Warehouses, distribution centers, manufacturing facilities, and other industrial properties stand to lose a lot in a hurricane. There is often extensive damage to almost everything needed to keep operations going, including:
- Heating and cooling systems
- Equipment and tools
- Materials and stock
- Records and documents
On top of the physical losses, hurricane-affected industrial properties may also suffer from the rippling effect of business interruption and loss of profits. Unfortunately, for some industrial facilities, the damage left by a hurricane makes it necessary to cease operations for an extended period of time.
Policyholders Rely on Their Insurance Coverage After a Hurricane
But Problems Arise With Industrial Claims
Although operations may depend on a prompt and full settlement from the insurance company, some policyholders are surprised at the complications that can arise with seemingly straightforward hurricane claims. Instead of the fast and fair settlement they hoped for, some policyholders end up struggling against major challenges to their claims, often stemming from:
- Misunderstandings about policy coverage. Many owners of industrial properties don’t think about their hurricane insurance coverage until they have already suffered a loss event. They then have to go through the laborious process of determining which losses are included under their coverage, and misunderstanding about coverage could leave them fighting for fair payment.
- Failure to thoroughly assess the full extent of damage. Assessing losses can be time consuming, but the documentation it provides can add valuable strength to industrial insurance claims. If assessment and inspections are rushed, biased, or inadequate, then policyholders end up paying the price.
- Insurance company tricks to undervalue hurricane claims. Insurance companies know that hurricanes leave a wake of expensive destruction, and they have measures in place to help them limit how much they much pay in property damage claims.
Policyholders run into many challenges and complications when negotiating industrial hurricane claims, but it is possible to maximize your claim and demand fair payment—with the help of effective legal counsel. To start learning more, contact our experienced legal team by phone, or complete the confidential contact form on this page with your concerns.