Business interruption claims

Message Author
ampm-bookmark
delicious-small Add to delicious
yahoomyweb-small Add to YahooMyWeb
blinklist-small Add to BlinkList
PostPosted: Tue Nov 25, 2008 12:07 pm   Post subject: Business interruption claims  

What are business interruption claims? Does anyone know about the role of insurance claim management companies?


_________________
Register Now to have your Insurance queries solved.
Dfreeman
Guest







PostPosted: Tue Nov 25, 2008 12:21 pm   Post subject:   

Hi there...once your business has gone through a natural disturbance..it would be natural for you to try and optimize your insurance claim in order to get your business back to the position it had once been. Insurance claim management companies would play a key role towards reviving your business. They would put all their expertise and combined experience together to help you our of this situation. They would work towards analyzing the business interruption claims and help you to manage your claims.

OldmanGarcia


_________________
Register Now to have your Insurance queries solved.
OldmanGarcia
Guest







PostPosted: Tue Nov 25, 2008 12:24 pm   Post subject:   

Yes, I'd also agree with you at one point..that all these claims management companies do know your hassles and try to pull you out of troubles through all their support and advices. They have a group of experienced professionals handling your situation. From restoration work owing to flood and fire damages they would also perform certain repair works.



Roddick

roddick
Senior member
Leave a quick message

roddick

Joined: 05 Oct 2005
Posts: 957


143.28 Dollars($)

PostPosted: Tue Nov 25, 2008 12:27 pm   Post subject:   

Quote:
They have a group of experienced professionals handling your situation.


They would provide you with necessary funds whenever you're under crisis. They would also support you with vehicles, machinery and accommodation for a specified time. They would work out a plan to meet the needed repairs within a certain time frame and ensure that the plan is followed up properly.

They would also get involved in the contents claim analysis. It would be one of their primary tasks to negotiate your settlement offer irrespective of its being a replacement or reduction.

Fatman
fatman
Moderator
Leave a quick message

fatman

Joined: 04 Oct 2005
Posts: 568


104.31 Dollars($)

PostPosted: Tue Nov 25, 2008 12:37 pm   Post subject:   

Guys, see..these companies would always share their responsibility at achieving your claim faster. This is how they would allow you ample opportunity to carry on with the other operations.



But remember, that choosing one out of all these claims management companies could be an uphill task for you. That also holds good towards disasters when you'd have no time to select the right company. A little bit of researches would certainly help you to construct a good back-up for such future crisis.



Roddick

roddick
Senior member
Leave a quick message

roddick

Joined: 05 Oct 2005
Posts: 957


143.28 Dollars($)

PostPosted: Tue Nov 25, 2008 12:43 pm   Post subject:   

First this is two separate questions...



Quote:
What are business interruption claims?
This is a claim for lost income that occurs during a 'covered loss'...such as tornadoe takes off the roof of a dress shop, takes, one month to get it put back together and opened back up, the coverage pays for the loss of receipts during that month of down time.



Quote:
Does anyone know about the role of insurance claim management companies?__
I'm assuming you are talking about a Public adjuster, they claim to get you about 1000 times your inital claim, although they (ones I've seen, I suppose there are some good ones), have a hard time proving their claims...they also charge generally a percentage of the claim...IMO a huge waste of money for all involved except them.. Rolling Eyes


_________________

"Never, never be afraid to do what's right, especially if the well being of a person or animal is at stake. Society's punishments are small compared to the wounds we inflict on our soul when we look the other way." Martin Luther King Jr.
Lori
Forum Expert
Leave a quick message

Lori
Forum Expert

Joined: 10 Sep 2007
Posts: 8080

Location: Missouri
287.93 Dollars($)

PostPosted: Tue Nov 25, 2008 11:25 pm   Post subject:   

"Business" insurance is a generic term in a sense. There are hundreds of different types of contracts and available coverage in a business "policy." There are a couple of basic types: "Business Owner Policies" ("BOPs") are the homeowner equivalent to business insurance. BOPs will normally provide you a package of coverages that will take care of the most common loss situations found in relatively minor business-type exposures.



Not all, by any stretch, businesses will "fit" within a BOPs underwriting guidelines. SOOOOOO...it would help if you could tell us what kind of business you're considering insuring.



The other way to go would be with a "commercial policy package" (CPP) which can insure larger and more hazardous exposures. This is where an experienced agent comes into play. These exposures require the expertise of a producer who's "done this more than once." These contracts are "built" based on the exposures and needs of the business being insured, and have inherent pitfalls that only an experienced producer can take care of. Shocked You really need to be careful in constructing a CPP- a wrong package of coverage can spell disaster in the event of loss. Crying or Very sad Therefore, it's really important that the agent understand business property and liability exposures in order to protect you properly.



If you would like some specifics, give us as much information you can as to what kind of business you are referring to, and we'll see what we can do to help you out!



InsTeacher Cool

InsTeacher
Forum Expert
Leave a quick message

InsTeacher
Forum Expert

Joined: 13 Aug 2007
Posts: 1398

Location: Oregon, USA
127.26 Dollars($)

PostPosted: Wed Nov 26, 2008 1:19 am   Post subject:   

TERRIFIC (as usual) info Teach, I dispise commerical policys and this is one reason why, they are rarely all alike! Rolling Eyes ''way too much sipherin' to do before payin' a claim''



As you stated an experienced agent is a MUST...when buying any business or corp/commerical policy..



(byw is there ANY other business with more acro's? sheeeesh, my company is the worst)



_________________

"Never, never be afraid to do what's right, especially if the well being of a person or animal is at stake. Society's punishments are small compared to the wounds we inflict on our soul when we look the other way." Martin Luther King Jr.
Lori
Forum Expert
Leave a quick message

Lori
Forum Expert

Joined: 10 Sep 2007
Posts: 8080

Location: Missouri
287.93 Dollars($)

PostPosted: Wed Nov 26, 2008 3:40 am   Post subject:   

Quote:
byw is there ANY other business with more acro's? sheeeesh, my company is the worst




Hahahaha...you ain't a' kiddin'! My favorites are BERPs and SERPs. Basic and Supplemental Reporting Periods. There's a bunch of different acronyms. Back in the day when I used to deal with high-end commercial packages, there was one lesson that a mentor I had used to constantly repeat: "In commercial liability and property, what can go wrong won't always go wrong, but it usually does." ExclamationExclamation Man, ain't that the truth.



When I had my agency, we never let a producer with less than 5 years commercial CPP experience go anywhere NEAR big-time liability stuff. Try figuring out all of the exposures of a chemical plant, for instance. That was a fun one. What I said in my previous post holds- you need the expertise of an experienced commercial lines producer. Do not (nothing personal) deal with a producer that writes 90% personal lines, you need to work with an agent that does commercial full-time. Business coverage has exposures that the average agent can't even think of, much less provide adequate coverage for.



The concepts in commercial are foreign to most- claims made vs. occurrence, reporting periods, auditing, tails, business auto symbols are just a bit Rolling Eyes different than personal lines, plus about a billion more things that can baffle the average agent, much less the business owner who might just have a little clue of what's up.



InsTeacher Cool
InsTeacher
Forum Expert
Leave a quick message

InsTeacher
Forum Expert

Joined: 13 Aug 2007
Posts: 1398

Location: Oregon, USA
127.26 Dollars($)

PostPosted: Wed Nov 26, 2008 12:56 pm   Post subject:   

Oh man, then be the adjuster that gets one of these claims, and have to interupt that policy! oh how I hated seeing those claims come with my rep code on them...man oh man, seriousl one time took me almost a week to get it all sorted out, so i could make a decision on liability..



couple more...OTL (obvious total loss), CWP (closed without payment) LMTRC (left message to return call)...i tell ya' we got a million of em it's like a different language



_________________

"Never, never be afraid to do what's right, especially if the well being of a person or animal is at stake. Society's punishments are small compared to the wounds we inflict on our soul when we look the other way." Martin Luther King Jr.
Lori
Forum Expert
Leave a quick message

Lori
Forum Expert

Joined: 10 Sep 2007
Posts: 8080

Location: Missouri
287.93 Dollars($)

PostPosted: Mon Dec 01, 2008 8:28 am   Post subject:   

hey guys! i have some specific question to ask you all regarding this business policies.



i have a business of share trading where due to recent wall street (BSE for india) meltdown there are huge losses for my clients totaling it almost

12000 US $.

So i am helpless,rather i have to give it from my own pocket.

to overcome this situation,or to avoid further occurence of similar situation can anybody let me know the exactly which business insurance i can opt for. Confused



_________________

INSURANCE AT PUNE
ensurepune
Member
Leave a quick message



Joined: 21 Nov 2008
Posts: 55

Location: PUNE
2.46 Dollars($)

Quick Reply
Your Name
Subject
Message body
All times are GMT
Page 1 of 1


Get a Quote
Ask Community Experts

flash plugin

Quick Links

Must See

Community

Hot topics in forums

Latest in blogs

    Connection Error: Connection refused