If you are involved in a dispute with your insurance company, The Property Damage Attorneys at the Consumer Law Office, P.A. (CLO) can help. Based in Miami, Florida, our firm represents individual and corporate clientele throughout the entire state of Florida.

The types and issues that come up in commercial loss are incalculable. Because the types of policies and coverages available vary so extremely, each loss has its own unique facts that could lead to a potential bona-fide coverage dispute.

CLO handles commercial claims of all sizes for all types of industries including business and industrial claims, hotels, educational institutions, condominium associations, apartment complexes, industrial parks, retail stores, shopping centers, strip malls, production plants, factories, high rise office towers, and professional offices. And the list of property claims can go on and on. CLO has been retained in cases involving just about every type of business & commercial loss over the years.

CLO prides itself on representing corporate clientele of all types. Our clientele consist of institutional and individual owners, so no matter who you are, CLO will be glad to service your claim.

With more than 45 years of combined experience in the insurance and real estate industries, we have a huge body of knowledge to leverage for your benefit. Our professional Property Damage team is ready to assist you with your Florida property today, simplifying the complex and providing complete peace of mind.

The property insurance claim process for commercial property can be particularly multi-faceted and hard to effectively address even for the most business savvy professional or corporate client. Commercial property insurance and the losses that may follow come in many types and forms. Generally, commercial businesses have their own unique policies and endorsements that in some cases are structured for their specific needs. As a result, commercial property insurance claims can and often do involve very significant issues and challenges that are time consuming and require professional’s assistance.

Insurance companies typically have their most experienced claims adjusters working on commercial claims. That puts you at a disadvantage when it comes to making decisions when issues present themselves. By example issues routinely arise concerning coverage of the mitigation and business interruption portions of the claim. Therefore, it is imperative to have a team like CLO advocate and fight for your rights! The insurance companies have experts and attorneys on their side- you should too! CLO is here to keep your focus on your business operations while we are protecting the complicated issues surrounding your insurance claim.

A property insurance claim can be a devastating and life-altering event for a policyholder, but for an insurer, it is routine business. An insurance claim is a business negotiation, and policyholders must approach the adjustment and settlement of their property insurance claim as they would any other business transaction involving a large investment. Few business owners would risk the value of their business assets without substantial research and strict oversight, and an insurance claim should be treated no differently. Policyholders are faced with the tasks of investigating and documenting losses and learning the terms and conditions of insurance policies: the insurance coverages available, limitations on those coverages, deductibles, conditions precedent, and specific requirements necessary to properly make an insurance claim.

 

Understanding the Details of Your Property Insurance Policy

Typical commercial property policies can cover:

  • “Property Damage,” including the buildings, fixtures, machines, furnishings, raw materials, and inventory.
  • “Business Interruption,” which is intended to place an insured business in the position it would have attained, had the loss that caused the interruption not occurred. It should provide funds necessary to sustain the insured business while its operations are suspended as a result of damage caused by a covered peril. It typically pays a business’s profit and continuing operating expenses, including payroll, for a specific time period.
  • “Extra Expense,” which covers expenses incurred in mitigating the business loss, or increased costs in continuing a business in the wake of a catastrophe. It can reimburse a policyholder for money spent moving a covered business to a different location while the covered property is restored. It is intended to offset expenses associated with returning to normal operations. Equipment breakdown coverage is often available with this coverage and should be purchased if a customer’s business is dependent upon certain equipment.
  • “Contingent Business Interruption” is usually an extension of the business interruption coverage available in most commercial property policies. Contingent Business Interruption provides the insured with benefits to cover lost profits and extra expenses resulting from damage to a third party’s property, typically in four situations: (1) when the insured business relies on a third party to deliver materials or product; (2) when the insured business depends upon a third party to manufacture products; 3) when the insured business depends on a third party to purchase its products, and 4) when the insured business depends on a third party leader location to attract customers.
  • “Ordinary Payroll Coverage” provides for salaries as a continued expense, and a policy may provide coverage for a business to pay hourly employees for a specified period of time while the business is closed.
  • “Loss of Rents” pays for lost income when a covered rental property is made uninhabitable by a covered event and renters need not make rental payments. A lease or a rental agreement is helpful in estimating the amount of coverage needed.
  • “Extended Period of Indemnity” provides business interruption and extra expense benefits beyond the period of restoration defined in the standard business interruption policy.
  • “Civil Authority” coverage provides business income benefits when a civil authority prohibits access to the insured property due to direct physical loss or damage to other property. It is most commonly triggered during mandatory evacuations.
  • “Utility Services – Time Element” extends business income and extra expense insurance to protect against losses caused by interruption of services from a specified utility that provides a business with water, power, or communications.
  • “Loss of Ingress or Egress” provides benefits when, as a direct result of a covered peril, ingress to or egress from real and personal property is prevented.

Our Business & Commercial Property Damage Attorneys and Adjusters are ready to provide you with a FREE inspection of your property damage and assist you with every step of your insurance claim process. We have recovered millions of dollars for our clients. Don’t accept “claim denied” from your property insurance company. Contact Us Today for Assistance visit https://consumerlawoffice.com/ or call Phone: 305-940-0924