Employee Priorities
Safety Comes First, Let’s Make Sure the Employees are Safe and Secure.
Mitigate Damages
The policyholder has responsibilities after filing a Commercial Insurance Claim. The insured is required to take immediate action to protect their property from incurring additional damage.
“The responsibility is to mitigate the damage in an attempt to minimize the amount of the loss to both the building and financial loss related to Business Interruption”.
Example: Secure an emergency tarp for the roof and have the water extracted from the building.
Establish a Plan
The insurance claim process will take significant time, so plan accordingly. If needed, secure an appropriate temporary location for your business to continue operating.
Your policy may afford coverage for this.
Coverage Determination
The policyholder should understand the terms and conditions of the
insurance policy, including coverage amounts, coverage exclusions,
limitations such as co-insurance penalties, various damage valuation
methods, and their duties and responsibilities for filing a claim.
There are specific forms to be completed that are time-sensitive.
It’s very important that these requirements are met.
Don’t make costly mistakes!
Valuation of Damages
Claim Preparation and Documentation
The claim will be thoroughly investigated by our firm. An extensive inspection will be completed and documented with photos, detailed diagrams and scope notes etc… If needed, our team of Forensic Experts such as structural engineers and or window glazing experts will be engaged.
A final estimate will be prepared and our comprehensive package including a Proof of Loss will be presented to the insurance carrier.
Negotiation & Settlement
The claim will be reviewed in detail and adjusted by the insurance company and their experts. It is very common to have differences in the scope of work and the entire amount of the claim. Many times, additional adjuster meetings are necessary.
Claim Payment Process
Insurance Claim Payments
This is a three-check process.
Actual Cash Value Payment
This is the initial payment of the undisputed amount of the claim.
Deductible
This amount will be deducted from the claim and is the policyholder’s responsibility to pay to the contractor.
Recoverable Depreciation
This payment is
released once all work listed in the insurance claim has been completed.
The contractor provides a final invoice only for work completed. This
is the notice to the insurance company to release recoverable
depreciation. You must spend all the claim funds in order to recover the
entire amount of recoverable depreciation.
Mortgage Company
Mortgage companies are listed as co-payees on claim checks typically when the entire claim amount exceeds $10,000.00
Restoration of Property
You should not proceed with any permanent restoration or repair work until you have a written agreement with the insurance company.
*The insurance company estimate and check should be in your possession before work begins.
If replacement cost coverage applies, the actual repair and rebuild decisions will affect your recoverable depreciation and total claim recovery amounts.
Don’t Make Costly Mistakes!
Who we are
With knowledge in the insurance field since 1987 we understand what it take to know what is in an insurance policy to better help our customers.
Understanding the building process and obtaining the most money for our clients at the same time not over-paying contractors for the work to be done. It is not about screwing the insurance company it is about being fair.
Understanding how to deal with an insurance company makes the process move along more smoothly. Hiring someone who is not licensed is not a good thing.
Client testimonials
Understanding the process was the biggest hurdle and they explained it to me so I understood the process. I did not have to deal with the insurance company and they handled it all. What a relief!
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