Commercial Property Insurance Claims after a Hurricane
Hurricanes damage more than residential property; they can also devastate commercial properties including storefronts and shopping malls. If you own or manage a commercial property, you might run into different hurdles when trying to make an insurance claim after a hurricane or other storm.
At Bundza & Rodriquez, P.A. our team of commercial property insurance lawyers in Daytona Beach have helped many clients get their claims approved. Below, we’ll look at some of the considerations commercial property owners should keep in the forefront of their minds after a storm.
Do You Have Commercial Interruption Coverage?
This is very important insurance for a business to have, and it is not something that a residential homeowner would typically need. Commercial interruption coverage will step in if an insured suffers lost earnings due to the hurricane. Imagine that your beauty shop must shut down for two months to make repairs to the roof. You will suffer a dramatic loss of income because of the storm, which is not really something that a homeowner would experience.
Filing a commercial interruption coverage claim sometimes isn’t as seamless as many insureds would hope. An insurer might dispute whether the business is truly been interrupted or whether it could continue. An insurance adjuster might also dispute the size of the loss. One of our attorneys can help you make an initial claim or bring an appeal of a denial.
Many commercial insurance policies are complicated to read and tend to be littered with exceptions. Some insurers will try to use an exception to justify denying a claim, but some overreach and use exceptions that don’t really apply.
Covering Office Contents and Equipment
Sometimes, the equipment in the office is nearly as valuable as the building itself. Many commercial insurance policies cover the contents of businesses, but there might be exceptions, or an agent might not have sold you a policy with the right coverage. Creating a proper inventory of contents is vital to get a claim approved.
Some businesses have multiple policies in place. For example, their commercial fleet might be covered by one policy, but their computers and other electrical equipment could be covered by different policies. Making a claim with the correct insurer is often a challenge for business owners following a hurricane.
Delayed Investigation and Payment
Some insurers open “fraud investigations” with commercial insureds, often because the amount of the policy is very large, and the insurance company wants to minimize how much it pays out. However, these investigations often significantly delay payment. Commercial insureds waited a very long time after Hurricane Irma to even have an insurer make a decision on their claim, and many were unfairly denied.
If your business has suffered losses related to a hurricane, now is the time to act. Commercial property claims are not the same as residential claims, and you need lawyers who understand the unique wrinkles.
The Daytona Beach commercial property insurance claim lawyers at Bundza & Rodriguez, P.A. will meet with you to discuss your case. Please call 386-252-5170 to schedule a free consultation.