You just suffered serious damage to your restaurant/tavern and you are wondering what to do next.
You call your insurance company and wait for an adjuster to come out hoping that they will have your best interests at heart.
You moved from the asset side of your insurance company's ledger to the liability side of their ledger.
Knowing everything you possibly can about the "fine print" of your insurance policy before you have any substantive dialogue with your insurer is an absolute necessity. Know what you are covered for and how to claim it. What you say to your insurance company's adjuster and how you say it can make a dramatic difference in how much you get paid. The more you know, the better the results.
SettlementWe will negotiate the best possible settlement.
Peace of MindWe can help you get back to your lives, family, and business sooner.
AdministrationWe cover every part in preparing and settling your claim.
TeamA team of experts on your side.
Restaurant / Tavern Factors To Consider
When filing a restaurant insurance claim, there are many factors that need to be taken into consideration. To help you navigate the process, we have put together several talking points for you to review. Having a full understanding of each of the below bullet points is crucial to documenting, filing, and successfully settling your insurance claim. If any of these questions give you pause, please feel free to reach out to us for a no-cost discussion about your claim.
Frequently insurance companies use independent building and equipment consultants on large claims to prepare a bid.
Who are these consultants?
Who are they working for?
Do they only work for insurance companies? Why this should be a red flag.
Replacing versus replacing equipment. Pros and cons.
How do the smoke and the water used to fight the fire affect your equipment? Your computers and other electronics?
Code Upgrade coverage is very important when rebuilding after a fire.
How does your coverage address codes?
If your coverage is limited, is there anything you can do about it?
What happens when the insurance company engages a forensic accountant?
What is his/her role?
Why can’t you just have your accountant prepare your claim?
What is the harm in sharing your financial statements?
Are you required to produce your tax returns?
Can you recast your financial statements? If so, why?
What are the extra expenses? What can be included?
How are tips treated? Are they considered continuing payroll?
Title 24 and handicap bathrooms, bars, seating and dance floors. What does it mean to you? Your claim?
What is your broker or agent’s role?
Will he/she be adjusting the claim?
How many claims has he/she handled?
Will his/her role be active or passive?
When faced with supporting your position or the insurance company’s, where will he/she stand?
Is there coinsurance in your policy?
If there is, what does it mean?
If there is, did your insurance adjuster tell you? If not, why not?
How is coinsurance calculated on replacement cost? On actual cash value?
Properly managing coinsurance can prevent disaster. Not properly managing coinsurance can put you out of business!
Temporary locations? What happens at the end of your claim?
Hazardous materials such as asbestos and lead can be expensive to address. Make sure your insurance carrier does not cut corners when addressing this issue.
Warranties and Protective Safeguard Requirements.
What do they mean?
What if you are not in full compliance?
Can you still collect?
What are expediting expenses? How do they differ from extra expenses?
How do you project lost sales? Sales declines?
You own multiple restaurants in a geographic area and sales go up at other locations as a result of the fire. Does the insurance company get credit?
Can you continue to pay your employees?
“Ordinary” employees versus “key” employees. How do they get identified? What is covered?
Restaurant / Tavern Client References
In addition to the 5,000+ references on our list, here are some well-known names in the restaurant community we have helped.
Insights for Your Industry® is our E-publication created to help specific industries protect their property. For example, our first three editions cover hoteliers and the issues related to property claims that are important to their business following a disaster. Articles are written from a policyholder’s perspective and include real-life examples as a comprehensive guide to improve disaster preparedness.
Adjusting Today® is a free resource from AI covering the most current insurance topics and critical issues affecting property damage and business interruption claims. It’s written by the leading insurance experts and from the policyholder’s perspective and includes real-life examples to provide insurance agents and brokers, risk managers, attorneys, business owners and other business professionals the context and knowledge to improve disaster preparedness.