Sandy’s Small Business Victims: We Don’t Want Loans!
“Money,” said Mike Ikhmies, the owner of commercial printing firm Eye Graphics & Printing. “We need money.” Ikhmies said he carries fire, theft, liability and other coverage on his 13-year-old printing business. But when it came to flood insurance, the only coverage he could find had sky-high premiums and a too-small coverage cap.
“They only went up to half a million,” he said. “The equipment cost $4 million, $5 million. What good would half a million do if things got damaged?”
Ikhmies sealed his building up as Sandy approached, but floodwater pushed through the windows, covering all of the shop’s printing presses