Whether it is fire, flood, wind, water or vandalism damage you need to have a plan for recovery in place. We're here to help you navigate those dangerous waters.
What Happens When you Suffer a Loss?
At the time of a loss to a commercial property an owner and manager must render an immediate response. We refer to these as post loss obligations. The first post loss obligation you have is to secure the scene and mitigate your loss. You can accomplish this by immediately boarding up the property and putting up temporary fencing. By having a qualified restoration company on board this can generally be accomplished in one hour or less minimizing your liability exposure.
Once the scene is secure the real work begins. Any tenants that have been displaced must be relocated. Coastal Claim Consultants will begin negotiating an advance for make-ready units and loss of rent from day one. Knowing what the insurance policy covers and negotiating that from the start of the claim can at times determine the immediate success or failure of out-of-pocket expenses. An advance is generally issued so the property owner does not immediately suffer significant financial damage. We cannot stress enough that you need to know what the policy covers. In some commercial policies if your occupancy drops below 70% your loss may not be covered.
After such time as the scene is secured, you will want to have Coastal Claim Consultants and our highly qualified building estimators put a valuation on the repair of the damaged property. Several items we will take into consideration that most insurance companies will often not bring up include, but are not limited to, asbestos removal, code upgrades and proper application of the extra expense provision.
You need a plan for restoration, build back, code upgrades, tenant relocation and business interruption. Coastal Claim Consultants handles each and every one of those aspects in house, minimizing the owner and property manager’s liability exposure and time dealing with the loss, while working tirelessly to maximize the insurance claim.
