Commercial Insurance Claims for Fire Damage
According to the National Fire Protection Association, business owners and organizations suffer $2.3 billion in commercial and industrial property losses each year.
Fire claims are especially complex for the different types of property damage they cause, all of which have to be documented and proven to your insurance company. For example, fire can create serious damage from smoke, burning residue, and corrosive substances released in the flames. There can also be substantial water damage from the effort to extinguish the blaze. In the aftermath, your property and valuables may be exposed to the elements and become more damaged if not addressed immediately. As the policyholder, it is your responsibility to minimize the property damage while you focus on keeping your business running. Do you also have the time to handle your insurance claim?
Your insurance company may present an offer they think is sufficient based on their own property damage assessment. How can you validate the offer you received? If you think you have received significantly less than you deserve, did you know you have the right to get help to maximize your commercial fire insurance claim payout? Our licensed public insurance adjusters are backed by a 94-year track record of successfully helping policyholders collect every dollar they’re entitled to under the terms of their commercial property insurance policies. We know the process, the policies, the pitfalls, the players, and how to use your commercial insurance coverages to your greatest advantage. With GMAI adjusters on your side, no one stands in the way of your maximum financial recovery.
What To Focus On After Fire Damage
How much of my time will this take?
What is pressurized smoke?
What is my agent/broker’s role?
The insurance company hired a construction estimator. What do I need to know?
Why is a claim strategy so important?
Am I impacted by coinsurance?
Can smoke damage be removed/neutralized?
How can you identify/document items that are totally destroyed?
Your insurance company pays less if you clean/restore as much of your equipment and improvements as possible. Is that a good idea?
How do the smoke and the water used to fight the fire affect your machinery? Your computers, equipment, and other electronics?
If water used in suppressing the fire causes mold and fungus, is the ensuing damage covered?
Asbestos, lead, and other hazardous materials can have a major impact on your claim. Are you aware of how to properly address these in order to prepare your claim and to avoid future liability issues? Hazardous materials such as asbestos and lead can be expensive to address. You want to make sure to not cut corners when addressing this issue. You want to make sure to not cut corners when addressing this issue.
Code Upgrade coverage is very important when rebuilding after a fire. How does your insurance policy address code coverage? Also, what about any Green building upgrades? Checking the correct building codes before you prepare your claim is critical.
What happens when the insurance company engages a forensic accountant? What is his/her role? Why can’t your accountant just prepare your claim? You will have to produce your financial statements and possibly your tax return. You may need to recast your financial statements? If so, why? What are extra expenses? What can be included?
What are expediting expenses? How do they differ from extra expenses?
Property Damage Losses Commercial Claims Recovery Process
How Our Team Helps You
- Evaluate Fully reviewing your insurance coverage.
- Strategy Developing a claim management strategy.
- Compliance Determining policy compliance issues.
- Valuations Completing detailed valuations of building, equipment and inventory losses.
- Interruption Formulating business interruption models.
- Itemization Presenting and supporting an itemized claim package to your insurer.
- Negotiation Negotiating on your behalf with your insurance company.
- Communication Keeping you informed every step of the way.
- Settlement Ultimately settling the claim for the maximum amount and with less hassle for you.
Industries Our Public Adjusters Have Helped
Client References & Testimonials
- Abtrex Industries, Inc. - South Bend, IN
- Agri Star Meat & Poultry LLC - Postville, IA
- Alliant Commercial Realty - Woodland Hills, CA
- The American Legion Department of Illinois Post #1080 - Joliet, IL
- Amway Corporation - Grand Rapids, MI
- AutoLign Manufacturing Group - Milan, MI
- Back to Woodlands Supper Club - Birchwood, WI
- Barn Stormer - Whitmore Lake, MI
- Bay Valley Resort - Bay City, MI
- Brew's Brothers, Inc. dba Crow's Nest Bar - Canton, MI
- Bridgman Michigan LLC - Buchanan, MI
- Broadway Motel - Des Moines, IA
- Burton-Katzman Development Company - Bingham Farms, MI
- Detroit Baptist Temple - Detroit, MI
- Detroit Jewish News, LLC - Southfield, MI
- Don Scharf Automotive, Inc. - Eagle River, WI
- The Forbes Company - Southfield, MI
- Forge Tool & Die Corp., Inc. - Farmington, MI
- Gardner-White Furniture - Warren, MI
- Gremor Motor Inns - Benton Harbor, MI
- Griswold Holding Company - Detroit, MI
- Hallmark & Johnson - Chicago, IL
- Heat Treating Services - Pontiac, MI
- Hi-Temp Incorporated - Northlake, IL
Your services were very beneficial to Arbor by virtue of: your expertise and experience in handling claims of this nature, your independence from any insurance agency involvement and your commitment to achieve maximum results, and your time spent to put together the data on this claim, and your attention to detail kept the involvement of Arbor personnel at a supervisory basis only, and allowed us to deal with the everyday business at hand.Charles E. KeelerDirector of Administration - Arbor Drugs, Inc., Troy, MI
You immediately took action and began preparing your team at our loss site... Overall, your knowledge of our policy and your understanding of how to prepare and present our claim resulted in an excellent settlement which was much higher than we anticipated...We would like to thank you and your staff for your diligence, persistence, patience and professionalism.Rick Wilkinson
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