Expecting the Unexpected Part of the Unexpected

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...market by a salvage company on behalf of the insurance company. You can normally obtain a “brands and labels” clause which will give you protection in this area.

Pollution risks need to be identified; does your company have any?

Who is responsible for insuring leased items? What about tenant improvements and betterments? In valuing your equipment, have you “expensed” many equipment expenditures? Does installation labor show on your records?

How will a LIFO (Last In First Out) versus a FIFO (First In First Out) method of accounting affect your inventory valuation?

Thinking beyond the insured premises, how would a catastrophic loss to a critical supplier or customer, or to another of your locations affect your business?

What will happen if current building codes require substantial improvements over the building that was lost? Those additional costs are not covered unless special protection is provided.

Understand the limits of your coverage; don’t assume that you have coverage. When you start thinking from a claims perspective , you get the opportunity to develop “what if” scenarios, and to consider alternatives if a loss should strike. Look beyond the standard coverages to provide for your company’s special needs.

Consider the services of a professional loss consultant and valuation expert to assist you and your broker when conducting a preloss review.

Postloss Considerations

The following recommendations, which apply to the postloss situation, can help you mitigate the loss, protect your property from further damage, and expedite the claim process. They can also help ensure an adequate recovery. Remember— each loss is different and many require additional action.

To begin with, notify your broker of the loss. You are obligated to protect the property from further damage and to mitigate your losses.

Establish a loss management team, with a leader designated to be the spokesperson for your company. Make sure all of those involved in the claim process understand and are prepared to follow your claims management plan. Have all of your communications flow through the designated claim manager. Let your claim manager interact for you.

EvaluatingYour Policy Preloss


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