What a surprise. 'It doesn't cover civil unrest': Downtown Portland businesses face rising insurance costs, decreased coverage after riots.
[A Portland business owner] said his insurance broker tried over a dozen top-tier carriers, but none of them were willing to insure the store. Finally, an insurance company from the wholesale market wrote them a policy.
“It was a really awful policy,” said Murfitt. “It's four-times the premium we were paying and it doesn't cover things like civil unrest; the kinds of things that happened here will not be covered.”
Because insurance companies are in the business of insuring against low-probablility risks. What is the risk that your house will burn down? (Something like 1 in 1200, if memory serves.) But they won't insure you against the sun coming up in the east, and unrest in Portland, Oregon is not low-probability.
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