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Insurance Coverage Q&A: Claim Involving Multiple Deductibles

Questions the amount of deductible that applies to each part of a storm claim for damages when multiple deductibles are on the policy.

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Building is insured for $1,239,000. BPP is insured for $100,000. There is a named storm percentage deductible of 3% $15,000 minimum per location per attached named storm deductible endorsement. Building deductible would thus be $37,170. Damage to the building is approximately $25,000, so the loss does not exceed the deductible. Damage to the BPP is approximately $5,000. Based on the endorsement language that separate deductibles apply to both the building and personal property, should the deductible for the BPP be $3,000, or the residual of the building deductible?

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