Earlier this year in Milburn, New Jersey, firefighters were able to keep a four-alarm blaze from spreading beyond the strip mall it engulfed after starting in the basement of the commercial property. Consider; if a fire erupts in the same building as your business, or even nearby, it can spread, causing loss of inventory or worse. This case was fortunate because no people were injured, but the effect can be a much greater financial loss if you don’t have NJ property insurance coverage to help with the recovery.
Fire and theft are come in many forms. Some business and homeowners are victims who deserve insurance claims while other criminals make victims of the insurance industry and honest people. No matter the cause, fire and theft are bad for business.
One of the largest retail property schemes recently occurred in Atlantic City where $268,193.92 in stolen electronics and other goods was found in the home of a Dennis Township, NJ man.
Prosecutor of the case, Robert Taylor, announced last week that the items will be auctioned off starting Saturday. Taylor says this auction differs from ones they have held in the past due to the fact that all the stolen property is in new condition.
“When we got to his property, … it was primarily used as a warehouse for stolen items he had stashed in there for years,” says Robert in regards to finding all the stolen goods at the alleged perpetrator’s home.
Union County Prosecutor Theodore Romankow, said a major problem in New Jersey is the act of boosting, in which a group of thieves steals as much merchandise as it can in a particular region before moving onto another part of the state.
This organized crime combined with other retail property theft results in a staggering $52 billion loss for New Jersey, according to the report. Having NJ excess liability or umbrella insurance to cover all elements of business, property or inventory may not seem essential, but it’s worth considering if you consider theft and fires a potential risk.
Especially if New Jersey is the hotbed of theft the article makes it out to be.