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Business Interruption Insurance Basics
Posted on 9/1/21 at 2:56 am
Posted on 9/1/21 at 2:56 am
I plan on starting the claim process for my business in the morning. Loss of around $15,000 in food inventory, and specifically Business Interruption coverage. What specifics are they going to want to know for the Interruption part, and how would my compensation look?
5
Posted on 9/1/21 at 5:44 am to Catchfalaya
Proof of interruption - Disaster declaration (Fed & State), photos showing damage, evidence of power loss
Receipts for food inventory and other hard losses, average sales/revenue/COGS numbers to establish noi lost
Receipts for food inventory and other hard losses, average sales/revenue/COGS numbers to establish noi lost
Posted on 9/1/21 at 6:04 am to Catchfalaya
Watch out for the off premises power failure exclusion. Litigated this issue on a Wilma claim on an insurance broker claim.
Posted on 9/1/21 at 6:13 am to Catchfalaya
P&L’s and tax filings for the last two years among many other things. My insurance company took our average over the last two years and divided that number by 365 then multiplied by the number of days we were down. The problem with that is we aren’t open 365 days a year. It’s closer to 260 days. We’re only open Monday-Friday.
As much as I hate lawyers, we were forced to get representation. They didn’t include any of our mitigation purchases like office trailer, generators, etc. it’s been a year (since Laura), and I still have water pouring in through the two gaping holes in my roof anytime it rains. We’ve hired personal adjusters and structural engineers and still haven’t been made whole.
As much as I hate lawyers, we were forced to get representation. They didn’t include any of our mitigation purchases like office trailer, generators, etc. it’s been a year (since Laura), and I still have water pouring in through the two gaping holes in my roof anytime it rains. We’ve hired personal adjusters and structural engineers and still haven’t been made whole.
Posted on 9/1/21 at 6:18 am to DLauw
quote:
We’ve hired personal adjusters and structural engineers and still haven’t been made whole
Unfortunately you likely won’t be made whole. As you are aware, Insurance companies are for profit as well and will delay or avoid response to wear you down to settle or give up.
Posted on 9/1/21 at 6:18 am to Catchfalaya
I was a commercial underwriter for 15 years. Have proof of any mitigation efforts to show you are trying to get back open or mitigating the losses. If you have the right coverage (business interruption, food spoilage, temperature change, hurricane coverage) you should be ok. A lot depends on who your carrier is. Who is your carrier?
Not saying this is you but I used to see so many businesses go cheap on insurance. I never understood how you would put one of your most valuable assets in the hands of some no name broker trying to get the best deal. You get what you pay for in life.
Not saying this is you but I used to see so many businesses go cheap on insurance. I never understood how you would put one of your most valuable assets in the hands of some no name broker trying to get the best deal. You get what you pay for in life.
Posted on 9/1/21 at 6:24 am to jscrims
quote:Show proof any of these companies actually care about customers and maybe, just maybe, some would be willing to pay more
Not saying this is you but I used to see so many businesses go cheap on insurance.
Posted on 9/1/21 at 6:53 am to Catchfalaya
Did you have damage to your building? If not business interruption may be limited
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