The vast majority of
businesses purchase commercial property insurance. Depending upon the type of
coverage bought, this insurance can cover loss or damage to insured property, time element losses, research and development, public relations costs, loss adjustment expenses, loss mitigation and many other items.
To both preserve and maximiz e this coverage,
develop a checklist
of certain action items to address with your property insurance companies
(including your excess insurance companies) that includes the following:
Notice: Provide timely notices of claim to
all insurance companies.
Proofs of Loss: Schedule and meet deadlines to
file proofs or statements of
loss. If
the proof of loss deadline appears unrealistic, be proactive and get
extensions (in writing). If there is not enough time to do so, file a partial proof of loss reserving the right to amend/supplement the proof.
Suit Limitation: If your policy contains a suit limitation clause (and almost all
do),
this date must be conservatively calendared, no matter how friendly your local underwriter seems to be while handling your claim.
Election of valuation method:
Check your
insurance policy to see
if there is any
deadline on
the date by which the insurance
policy seeks to have you elect the valuation method for the loss claimed.
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