Made with FlippingBook "> Made with FlippingBook ".filespublication" title="Made with FlippingBook" itemprop="url" >Made with FlippingBook ".filespublication" title="Made with FlippingBook" itemprop="url" >Made with FlippingBook ".filespublication" title="Made with FlippingBook" itemprop="url" >Made with FlippingBook ".filespublication" title="Made with FlippingBook" itemprop="url" >Made with FlippingBook ">

The Effect of the Sale of a Commercial Property on a Pending Insurance Claim

This issue of Adjusting Today tackles the complications that arise during the sale of a com- mercial property while a prop- erty insurance claim is pending. What happens when, at the sale date, either physical repairs are not yet complete or the busi- ness interruption period is still in progress? Gary Thompson* advises us on insurance recovery for uncompleted repairs and business interruption for the “theoretical” period past the sale date. EDITOR ’ S NOTE The Effect of Sale of a Commercial Property on a Pending Insurance Claim Adjusters International Disaster Recovery Consulting Services Hurricanes Katrina, Rita, and Wil- ma were among the most damag- ing storms in history. There are still hundreds of pending commercial property insurance claims from these hurricanes, winding their way towards resolution. Future hurricane seasons are expected to be punishing and could produce hundreds more commercial prop- erty insurance claims. At the same time, there is a tre- mendously active market in the sale and purchase of commercial properties, especially income pro- ducing properties like hotels. Sell- ers and purchasers of commercial properties have confronted, or may confront, the issue of what happens to an insurance claim when a commercial property is sold. By Gary Thompson

RkJQdWJsaXNoZXIy NjIxNjMz