Business Interruption Claims
First of all, lets explain what a business interruption insurance is. This is an insurance that covers business losses after a disaster has occurred. For example, a hurricane may have caused the business to shut down, or may have required a rebuilding process, which resulted in months without being able to operate their business. These claims can be very compound and expensive in nature because businesses tend to have a lot of revenue. If your business has suffered for an extended period because of a disaster, then you could receive a huge sum of compensation for the damages.
Disaster Leading to an Interruption Claim
Terrorist attacks: A great example would be 9/11. Where the world trade centers were lost and suffered a great deal of damage that required reparation over a long period of time. The claim would have to cover all the damages after the attack, such as loss of revenue.
Severe weather conditions: Tornadoes, hurricanes, and tsunamis are just some weather conditions that can cause a business to file a claim. Make sure you know what your policy covers.
Fires: They would perform an investigation to see how the fire happened; accidentally or purposely. But this is another reason for filing an interruption claim.
- TransCanada Energy USA Inc., is power plant company that provides energy to New York metropolitan area. In 2008, they suffered a power generator break down, that remained out of service for a total of 8 months. They ended up claiming over $48 million in coverage.
- Lantheus Medical Imaging Inc., is a pharmaceutical manufacturer that made a product of which required a certain nuclear isotope. That reactor was shut down in May 2009, due to a leak it endured, which caused a reduction not a stop in the company’s production. The insured was asking for the full $70 million in loss of production, because of this, they did not receive the $70 million asked for because they were still producing products.
How We Can Help You
If you don’t know what steps to take after your business has suffered a disaster that has resulted in a loss, or you are unsure if your disaster is subject to a claim, contact us today. We will provide you with the adequate information because your insurance company might avoid giving you that information so that you don’t file a claim. If you were denied a business interruption claim, we are your answer! Working with a public adjuster increases your chances of getting everything that is owed to you. Don’t look any further.