Tue, Nov 21, 2017

Important Information on Natural Disaster and Property Claim Support

In the wake of the recent natural disasters over the last few months, there is important information that you should be aware of concerning property loss and claim support.
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This information can be useful for risk management planning purposes even if your business was not impacted. 

When a loss occurs, decisions made at the onset can affect the outcome of the claim. Property insurance policies state a list of the "Duties of the Insured following a loss". Failure of the insured or its agents to comply with these duties can delay/or negatively impact the claim settlement.

One of the required duties is to prepare a complete inventory of damaged personal property, showing the quantity, description, replacement cost and /or actual cash value amount of the loss. Having a recent (within the last five years) insurance appraisal that includes a detailed personal property inventory will form the foundation for this process. 

For claims purposes; the insurance carriers claim adjuster will require this inventory to be updated to the date of the loss. The updated appraisal/inventory will provide the required supporting documentation for insurance claim "Proof of Loss". Independent third party verification of assets will provide credibility to your claim. It is in the insured's best interest to generate the claim and documentation as soon as possible after the loss as evidence and resources tend to diminish over time. 

If an insured is not familiar with the claims process, it can be a daunting experience in addition to the other challenges one faces in the aftermath of a major loss. Should you need assistance in working through this process, Duff & Phelps is here for you. Many of our professionals have worked in the insurance industry and know how to prepare supporting documentation to help you successfully navigate the claims submission process. 

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