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Artese and Halprin of Anderson Kill. Dennis J. Artese and Peter A. Halprin of Anderson Kill.

In the wake of Harvey, Irma, Jose and Maria, the 2017 hurricane season is turning out to be one of the most catastrophic on record. To maximize insurance recoveries, businesses that have suffered property damage and business income loss will need both to act quickly and exercise long-term persistence. Key steps are outlined below.

Mind Your Deadlines

Almost all types of insurance policies require prompt notice of loss, and strict compliance with this condition to coverage can be critical. At this early juncture, however, policyholders should be cautious in providing any specifics concerning the cause of loss until the policy has been reviewed and all facts have been obtained. The cause of loss, in the immediate aftermath of a storm, can simply be listed as the storm itself or “the effects of” the storm.

In addition to timely notice requirements, property policies typically have several other time-sensitive requirements with which some states require strict compliance. Some examples include suit limitation provisions and deadlines for submission of a sworn proof of loss, notice of intention to elect replacement cost coverage and to complete covered repairs.

Insurance Policy Identification and Review

Private commercial property insurance policies and flood insurance policies issued through the National Flood Insurance Program are typically the policies that will respond to most storm-related commercial losses. While this article focuses primarily on commercial property insurance coverage, many of the tips presented here apply equally to other potentially available types of property insurance coverage.

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