Within moments, a fire can engulf your property and interrupt your business indefinitely. As you concentrate on the safety of all occupants and how to stay in business, you will also need the time to prepare a thorough insurance claim covering your loss.
According to the National Fire Protection Association, business owners and organizations suffer $2.3 billion in commercial and industrial property losses each year.
The fire insurance claim process can be especially complex because of the different types of damages fire can cause. For example, fire can create serious damage from smoke, burning residue, and corrosive substances released in the flames. There can also be substantial water damage from the effort to extinguish the blaze. In the aftermath, your commercial property and assets may be exposed to the elements, becoming even more damaged if not addressed immediately. As the policyholder, it’s your responsibility to minimize the overall fire damage while you focus on keeping your business running. Do you also have the time to accurately document, prepare, and prove your fire damage claim to your insurance company?
Your insurance company will present an offer that they think is sufficient based on their own damage assessment. Our public adjusters work only for your interests to evaluate, document, and prove the full scope of loss and negotiate your claim for the maximum amount. As experts in the fire claim process, our public adjusters have helped countless business owners with fire insurance claims in Austin, TX, San Antonio, TX, Caldwell, TX and throughout central Texas. Contact us today to help your business recover more, sooner.
Make sure you fully understand the meaning of each of the following before you move forward. Feel free to reach out to us for a no-cost discussion about your claim.
What is my agent/broker’s role?
The insurance company hired a construction estimator. What do I need to know?
Why is a claim strategy so important?
Am I impacted by coinsurance?
Can smoke damage be removed/neutralized?
How can you identify/document items that are totally destroyed?
Your insurance company pays less if you clean/restore as much of your equipment and improvements as possible. Is that a good idea?
How do the smoke and the water used to fight the fire affect your machinery? Your computers, equipment, and other electronics?
If water used in suppressing the fire causes mold and fungus, is the ensuing damage covered?
Asbestos, lead, and other hazardous materials can have a major impact on your claim. Are you aware of how to properly address these in order to prepare your claim and to avoid future liability issues? Hazardous materials such as asbestos and lead can be expensive to address. You want to make sure to not cut corners when addressing this issue. You want to make sure to not cut corners when addressing this issue.
Code Upgrade coverage is very important when rebuilding after a fire. How does your insurance policy address code coverage? Also, what about any Green building upgrades? Checking the correct building codes before you prepare your claim is critical.
What happens when the insurance company engages a forensic accountant? What is his/her role? Why can’t your accountant just prepare your claim? You will have to produce your financial statements and possibly your tax return. You may need to recast your financial statements? If so, why? What are extra expenses? What can be included?
What are expediting expenses? How do they differ from extra expenses?
How much of my time will this take?
What is pressurized smoke?
Property Damage Losses Commercial Claims Recovery Process
Life & Safety Issues
Mitigation of Damages
Establish A Preliminary Recovery Plan
Evaluation of Coverages
Valuation Of Damages, Claim Preparation, and Documentation
It was comforting to know that we were well represented by [your firm] and could rely on you and your staff to represent us in a professional manner throughout the claims process... Your experienced estimators know that certain aspects of a fire clean up must be handled expeditiously. You negotiated reasonable settlements with our insurance carrier in a timely fashion with a minimal amount of friction.
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