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Commercial property refers to any building or land used to generate a profit, as well as large residential rental properties. Damage to commercial properties come with their own unique set of circumstances and challenges. Common issues facing commercial property owners when a loss occurs include, but are not limited to, continuity of business or leases, coverage disputes surrounding leases, and higher levels of scrutiny due to their size. Additionally, in many instances the owner of the property does not live near the site.
With commercial and industrial insurance claims, maintaining leases or minimizing business interruption are at the forefront of an owner’s priority. There are two ways to achieve these objectives, first by reviewing and applying the afforded business interruption, second by accurately substantiating and proving the loss to the carrier and bringing the claim to a close as quickly as reasonably possible. Learn more: business interruption claims.
In claims where the property is leased to a tenant to operate a business, like a triple net lease, questions can arise regarding the responsibility of the building owner versus the tenant. Depending on the nature of the loss and subsequent damage, responsibilities in the lease can have significant impacts on the amount of loss, and even number of claims that need to be filed. It is important to clearly understand what is covered under the building owner’s and tenant’s respective policies.
Most commercial and industrial claims tend to be large losses, both in scope of damage and costs associated with repair. This in turn usually triggers a higher level of scrutiny from the insurance carrier, additional carrier representatives and consultants, and potentially delays in resolution as opinions are furnished and reviewed. Having a public adjuster able to counter the carrier through accurate documentation and representation of the damage, along with access to experts can be the key to resolving commercial claims quickly and efficiently.
If you have a commercial or industrial property that has sustained a loss, give prime Adjustments a call for a free consultation to see if we can assist.
Most commercial insurance policies do provide coverage property damage due a named peril. However, the extent can vary, and certain exclusions may apply. The policy must be reviewed as coverages vary.
The duration can vary based on the severity of the damage, the clarity of the claim, and the insurance provider’s responsiveness. With Prime Adjustments on your side, we always aim for the most efficient resolution.
Absolutely. It’s your right to ensure the settlement covers your damages adequately. We build the file with detailed claim documentation to prove our case and provide the insights and support needed to negotiate effectively.
If your fire damage claim is denied, it’s essential not to panic or consider it the final decision. Insurance companies may deny claims for various reasons, including discrepancies in the documentation, perceived policy violations, or interpretations of the policy language. However, policyholders have the right to appeal these decisions. In such situations, it’s beneficial to consult with us to get a second opinion and see what holds water. We can provide a comprehensive review of the denial, help gather additional necessary evidence, and navigate through the appeal process to ensure your claim gets the attention and resolution it deserves.