When a disaster strikes your business or property, are you insured, for what, and to what extent are some of your earliest questions. To maximize your recovery of the benefits of the policies you paid for, you should have a plan in place so you can move quickly and comprehensively to minimize your loss, that should include:
- Inventory and Value. Before any catastrophe, document and preserve evidence of your property, records, valuations, and policies stored off site in a safe and accessible location.
- Disaster Team. Identify persons and contractors to contact to address a disaster.
- Protect People and Property. Safety is priority one. You have a duty to protect people and property and to mitigate your loss.
- Document. Photograph, videotape, and document all damage, values, expenses, costs, and communications, keeping a log of your actions.
- Preserve. Preserve damaged property for inspection by the carrier and document your efforts and costs to do so.
- Notify. Notify all carriers in writing per each policy and document, even if you have multiple carriers and are unsure of coverage.
- Review Policies. Know your entitlements and coverage before the adjusters arrive, including limits, sub-limits, and deductibles.
- Work with Adjustor. Cooperate with the carrier’s adjuster, but be prepared to retain your own contactors, adjusters, or other professionals.
- Proof of Loss. It should be thorough, well documented, timely, complete, policy compliant, and reviewed by your team.
- Legal Rights. Be sure your carriers comply with all legal requirements.
- Use Professionals. Your accountant, lawyer, contractor, engineer, and private adjuster should all be consulted.
You pay a lot of premiums for insurance protection if a catastrophe occurs, so be sure you get all of the benefits you paid for. The attorneys at Brooks, Tarulis & Tibble, LLC have experience in reviewing insurance policies and advising insurers of their rights. If you have any questions or concerns, please contact us.