Athena Ari stotle operates a retail clothing storein West Vancouver. The store is located on thebottom floor of a building owned by Athena.One of Athena's friends rents the top floor for aresidence. Recently, Athena suffered majorproperty damage when a three-alarm firedestroyed her building. The cause of the fire isnot known, although faulty wiring is suspected.As a result of the fire, Athena is required totemporarily move her retail operations to anearby location. Her friend has to find a newplace to live."' What type of insurance coveragewill respond to Athena's loss? Assume Athenadiscovers that she is not covered for the fullextent of her losses. Must Athena absorb theuninsured portion of the loss, or does Athenahave any other options? Explain. What stepsshould Athena take to ensure that she hasoptimal insurance coverage?
Athena Ari stotle operates a retail clothing store
in West Vancouver. The store is located on the
bottom floor of a building owned by Athena.
One of Athena's friends rents the top floor for a
residence. Recently, Athena suffered major
property damage when a three-alarm fire
destroyed her building. The cause of the fire is
not known, although faulty wiring is suspected.
As a result of the fire, Athena is required to
temporarily move her retail operations to a
nearby location. Her friend has to find a new
place to live."' What type of insurance coverage
will respond to Athena's loss? Assume Athena
discovers that she is not covered for the full
extent of her losses. Must Athena absorb the
uninsured portion of the loss, or does Athena
have any other options? Explain. What steps
should Athena take to ensure that she has
optimal insurance coverage?
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