Property Damage Insurance

Thursday, November 1, 2012

Article Written by: Katie Farrell, Staff Writer

No one can predict the future and as a result, unexpected events cause catastrophic damage to our valued property which can be expensive and time consuming to replace or repair. Although you trust your insurance agent and you pay your premiums, unfortunately, millions of honest policy holders have their legitimate property damage claims denied every year. It does not seem right that you should have to suddenly fight to get the money damages you are entitled to, but it is often the case.

 

Get Informed

Property damage policies cover physical damage to property including, for example, a policyholder’s building and/or home. These policies also may cover the costs associated with rebuilding, repairing, or replacing damaged property. Business interruption, extra expense, and contingent extra expense coverage may provide further relief when a policyholder’s and/or its vendors’ or suppliers’ damaged facilities cause a suspension of operations.

Policyholders should identify and obtain copies of policies issued to other businesses - such as vendors, current and former affiliates, and suppliers - that may provide insurance coverage to them.

As with any potentially insured losses, issues may arise regarding the cause of the loss, whether the policy excludes the loss, and what coverage limits apply to the loss. Some policies provide specific coverage for weather-related losses; others specifically exclude flood and related losses; and still others provide limited coverage with dedicated sublimits.

Most insurance policies require an insured individual to provide timely notice of potential claims. Some property policies, for example, require that businesses provide notice of a loss "as soon as practicable," while others require notice "immediately." Most property policies also require policyholders to submit "proofs of loss" arising from covered losses.  Businesses, therefore, should collect and maintain records documenting their damage, lost revenues, and additional expenses and be sure to submit all required information as and when required by their insurance contracts. To the extent a policyholder needs more time to prepare its proof of loss, it should consider approaching its insurers for additional time and confirm all extensions in writing. Policyholders also should consider, depending on the extent of loss suffered and their financial needs, asking insurers to make advancements on loss payments during their investigation of extent of the loss.

New York Denied Insurance Claims

Examples of claims include but are not limited to:

  • Water Damage Claims, Broken Pipes, Overflows
  • Fire Damage Claims, Smoke Damage
  • Vandalism Damage Claims, Intentional Acts
  • Windstorm Damage Claims, Roof Damage
  • Tree or Fallen Wire Damage Claims
  • Collapse Damage Claims, Hidden Deterioration
  • Business Interruption
  • Theft Claims
  • Bad Faith Insurance Litigation
  • Denied Auto And Homeowners Property Damage Claims
  • Illegal Policy Limitations On Insurance Coverage
  • Denied Business Property Damage Claims

Contact an Attorney

Because insurance companies fill their policies with legal and technical jargon, policyholders understandably may have questions regarding the scope of coverage available to them. Businesses as well as individuals should consult with experienced attorneys. Hiring the right lawyer could make all the difference. An experienced attorney can fight back against insurance companies that work in bad faith with the paying public. Insurance litigation attorneys know how the New York State Insurance Department regulates the insurance industry and know how to prepare strong, clear evidence to help you obtain the money you are relying on.