Flooding on waterways and coastlines can pose serious risks for marine business owners, and the damages that result from severe flooding can be remarkably costly. While flood and water damage may only cause minor damages to a vessel or coastal structure, some marine property may sustain extensive damages that require financially draining repairs or even complete replacement. Unfortunately, when marine policyholders attempt to recover under the insurance policies they hold, some are disappointed to learn that they may have to fight for a fair payment of their claims.
Challenges to Successful Marine Flood Insurance Claims
While some of the challenges that marine policyholders face are the result of their own misunderstandings about their coverage or the complicated process of preparing a claim, it isn’t entirely uncommon for problems to arise from insurance-industry practices that are designed to limit policyholder recovery. Instead of promptly paying marine flood claims, the insurance company sometimes fights resolution of the claim by:
- Blaming the policyholder
- Refusing to cover the cost of needed replacements and pays only for repair
- Offering a settlement that won’t cover the costs of recovery
- Arguing about the terms of the marine policy covering flood and water damages
How an Experienced Legal Professional Helps With Complex Marine Flood Insurance Claims
When dealing with difficult flood claims, an experienced policyholder attorney can offer effective solutions for marine businesses by:
- Analyzing flood losses and policy details
- Working with experts who can offer fair assessments of marine flooding losses
- Maximizing marine claims for all covered losses, including business interruption and cargo damage
- Guiding policyholders through the legal steps that will protect their rights and offer the best chance at a full recovery
- Building strong claims with the potential for litigation in mind
- Representing marine clients in litigation to secure fair compensation for losses
- Helping marine businesses recover from flood damages promptly and lessening the overall impact of losses
For more information about negotiating complex marine claims after flood or water-related damages, request a free copy of our book, Your Basic Guide to Marine Insurance, or contact our experienced team of flood insurance claim lawyers directly.
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