With Hurricane Matthew causing significant damage to areas of the southeastern US, businesses are looking to secure insurance recoveries for property damage and business income losses. The recent experiences of Hurricanes Katrina, Ike, Irene, and Sandy demonstrate that commercial policyholders who pursue coverage promptly and diligently stand the greatest chance of maximizing their insurance recoveries for hurricane-related losses. To that end, below is the second half of our blog offering tips for your business to consider when seeking insurance coverage from any large storm losses.
4. Document the Claims Adjustment Process
Policyholders should likewise maintain a complete written record of all claim-related communications exchanged with their insurance companies (e.g., claim submissions, responses to information requests, and any telephonic conferences held). Policyholders should also be sure to memorialize any insurance company inaction (e.g., missed deadlines, cancelled meetings, or late payments) as part of their claims correspondence. Doing so not only helps to facilitate the claims adjustment process, but it is often useful to policyholders in any subsequent insurance coverage litigation.
5. Assemble an Appropriate Insurance Recovery Team
Although many policyholders will interface only with a single “loss adjuster” acting on behalf of the insurance company, the loss adjuster is typically supported by a larger network of behind-the-scenes consultants skilled in minimizing claim payouts. While policyholders are encouraged to marshal their available internal, the early engagement of experienced policyholder counsel, along with outside forensic accountants and public adjusters as needed, can help to level the playing field by ensuring that your claims are properly prepared and presented under available insurance coverage and applicable law.
By following the above tips and the tips from last week’s blog with persistence (and patience), commercial policyholders will best position themselves to maximize insurance recoveries for storm losses. If you have any problems or issues recovering your claim, a public insurance adjuster can help. Contact Berger Adjusters in Providence, RI.