ELEMENTS OF AN INSURED LOSS:
Insurance Loss Consultants
Loss adjuster and hurricane claims help
Structures – Coverage’s A and B
On your structure(s) claim, the carrier-assigned loss adjuster generally develops a “scope” of damage (what needs to be repaired or replaced, and what needs to be done to repair or replace it), performs a “building takeoff” (a more detailed measurement of your property damage and the cost to repair it) and sets a “reserve” for your loss (a dollar amount that the adjuster believes will be sufficient to repair and/or replace your property). Even in hurricane claims, ultimately, the carrier’s adjuster often prepares an actual structure repair “estimate.” And, unless you hire your own public adjuster (or attempt to take on the task of disputing the carrier’s estimate yourself), the carrier’s adjuster’s estimate will be the deciding factor in what you are paid to compensate you for your loss.
Personal Property/Contents – Coverage C
Most insurance companies do not assemble or prepare a personal or business property (“contents”) inventory or claim for you like insurance loss consultants would.. This is left to you. A competent and comprehensive, professionally-documented contents inventory requires vast amounts of time for proper on-site inspection, counting, inventorying, photography (to whatever extent physically possible) and other documentation; it requires extensive knowledge of product; it requires professional software for branding “like kind and quality of product” and backup pricing entries (or, in the alternative, it requires endless hours on the internet, finding pricing backup on an item-by-item basis); and, most of all, it requires sheer, relentless tenacity – to be sure that absolutely nothing is left out or sold short.
Business Interruption, Loss of Rent, Additional Living Expenses and Other Losses
Likewise, most carriers do not assess or prepare any loss of business revenue (“business interruption” or “BI”), loss of rent or other loss of revenue claim for you. Again, preparation of a professional, defensible, compensable BI claim is a highly-detailed and specialized exercise, but it is left to you, the Insured, to carry this out… You are expected and required to prepare, submit and negotiate an accurate, documented assessment and forecast of your business’s financial loss. Professional business interruption claims that achieve maximum recovery are usually best prepared by a certified public accountant or a forensic accountant with extensive experience in the process, utilizing a vast array of business financial and tax records. Loss of Rent and/or Additional Living Expense (ALE) claims likewise require competent documentation, and though these claims are more readily quantifiable than BI claims, many insured don’t even fully understand what losses they are entitled to reimbursement on under these coverage’s to begin with.