Friday, September 13, 2013

Minimal Insurance Loss for Seaside Park Fire?

Seaside Park Mayor
Robert Matthies
By Mark E. Ruquet

First Superstorm Sandy, then the boardwalk inferno. The double whammy shop owners suffered in Seaside Park and Seaside Heights from Thursday's fire could mean more suffering for those who went without insurance because they couldn't afford it.

In interviews broadcast over WCBS News Radio 880, a restaurateur said he went without insurance and was uncertain how he would go about rebuilding after spending three months away from his family working to get the business back on its feet. 

Shocked and devastated were the two words used to describe the mood of the business owners viewing the ruins of the four blocks of boardwalk and shops that were turned to embers by Thursday's blaze.

However, Gov. Chris Christie vowed the state would be there to help with the rebuilding process with grants and low-cost loans. Christie said officials with the New Jersey Department of Insurance and Banking would be on hand Saturday, but any official evaluation of losses would not come until next week. That would also mean officials and insurers should have a good idea how much the industry should be on the hook for. If many shop owners took the risk to go bare, insurers should be relieved. However, this could be a lesson for both shop owners and state officials that after a disaster, businesses need more help than just putting the walls back up--like finding affordable insurance. 

The cause of the fire remains under investigation. Most reports put the number of  businesses lost in the blaze at 50.

In another interview with Radio 880, Seaside Park Mayor Robert Matthies said that based on past work he estimated the cost of replacement for the two blocks of boardwalk lost in Seaside Park would come to $750,000. He indicated he expected insurance to cover parts of the cost.

Underscoring the resiliency of shore residents, Matthies told ABC News, "We're bigger than the blaze."     

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