First-Party Claims

Recovering Your Loss, ASAP

Storm damage.  Break-ins.  Power Outages.  These are things that affect your business directly.  You want to recover your loss as quickly as possible and get back to normal operations.  Here's how.

 

Fires / Storm Damage

 

Contact us with the details of the loss. What happened, when, what is damaged or missing?  Is the property a total or partial loss?

 

Is there a police report filed yet?  File one immediately and get a copy of the report when it's completed.

 

If the damage is only a "partial loss", secure your premises. It's a condition of any property policy that you must take steps to prevent any further loss. That may involve boarding up broken windows or doors or removing any undamaged property from the premises to a secure second location.

 

It is advisable to take some pictures of your own. Cell phone pictures, a cheap digital camera, or even a disposable camera - it doesn't have to be professional photography quality. Get your own pictures documenting damage and missing property.  If you're taking pics on your smartphone, back them up somewhere (to your computer, email them to yourself, forward them to us, or upload to a private photo hosting website) in case something happens to your device.

 

Start gathering receipts for bigger ticket items damaged. If cash was taken, you'll have to provide a variety of financial documents.  See below for a list of required documentation to obtain settlement under various types of Property Losses.

 

Response times will vary by company, when the claim gets turned in, and the workload of the adjuster assigned, but first-party claims are priority for most companies.  You should be contacted by the adjuster within 24 hours.  If you haven't been, let us know, we will get your adjuster to contact you immediately.

 

From this point, the majority of your communication will be with your adjuster. Some insurers are better than others at keeping us, your agent, in the loop as far as the status of your claim. If you're having trouble getting ahold of your adjuster or need help understanding something, please contact us. We are here for you.

 

 

Break-Ins

 

Contact us with the details of the loss. What happened, when, what is damaged or missing?

 

Is there a police report filed yet?  File one immediately and get a copy of the report when it's completed.

 

Secure your premises. It's a condition of any property policy that you must take steps to prevent any further loss. That may involve boarding up broken windows or doors or having a locksmith replace broken locks.

 

It is advisable to take some pictures of your own. Cell phone pictures, a cheap digital camera, or even a disposable camera - it doesn't have to be professional photography quality. Get your own pictures documenting damage and missing property.

 

Start gathering receipts for stolen items. If cash was taken, you'll have to provide a variety of financial documents.  See below for a list of required documentation to obtain settlement under various types of Property Losses.

 

Response times will vary by company, when the claim gets turned in, and the workload of the adjuster assigned, but first-party claims are priority for most companies.  You should be contacted by the adjuster within 24 hours.  If you haven't been, let us know, we will get your adjuster to contact you immediately.

 

From this point, the majority of your communication will be with your adjuster. Some insurers are better than others at keeping us, your agent, in the loop as far as the status of your claim. If you're having trouble getting ahold of your adjuster or need help understanding something, please contact us. We are here for you.

 

 

Required Documentation for Various Types of Property Losses

Note: These are “guidelines” only. Depending on your exact policy language, documentation required may vary.

Building Damages – Owner Occupied:
For buildings owned by you, your company will work with your contractor in reaching an agreed scope of damage and may prepare an estimate of repair.

Needed: Contractor name and contact information



Building Damages – Tenant Occupied (damage to tenant improvements):
For buildings leased by you, your company will need to review the building lease to determine the extent to which building coverage may apply. Tenant Improvement coverage is based on the remainder of the lease term.

Needed: Copy of lease, list of improvements made, loss documentation (including receipts, contracts)



Business Personal Property (Contents) Loss:
You will need to prepare an itemized list of all the damaged contents including the quantity, age and replacement cost of each item. You will need to submit supporting documentation for these items.

Needed: list of damaged contents, loss documentation (including: internet quotes, receipts, vendor quotes)

 

Business Income:
The Business Income Loss Coverage is available for 12 months or the “Period of Restoration”, whichever is less. The “Period of Restoration” is the length of time from the date of loss until the time the business should be up and running.

There are three facets of the Business Income Coverage. They are Continuing Normal Operating Expenses, Ordinary Payroll, and Loss of Net Profit.

Continuing Normal Operating Expenses:
Business Income coverage provides for reimbursement of normal operating expenses that continue while the business is closed. These can include mortgage payments, property taxes, lease payments, advertising costs, etc…

Needed: List of expenses that continue, loss documentation (including: copy of mortgage bill, property tax bill, phone bill, contracts)

Ordinary Payroll:
Ordinary Payroll coverage provides payroll to employees (other than Manager and Owners) for up to 90 days after the loss.

Needed: List of employees including names, addresses, phone numbers and SSN’s

Loss of Net Profit:
The Loss of Net Profit coverage provides payment for the loss of net profit during the Period of Restoration. It does not provide coverage for “loss of sales”, only the loss of net profit after expenses and other deductions are applied to those sales. Net profit will be calculated on your monthly profit/loss statements. Your insurer may ask you to provide your Federal Tax Returns for up to three years prior to the loss and the corresponding monthly profit/loss statements where they feel it warranted.

We have a spreadsheet to help you determine your loss in this type of claim.  For lost profits over a period of a few days or weeks, use the short-term calculator.  For a period of a month or more, use the long-term calculator. You will need Microsoft Excel to open and use the documents.

Needed: Daily Sales Records and Monthly Profit/Loss Statements, Federal Tax Returns (up to 3 years prior) and corresponding Monthly Profit/Loss Statements (where requested)



Other Coverages:
There are several other coverages that may pertain to your loss. Please review your Declarations and Policy carefully and contact your carrier with any questions.