Property Damage Losses
Government & Non-Profits Claims Recovery Process
1 Life & Safety Issues
They are first and foremost.
2 Mitigation of Damages
The policyholder is required to protect their property from additional damages and to mitigate the extent of losses both physical and economic.
3 Establish A Preliminary Recovery Plan
The claim process will take time, so plan accordingly.
Make decisions that are best for your business to preserve your customers and suppliers.
4 Evaluation of Coverages
The policyholder must understand the terms and conditions of their policy, including coverage limitations, valuation methods, and their duties and responsibilities, for filing a claim. The time limitations are critical.
5 Valuation Of Damages, Claim Preparation, and Documentation
The policyholder is required to submit detailed itemized claims, with expert reports and estimates, for the various insured categories:
- Buildings & Contents (equipment stock, machinery, etc.)
- Business Interruption, Loss of Income, Rents, etc.
- Extra Expense to continue normal operations
6 Negotiations & Settlement
The claim will be audited in detail and adjusted by the insurance company and their experts. It is common to have differences, so prepare accordingly.
7 Restoration Of Property & Operations
You should not proceed with the permanent work until you have an agreement with the insurer.
If replacement cost coverage applies, the actual repair and rebuild decisions will affect your total claim recovery.