Recovering Costs Under Hotel Insurance Policies
Soon, the Daytona area will be flooded with visitors seeking accommodation in the many hotels hugging our coast. With the much-appreciated revenue boost also comes the prospect of property damage, theft, and other incidents that might leave property owners turning to their insurers.
In addition to natural disasters and storm events, Daytona hotels should be insured against accidents, vandalism by guests, or theft. While hotel owners hope their guests all arrive with the best intentions, incidents happen that can cost money after the big event is over. Commercial property insurance policies are an effective way for hotel owners to seek assistance and reimbursement for repair and replacement costs incurred after a covered incident.
What Does Hotel Property Insurance Cover?
Hotel insurance policies may include several forms of coverage intended to insure losses related to structural property damage, refunds and re-booking fees, lost income, and more. The amounts and types of coverage will vary according to what’s included within your policy.
You want to make sure your policy covers a wide variety of potential outcomes so you are not left paying out of pocket. You also want to make sure to properly document all incidents and notify your insurer as soon as any damage is discovered. Improper documentation, or failure to report certain damages in a timely manner, can lead to delays or claim denials by the insurance company.
What to Do if Your Hotel Has Suffered Damage
After suffering hotel property damage, you should first document the damage before contacting your insurance company.
Keep a detailed itemization of all damages, which may include:
- Extra expenses (e.g. evacuation costs, re-bookings, refunds, repair and replacement)
- Number of rooms affected
- Estimated cost of the property damage
- Types of property damage (vandalism, theft, arson, etc.)
- Photos and videos of the property damage with time stamps if possible
- Damage estimates, including an estimated timeline to repair or replace property loss
- Estimate for lost business income, including prospective business income
Unfortunately, at times, a hotel insured’s claim can be underpaid if the insurance company’s adjuster underestimates the scope or amount of loss. Likewise, even when the period of restoration is agreed upon between the insurance company and the hotel insured, the method of calculating the amount owed for the business income loss portion of the claim can also often be in dispute.
The Daytona Beach hotel damage lawyers at Bundza & Rodriguez, P.A. have represented hotel owners with properties that have sustained significant damage from a wide variety of damages, including vandalism and other incidental damage due to large events. Hotel owners must not only address the significant damages to their buildings and other property when a business loss occurs, but also must address existing guests’ needs and future reservations, all of which often leads to a substantial business interruption (or business income loss) claim.
Contact Our Daytona Beach Property Damage Claims Attorneys
Property damage claims can be expensive and time-consuming. If your insurance company is dragging its feet or denying your claim after a hotel property damage incident, reach out to Bundza & Rodriguez. Call or contact our Daytona Beach property damage attorneys online today and request a consultation to protect your rights in filing a claim.
