Your property just suffered serious damage and you are wondering what you need to do to expedite financial and operational recovery.
You call your insurance company and wait for an adjuster to arrive, assuming you’ll receive what your insurance policy states you’re covered for. Afterall, that’s why you’ve been paying your insurance premiums all along, right?
As a client of your insurance company, your claim is now a liability on its financial statements.
We Can Help
Knowing everything you possibly can about the "fine print" of your insurance policy before you have substantive dialogue with your carrier is critical. Understanding what you are covered for and how to claim it is where our experience starts to be of value.
Choosing what to say to your insurance company's adjuster and how you say it makes a dramatic difference in how much and how quickly you get paid. Globe Midwest/Adjusters International's public adjusters are experts in insurance claim negotiation.
The more you know, the better the results, so turn to the firm who has been in the field since 1924 and has the repertoire of satisfied clients to prove it.
Factors To Consider
Be sure to understand each of the following factors before engaging with the insurance company. Knowledge is the key to a successful claim outcome.
- Growing crops cannot be processed – how do they fit into my property claim and my business interruption claim?
- How can industry statistics/surveys be used to support projected crop yields?
- How is actual cash value determined? Why should I care?
- What are the pros and cons of replacing versus repairing equipment/processing lines?
- How do smoke and the water used to fight the fire affect my equipment, and other electronics?
- How quickly can I start rebuilding?
- How can the way I present my story affect my recovery? Do I know my policy provisions?
- What is my broker's/agent’s role?
- Does the adjuster work for me or the insurance company? Why should this be a red flag?
- Does the insurance company pay for the necessary professionals to accurately evaluate my claim?
- What happens when the insurance company engages a forensic accountant? Who does that accountant work for?
- Will the insurance company pay for a construction manager?
- Is the insurance company using an independent building or equipment consultant to prepare a bid? Who are these consultants? Who are they working for? Do they only work for insurance companies?
- Should I have concerns as to how my insurer deals with pollutants, hazardous materials, lead and asbestos?
- How does my policy address increased costs due to new codes? If my coverage is limited, what can I do about it?
- Can I continue to pay my employees?
- Can I compensate employees who help with cleaning or restoration?
- Does my risk manager have the requisite skill sets to negotiate a large property claim?
- What are Warranties and Protective Safeguard requirements? What do they mean, and can I still collect if I am not in full compliance?
- Is there coinsurance in my policy? What does it mean?
- Do I understand why coinsurance clauses in loss of income coverage can lead to disastrous results when including labor expenses in the cost of goods manufactured and exclude those labor expenses in the business interruption evaluation?
- What is the difference between a schedule of values and a schedule of limits?
- What is the difference between Actual Loss Sustained and Sales Value of Production and how does it affect my claim?
- How is credit for continuing sales calculated?
- How do I project lost sales and/or sales declines?
- What are extra expenses? What can be included? Can I use extra expenses to offset shortfalls in property coverages?
- What are expediting expenses? How do they differ from extra expenses?
- Can I use proformas/budgets to calculate loss of income?
- Can I recast my financial statements? If so, why?
- Are federal grants and subsidies considered income?
- How can I continue to intake new material? Can it be staged elsewhere pending resumption of partial or total operations?
- Should I be looking into replacement properties? Would a lease purchase strategy benefit me?
- What happens if I open my business elsewhere and I am successful? What if I am not successful?
- Are there temporary packing lines in other owned or non-owned locations? What happens at the end of my claim?
- What are the pros and cons of replacing versus repairing packing lines?
- How does operating at a temporary location work? What happens at the end of my claim?
- What about temporary production in other owned or non-owned locations? What happens at the end of my claim?