It now appears the some construction workers set fire to the Universal Studios backlot over the weekend…I sure hope they have good commercial insurance! The workers were working on the roof of one of the backlot buildings, using a blowtorch no less, when they accidentally lit the fire that swept through the studio.At least that the word from fire officials on Monday.

Its not clear at this time if the workers where employees of Universal or contractors engaged to perform the work. If they are contractors, I can only imagine the horrific thoughts going through their minds if they don’t have any or enough insurance to cover any losses they might have caused.

Commercial insurance is not exactly like Home Owners Insurance, but it is similar. One of the biggest differences if often a co-insurance clause that could leave the insurred holding the bag if they don’t insure themselves properly. The basic premise of a co-insurance clause in a commercial insurance policy is that the insurance company will pay x%, usually between 80 and 90%, and you will cover the rest. This lowers your premium monthly but will also leave you exposed should a covered claim be filed.

The moral of the story, don’t just get insurance, get the right insurance in the right amount…or you might just be wasting your time.

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No injuries were reported. The blaze grew from about 1,000 acres to around 16,000 acres, or 25 square miles, between Saturday morning and evening, said Daniel Berlant, a spokesman for the California Department of Forestry and Fire Protection. About

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Small hot spots were still smoldering more than six hours after the fire began. It will be close to catastrophic, said governor’s press secretary Robert Black, citing damage from fire, water and smoke. The governor was contacted shortly after the

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