Commercial property insurance is the primary way in which property owners can get reimbursed for insured property damage losses from a natural disaster or accident. Property owners who are having trouble receiving a fair claim for their damages may be eligible to take legal action against their insurer with the help of an insurance claims lawyer.
Commercial property can serve as a beneficial investment opportunity for entrepreneurs as well as small and large corporations in industries ranging from healthcare to hospitality.
Natural disasters and other incidents such as fires, burst pipes, and theft, however, can put commercial property owners in a challenging position. In the United States, insured losses from natural disasters alone reached a total of $52 billion in 2018, affecting commercial and residential property owners nationwide.
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After suffering financial losses from a disaster, one of the first steps commercial property owners can take to recover their losses is to file a commercial property insurance claim with their insurance carrier. This can help property owners receive reimbursement for insured losses, such as damaged merchandise, building repairs, personal property damage, and other expenses.
The process of receiving reimbursement through a commercial insurance property claim, however, is not always easy. Some insurers may attempt to undervalue or deny a claim, even if you’ve paid your insurance premiums and have filed a legitimate claim for insured losses.
If you’re a commercial property owner who’s having difficulty securing a fair claim for your losses in the aftermath of a disaster, the insurance claim lawyers of Florin|Roebig can help.
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Commercial property is a broad term that can apply to any building or lot of land that serves the primary purpose of generating profit for a business or corporation.
All types of commercial properties can be susceptible to the damage wrought by natural disasters such as hurricanes, floods, and incidents such as fires and robberies. Property damage insurance is the primary protection property owners have in these circumstances to compensate for resulting losses covered under their policy.
The amount of coverage a property owner has to recover their losses is highly individual, based on the type of policy you’re insured under, your location in the United States, and the terms and conditions detailed within your insurance policy.
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Commercial insurance coverage can be bought as an individual line policy (also known as a monoline policy) or be purchased within a Commercial Package Policy (CPP), which may group property damage insurance with other policies such as commercial auto and general liability.
The primary purpose of commercial property insurance is to insure a company’s physical assets from disasters. Not all disasters may be considered covered perils under standard commercial property insurance policies. Insurance for flood and earthquake damage, for instance, may require the purchase of separate policies.
Additional forms of coverage—such as terrorism insurance, umbrella liability policies, and specialized liability policies—may be available for purchase separately through certain insurance carriers.
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Many commercial property owners purchase their insurance coverage according to the needs of their property, in consideration of how owners can best sustain the property’s income generation in the event of a disaster.
Commercial property hosting small business practices, for instance, may require a different level or amount of coverage than commercial farmland or property owned by a large corporation.
There are many reasons for which a claims denial may be legitimate. For example, a claim may be denied if an insured party hasn’t paid their premiums, or has filed for losses that aren’t covered under their policy.
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These are legitimate reasons an insurance carrier may provide to explain a denied claim. However, there are also circumstances in which claims denials are not so black-and-white.
The gray area adjusters have in making these decisions is a certain amount of room for interpretation. This means that there’s a chance that misinterpretation—or other mistakes, such as misreading a policyholder’s coverage limits—have the potential to occur, resulting in an unjust denial or a claim amount that is lower than expected.
Accidents can happen within the insurance claims process, and although this may reflect badly on the business operations of an insurance carrier, it might not necessarily indicate negative intent.
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If a mistake has been made with a claim and a policyholder is able to successfully communicate this to the insurer by way of a dispute, an agreeable settlement may be made.
However, there are also instances in which some insurance companies may purposely act in bad faith, utilizing tactics that intend to mislead or manipulate the terms and conditions within the insured’s policy to reduce or deny their payout.
Disputing an insurance claim can be a tricky process. The first action you can take before contacting your insurance company is to review both your insurance policy and your filed claim.
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Once you’ve reviewed your claim, the next step is to contact your insurance agent. Be polite, but firm, and don’t assume upfront that the claim they have offered (or the denial) is an act of bad faith.
To get a better understanding of how the claims decision was made, you’ll likely need to speak to the insurance adjuster who was responsible for handling your claim. The adjuster should be able to explain their process of how they came to the decision and field any questions you have concerning coverage.
If you believe the claims decision you received was undervalued or otherwise unjust, ask the adjuster if they can re-review or investigate your claim. Adjusters are generally obligated to grant this request as long as it has been made within the amount of time stipulated within your policy.
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If your insurance company is uncooperative at this point, or has halted communications with you, it may be time to take additional action independently. This may involve seeking an independent appraisal of your property damage and consulting an experienced insurance claims lawyer.
Determining whether your insurance carrier has acted in bad faith or unjustly denied a claim can be a challenging process. Many property insurance policies contain complex legal language that can be difficult to decipher and dispute without the expertise of an insurance claims lawyer.
While it’s not necessary for property owners to hire a lawyer to dispute an insurance claim, it is highly recommended in cases where you believe your insurance carrier has acted in bad faith.
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Having an insurance claims lawyer assess your case can provide you with greater confidence as to your next steps in disputing your claim and potentially taking legal action against your insurer.
Most insurance policies have a limit for the amount of time policyholders can dispute an insurance claim. Taking legal action against an insurance company for bad faith tactics can also be subject to the legal statutes of limitations—the deadline for bringing a claim against an insurer. This deadline can vary by state.
In Florida, for instance, policyholders have up to five years from the date of a bad-faith incident to bring a claim against their insurance company. The time limit for disputing a claim, on the other hand, is something that is typically detailed within your insurance policy.
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If you wish to dispute a claim, it’s best to begin this process right away. If you’ve already filed a dispute and are grappling with an insurance company that is uncooperative, consider contacting an insurance claims lawyer as soon as possible.
If you believe your insurance company has operated in bad faith by unjustly denying or undervaluing your commercial property insurance claim, the insurance claims lawyers of Florin|Roebig can help.
Voted one of America’s top law firms, our lawyers can offer you our extensive expertise in litigating insurance claims cases and a deep commitment to fighting for settlements that are not a penny less than our clients are owed.
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Don’t wait to learn how much your case may be worth. Schedule a free case evaluation with one of our top-rated commercial insurance claims lawyers today by calling our offices at (888) 226-6581.
Florin|Roebig, and its content team, is committed to delivering content of the highest caliber. Our editorial standards check for accuracy, sourcing, objective analysis, and more. Every article is fact-checked by an editor prior to being published. Additionally, our content is legally-reviewed by one of our practicing attorneys. Our attorneys only review content in practice areas that they specialize in.
If, while visiting our site, you find an error or factual inaccuracy within a piece of content, please contact us at [email protected] .Safeguard your rights with the service of an experienced team of New York commercial property damage lawyers! When you own a business, you need to respond and recover quickly in the aftermath of a natural disaster or accident. No matter the size of your organization and the extent of the damage, you need to act fast to minimize the adverse financial impact. Although lots of businesses carry commercial property insurance to help in situations like this, the unfortunate truth is that secure the compensation you deserve can get all too complicated. Insurance providers will go to extreme lengths to dispute, reduce, or deny customers’ claims to pay no more than they absolutely have to.
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Call Rosenbaum & Taylor at (914) 326-2660 to set up a free consultation and case evaluation with a property damage lawyer in NY today.
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