Property Insurance Claims: Negotiating Unfamiliar Terrain

Amajor windstorm rips through your city, causing substantial damage to your business— including your building, equipment and inventory. The damage inhibits your ability to conduct normal operations for several weeks. You face the task of preparing and submitting a complicated claim to your insurance company, along with the challenge of rebuilding your business. For most, the preparation of a property damage insurance claim is unfamiliar and rough terrain. Without prudent action on your part, the Just having insurance coverage in place does not guarantee that a loss will be fully reimbursed. A final settlement can be affected by the actions the policyholder takes, starting from the moment the loss occurs. From securing the loss site and notifying the insurer, to agreeing on the final settlement, the policyholder needs to be prepared, organized and proactive. In this issue of Adjusting Today veteran public adjuster William Rake offers his take on the “dos” and “don’ts” of responding to a property loss. His article offers sound advice — from the first steps to final settlement negotiations. This is important and interesting reading for all those who could be involved in a property insurance claim. Space constraints permit us to provide only an overview of the process. A claims professional should be consulted to explore the process in full detail. Since some of this information may be basic to our more experienced readers, it may be helpful to pass this issue on to clients or associates. Sheila E. Salvatore Editor ADJUSTINGTODAY FROM THE EDITOR Property Insurance Claims: Negotiating Unfamiliar Terrain By William Rake, SPPA Adjusters International Disaster Recovery Consulting