Property Insurance and Disaster Recovery - Part 5

The plan for getting your loss adjusted and paid should also consider (both before a loss and most certainly after) issues that are specific to your property needs:

-Telecommunications leasing and services should be analyz ed. Both existing and any new contracts should be tailored to your operations and the realities of the space within which you will conduct business.

 

-The recovery may require financing–be it an acquisition loan, line of credit to continue operations, or construction loan to fund the rehabilitation or new construction. The different means available for acquiring such financing should be considered.

 

- Depending upon what a business plans or ends up opting to do after a loss, tax consequences may arise. A tax analysis should factor into the ultimate decisions made about either repairing/replacing the damaged property, or even abandoning the property and opting for a new property for conducting business. Attention should be paid to your property insurance as it may specifically address tax treatment and provide certain options and benefits depending upon the circumstances.

 

While no one can work out every detail of a disaster plan before disaster strikes, preparing checklists in advance, and taking steps such as scouting out viable temporary space, can greatly smooth the path to recovery and maximiz ation of insurance claims.