Commercial Property Insurance Claim

When a catastrophic loss occurs, a business owner’s first impulse is to do whatever necessary to mitigate the loss and resume operations as quickly as possible. But settling a commercial property insurance claim is a complex business transaction, and business owners should treat it as such—using the same diligence and professional assistance as when negotiating a critical business contract. Accepting an insurance company adjuster’s opinions or an insurance company’s offer of settlement in haste — or without investigation or review of all policies for available coverages — can easily lead to a settlement that is far less than the business bargained for.

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A commercial property claim entails restoring the businesses’ property to pre-loss conditions within the limits of insurance purchased, while maintaining the business during the time needed to rebuild or repair damaged property. The insured is faced with investigating and documenting losses, tangible and not, and becoming familiar with the insurance policies — the coverages available, limitations on those coverages, deductibles, conditions precedent, and specific requirements necessary to make a claim.