined the building was poorly insured, the policy did not even list the proper insured.  The policy written in the owners name and did not list the corporation or even the actual deeded property owners, so no one was protected. 

In addition, the property policy was written on a 1990’s policy form (CP 10 20)² limiting coverage to 19 causes of loss, such as fire, lightning, smoke, etc.  Although these are considered common causes of loss, the policy will only provide protection, if the insured can prove that damage was caused by at least one of these perils.  

Furthermore, current policy did not provide coverage for business income or the extra expenses that are necessary to keep the newspaper afloat after a loss.  

While it was true that the NNA member had an inexpensive policy, the real truism is the savings will only last until a claim is filed.

The moral of this story, Walterry Insurance Brokers saved the day, or at least the saved this NNA member from a catastrophic loss of income and possibly uncovered building cost.   As a long-standing member and supporter of NNA, we are proud to have been able to help another NNA member.

1 insured’s name withheld to avoid any indemnity concerns.

2 fire, lightning, explosion, smoke, windstorm, hail, riot, civil commotion, aircraft, vehicles, vandalism, sprinkler leakage, sinkhole collapse, and volcanic action, falling objects; weight of snow, ice, or sleet; water damage (in the form of leakage from appliances); and collapse from specified causes.