Steps To Take Immediately Following A Loss
STEPS TO TAKE IMMEDIATELY FOLLOWING A LOSS
Below is a small section of a Guide which assists you to prepare a business insurance claim. It explains a raft of issues such as GST, under insurance and much more.
If you would like a free copy please email, firstname.lastname@example.org
- Report the claim to your insurance broker/adviser or if you do not have one, contact your insurance company direct.
- If you need assistance in mitigating your loss and or preparing your business / business interruption claim by an expert contact LMI Claims. They act for you and their fee is typically covered under your insurance program.
- Do not admit liability to any party for any damage caused by the cyclone/storm. This may prejudice your insurance claim.
- Limit access to the premises to those who have a legitimate reason for being on the premises. (Insurance loss adjusters or others acting for neighbours, customers, etc have no right to enter your premises. If in doubt consult your LMI Claims Preparer).
- Take immediate action to minimise the loss.
- Protect undamaged property from loss.
- Appoint one person to represent your company and protect your interests in preparing the insurance claim (your LMI Claims Preparer). Provide the LMI Claims Preparer with a copy of your full Policy wording including the Policy Schedule.
- Implement a methodology to capture all costs and expenses that the business will incur, e.g. create a separate and specific account number in the company’s financial accounting records.
- Take photographs and/or video the damage. The more the better.
- Set up clear lines of communication with the insurance loss adjuster appointed by the Insurer and ensure that all personnel understand the functions of the loss adjuster, your appointed claims preparer, insurance broker/adviser, etc. It is extremely important that nothing is misunderstood or misconstrued as this may well delay the claim or reduce the settlement. For this reason it is important that your LMI Claims Preparer be present during all discussions with the loss adjuster and that no email, letter or other communication go direct from you to the loss adjuster. LMI use a Claims Management Plan which is regularly updated so that you, your insurance broker and the claims preparer know the current position of your claim.
- Consult contractors for an initial estimate of the scope and cost of repairs.
- Identify temporary measures needed to resume operations and the associated extraordinary expenses that are incurred.
- Retain all damaged property if at all possible as proof of ownership and damage to the loss adjuster. I appreciate this is not always possible when it comes to perishable foodstuffs which may create a health hazard but in such cases, photographs and videos mentioned above are important along with weights and or an accurate count.
I originally wrote this to assist people following Cyclone Debbie. Thinking about it a few weeks later and realising that due to the heading it could be pulled up at some future time, I would add that details of any third party that may have caused the incident needs to be kept along with any physical evidence of the cause and damage.