They can happen at any time. Many may not realize that there are earthquake zones spread across the United States, presenting a widespread risk. Even the smallest event can compromise the structural integrity of your commercial property without you realizing it.
If your business suffers earthquake damage, the initial steps you take may determine if you are able to recover financially and rebuild your business.
A sudden earthquake can damage your commercial property and may go unnoticed. Even the smallest of impacts can seriously compromise a building’s structural integrity. This places the safety of your employees, any other occupants, and your operations at risk. It’s important to have a thorough inspection of your property to identify and document the extent of damages as you prepare to deal with your insurance company.
Our public adjusters have the unmatched experience and resources to guide you in this process. As insurance professionals working only on your behalf, we are fluent in your insurance policy, and assist you in complying with your policy’s requirements in order to develop a proactive claim management strategy to maximize your business’s financial recovery. We thoroughly research and evaluate your loss and substantiate every detail of your claim, which may include building damage, valuable contents, business interruption, and extra expense claims. Our adjusters prepare and present a comprehensive earthquake insurance claim to your insurer so your business can receive the optimum settlement in the shortest amount of time. With offices in Portland, Albany, Utica, Syracuse, Rochester, Buffalo, and Scranton, we are the premier public adjusters Maine, New York, and Pennsylvania policyholders rely on to help them recover more, sooner.
Make sure you fully understand the meaning of each of the following before you move forward. Feel free to reach out to us for a no-cost discussion about your claim.
What is my agent/broker’s role? Will his/her role be active or passive? When faced with supporting your position or the insurance company’s, where will he/she stand?
Does Adjusters International have earthquake damage experience?
How do I minimize the impact of a large deductible?
Why is a claim strategy so important?
Am I impacted by coinsurance?
Do I need my own engineer for the damage assessment?
Large deductibles demand that your claim be properly evaluated. How can you afford to rebuild your business or building with such a large deductible? Understanding claim strategies and implementing value engineering are important.
Successful evaluation of damages hinges upon a well-coordinated effort between engineers and construction consultants. Do you have the right experts lined up? Should you only rely on the insurance company’s cadre of experts?
How do I keep my employees? My customers?
Ensuing fire or water damage from an earthquake can be covered depending upon the policy.
How do I deal with hidden damage?
What is concurrent causation? Why is it important in an earthquake claim?
How does a large-scale disaster affect recovery? Replacement/reconstruction prices?
How does a large-scale earthquake affect your business interruption claim? Your loss of rents claim?
Is there coinsurance in your policy? If there is, what does it mean? If there is, did your insurance adjuster explain it to you?
How do you make certain that hidden damages are addressed?
What happens when the insurance company engages a forensic accountant? What is his/her role? Why can’t you just have your accountant prepare your claim? Understand that you will need to share your financial statements. You may also have to produce your tax returns.
Is there anyone on my side?
Property Damage Losses Commercial Claims Recovery Process
Life & Safety Issues
Mitigation of Damages
Establish A Preliminary Recovery Plan
Evaluation of Coverages
Valuation Of Damages, Claim Preparation, and Documentation
Prior to [your] involvement, my insurance company omitted over half the damage in their estimate. During the whole process, from evaluating the damage to getting the fair market costs of labor and materials, to the final settlement, [your representative] displayed a real understanding, knowledge and professionalism. He truly represented the client against a difficult insurance representative for which I am grateful
Months after the storm passed, the County was still faced with tremendous burdens related to the insurance coverage issues and FEMA and MEMA eligibility issues. Jackson County hired Adjusters International to provide professional services for disaster assistance, remediation, restoration and recovery efforts....Their expertise with governmental regulations, the complex FEMA process and insurance adjustments resulted in our successful claim for over $2 million in additional FEMA Public Assistance funding specifically; in our successful negotiations with our insurance carrier; and in numerous other increases in the values FEMA and MEMA initially designated for County projects. Jackson County will always be mindful of the help we received from Adjusters International when we needed it most.
Alan K. Sudduth
County Administrator - Board of Supervisors, Jackson County, Mississippi
Wilbert’s, a prominent three-location automotive recycling operation across Western and Central New York, suffered a devastating fire to a new 10,000-square-foot building at its Williamson location. As this building was the center of business for that location, Adjusters International/Basloe, Levin & Cuccaro (AI/BLC) immediately established temporary solutions to mitigate the losses and also developed strategies and objectives to make sure Wilbert’s received an optimal insurance settlement.
New Energy Works, a leading timber company in America, suffered winter-related roof collapse to one of its main 15,000-square-foot buildings. When operations could have been left in limbo, our public adjusters quickly took control of the insurance claim process to help make sure New Energy Works kept running and did not lose customers to competitors.
As this issue of Adjusting Today® was being prepared, the earthquake and resulting tsunami of March 2011 struck Japan. That concurrence put an exclamation point on what already was the theme of this edition ...