What if a sudden winter storm overwhelmed your building’s rooftop and caused it to collapse? Or hidden components within your building’s walls warped and weakened it over time to the brink of destruction? If your commercial property suffers a structural collapse, it does not also have to bring down your business.
When handling your insurance claim, keep in mind that collapse can be interpreted in different ways, so you want to avoid receiving less than what you deserve.
Some buildings are vulnerable to collapse, and for a variety of reasons. In most cases, collapse is already built into your commercial property insurance policy because it can happen to you regardless of where your business is located. In the North, heavy snow on your building may cause roof collapse. In the South, air conditioning units on the top of your building may weigh down and weaken the roof to the point of collapse.
Is the damage partial or total? Your insurance company’s team will have their own interpretation about the extent of the property damage and what is covered in your commercial insurance policy. Who is on your team working to protect your interests? Our experts have the experience and resources to evaluate and document your damage in detail and negotiate your claim for the maximum amount. When your business is at stake, you deserve to rebuild and continue operations as quickly as possible.
Make sure you fully understand the meaning of each of the following before you move forward. Feel free to reach out to us for a no-cost discussion about your claim.
What is my agent or broker’s role?
How do I keep my employees?
How do I keep my customers?
Why is a claim strategy so important?
Am I impacted by coinsurance?
What do I need to know about the insurance company’s adjuster and experts?
Am I entitled to an advance from the insurance company? What is reasonable?
What does it mean when the insurance company recommends a preferred vendor? Who will this vendor actually be working for?
Contractors may tell you they can do what public adjusters can do. Can they really? What is their background and education in insurance? Are they licensed and bonded? In many states, like California, it’s against the law to practice without a license!
The policy says it is your responsibility to submit a reconstruction estimate. Why would the insurer want to do it for you?
What is the difference between functional replacement and true replacement cost coverage and why should you care?
How is actual cash value determined?
Can you do the repairs yourself? Are you entitled to the overhead and/or profit that a contractor would typically charge?
What are the benefits and the pitfalls of not replacing your building?
Do you have to replace on the same site? Can you buy or build elsewhere?
Can you collect building code enhancement coverage if you build elsewhere?
How quickly can you start rebuilding following a loss?
How much of my time will this take?
Property Damage Losses Commercial Claims Recovery Process
Life & Safety Issues
Mitigation of Damages
Establish A Preliminary Recovery Plan
Evaluation of Coverages
Valuation Of Damages, Claim Preparation, and Documentation
Clearly, hiring your firm was the right decision. You and your entire organization are to be commended. Rest assured that any future claims we have will be handled by your firm. Thank you.
Austin Vanderhoof, V.P., CFO / Bald Knob Veneer Co.
Hire them upfront. Do not wait around like I did as it only makes the settlement time frame longer. The Greenspan Co./Adjusters International contacted me right after my fire loss to offer assistance on the claim but I thought how hard could it be to handle the settlement process myself. Little did I know. I met with the insurance company and almost the first words from them was warning me about all these public adjusters with their high fees that would be calling me. The insurance adjuster advised me not to listen, as the insurance company had my best interest at heart and would make me whole for my losses. Finally, they said their experts had finished and that the total damages were in the $650,000-$700,000 range. My policy was for $1,680,000. I settled the claim at full policy value plus some extras all because of the The Greenspan Co./ Adjusters International professionals. Get them in early, and let them do their magic. You will not regret it!
L.H. Voss Trustee
The Greenspan Co./Adjusters International would find a solution to each of her concerns. The Greenspan Co./Adjusters International successfully increased Jeannie’s settlement from an original $650,000.00 estimate to approximately $1.8 million
With the help of The Greenspan Co./Adjusters International, what was initially a refusal of the insurance company to compensate the Trinity River Lumber loss resulted in an insurance claim payment in excess of $25 million