Yes, Brick Buildings Do Burn

I can't tell you how many times I hear from clients, "oh, this place will never burn." … [Read more...]

Thoughts on Insurance Claims

I got a call the other day from a business owner who was going through a bad claim - a fire destroyed his business. He was not a happy guy. Insurance will not pay half of his total costs. He will probably never open his doors again. The best loss is one that never happens. The second best loss is one that you took action to mitigate. The least … [Read more...]

What to Do When You Have a Property Insurance Claim

Here we are talking about homeowners' property claims and business property claims.The property insurance claims process is always a negotiation. Listen more than you talk. Ask questions when you don't understand. Have an expert on your side.Document everything that happens with your insurance claim. If you speak with someone on the phone about … [Read more...]

Home and Office Inventory

When I first entered the insurance business, insurers offered neat (I thought) little books of blank pages ready for insureds to fill in with lists of their belongings. The idea was that after a fire, the books would provide a record of their possessions, making loss adjustment easier. Nobody ever filled out those books.A better way to document … [Read more...]

After the Fire…

After a fire (or other insured damage to your building) there will be debris that needs to be removed from the scene. Insurance coverage is usually limited to 25 percent of the loss. The amounts paid for debris removal do not increase the total limit of coverage for the whole claim. It is, therefore, possible that you can run out of coverage.To … [Read more...]

Hitting A Deer

A friend had an accident the other night, hit a deer. She's OK.Insurance can be strange sometimes (alright, more than sometimes).The personal auto policy includes coverage for collision. There is also coverage for damage to the vehicle caused by "other than collision."Hitting another car, a tree, a house, a street sign, a boat, or a plane are all … [Read more...]

Claims Made vs Occurrence Liability Insurance Policies

Most casualty insurance policies (general liability, automobile, workers' compensation) pay for events that occur during the policy period. For example, an auto insurance policy will pay for an accident that occurs while the policy is in force.Directors and officers liability insurance policies, professional liability and employment practices … [Read more...]

Insurance Claim Reporting Requirements

Each insurance policy contains specific provisions for the reporting of claims.All require timely notice to the insurer. All liability policies require that the insured not admit fault in any way. Most require written notice.Work with your insurance adviser to set up a claim reporting system. Communicate that process to your line … [Read more...]