Earthquake Damage – Commercial Insurance Claims Help

Since 1946, The Greenspan Co./Adjusters International has handled earthquake property damage claims for thousands of business owners including the 1983 Coalinga earthquake, 1989 Loma Prieta earthquake, 1994 Northridge earthquake and the 2001 Nisqually earthquake.

 

We greatly appreciate your professionalism, knowledge, and experience that have assisted us in the preparation of the claim and through our recent negotiations with the insurance carriers. It is clear to us that without your involvement we would not have earthquake damage insurance claimsreceived the ‘fair’ settlement that was concluded in December. The team you assembled brought extensive experience to the table during a time when it was critical. Without this experience, we would not have been able to make it through the catastrophe in the manner we did.

Kevin Daniels, President
Starbucks Center
The Old Sears Building
Owned by: Nitze-Stagen & Co., Inc.
(Nisqually Earthquake 2001)

 

You just suffered serious earthquake damage to your plant or business and are wondering what to do next. You call your insurance company and wait for an adjuster to come out hoping they will have your best interests at heart. After all, they accepted your premium for years in a very nice way. Now you expect that they will “do the right thing.”

You will soon discover that you’ve moved from the asset side of your insurance company’s ledger (you paying your premiums on time) to the liability side of their ledger (they need to pay you for your damages). Often, the money they owe you now will far exceed any premium payment you paid or would pay in the future.

Unlike most other causes of commercial property damage, earthquake is not an included peril in standard property insurance policies and is instead covered under a separate endorsement. Even the smallest of earthquakes can cause considerable structural damage to your business; therefore it is advisable to conduct a thorough inspection of your property after any earthquake. Every claim has a unique set of factors to take into account and it takes a seasoned professional to navigate through it all.

Knowing everything you possibly can about the “fine print” of your insurance policy before you have any substantive dialogue with your insurer is an absolute necessity. Know what you are covered for and how to claim it. What you say to your insurance company’s adjuster and how you say it can make a dramatic difference in how much you get paid. The more you know, the better the results.

Factors to Consider

Following an earthquake, there are many factors that need to be taken into consideration. To help you navigate the process, we have put together several talking points for you to review. Having a full understanding of each of the below bullet points is crucial to documenting, filing, and successfully settling your commercial insurance claim. If any of these questions give you pause, please feel free to reach out to us for a no-cost discussion about your claim.

  • Big deductibles demand that your claim be properly evaluated. How can you afford to rebuild your business or building with such a large deductible? Understanding strategies. Value engineering.
  • Successful evaluation of damages hinges upon a well-coordinated effort between engineers and construction consultants. Do you have the right experts lined up? Should you trust the insurance company’s cadre of experts?
  • Are you familiar with how insurance companies have handled past earthquakes? What have they learned? How does it affect you?

Additional Items to Consider

  • Ensuing fire or water damage from an earthquake can change the coverages depending upon the policy.
  • How do you make certain that hidden damages are addressed?
  • What is concurrent causation? Why is it important in an earthquake claim?
  • How does a large-scale disaster affect recovery? Replacement/reconstruction prices?
  • How does a large-scale earthquake affect your business interruption claim? Your loss of rents claim?
  • Is there coinsurance in your policy?
    • If there is, what does it mean?
    • If there is, did your insurance adjuster tell you? If not, why not?
  • What is your broker or agent’s role?
    • Will he/she be adjusting the claim?
    • How many claims has he/she handled?
    • Will his/her role be active or passive?
    • When faced with supporting your position or the insurance company’s, where will he/she stand?
  • What happens when the insurance company engages a forensic accountant?
    • What is his/her role?
    • Why can’t you just have your accountant prepare your claim?
    • What is the harm in sharing your financial statements?
    • Are you required to produce your tax returns?
  • See the commercial “Factors to Consider” for more you need to know about earthquake insurance claims.

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Adjusters International Can Help

Adjusters International’s team of public adjusters are experts in maximizing your business’ earthquake insurance claim. We will walk you through each step in the claims process and take care of the smallest details that go into filing the claim, from a thorough evaluation of your loss, to carefully researching, detailing and substantiating every aspect of your claim.

Adjusters International works exclusively for you. As such, you are assured that the work we perform on your behalf is never influenced by the insurance company’s interests. We have a long list of satisfied clients who put their trust in our expertise and who can attest to the fact that we stick by our core principles, the first of which is to always look out for our clients’ best interests. We are proud to put you in touch with our references. Chances are you will recognize many of them. Read what they wrote about us. After all, who really knows better than someone who has been through it before?

Contact us today for more information.

Earthquake Client References

In addition to almost 5,000 references on our list, some well-known names for whom we handled complex insurance claims are:

 

Earthquake Insurance Claim Case Studies

Earthquake Rocks Starbucks’ Corporate Headquarters

The Greenspan Co./Adjusters International can Help!
Call us at 888.473.3677 or or visit our Contact Us page.