Most business owner policies (BOP Policies) will have coverage for business property damage. Business property damage coverage will protect the business against losses when property is damaged or destroyed. Generally the business property insurance is covering fire, lightning, explosion, winstorm, hail, smoke, aircraft or vehicle damage, vandalism, sprinkler leakage and sinkhole collapse. Additional coverage may be added for falling objects, ice or sleet, damage from the weight of snow, water damage and more. However, each policy may have it’s own specific exclusions. The business owner should carefully read their policy or consult with their insurance agent to make sure that they understand that is covered and what is not covered under their business property policy. In some policies the business property damage may also be identified as commercial property damage. The business property damage or commercial property damage includes but is not limited to: office space owned by the business owner; fixtures; furnishings; inventory; supplies; equipment and more (depending on the policy coverages). In the event of a loss, the business owner may file a claim with their insurance company to recover the inventory, rebuild the structure, replace the furnishings and fixtures. Generally, business property damage claims are complicated and may require additional time and effort from the business owner to properly manage the process. In this case, hiring a public insurance adjuster may be highly beneficial for the business owner who is motivated in resolving the claim in a timely manner.
If the insured or the insurance company do not agree on the theft loss amount, an appraisal clause may be invoked under the policy terms and conditions.
“Most standard policies contain an appraisal provision, which can be helpful in the event that you do not agree with your company on the amount of loss. Read your policy to see if it contains one. Under this provision, either of you can demand an appraisal. Each party selects a competent appraiser. The appraisers then select an umpire. If the appraisers cannot agree on the amount of loss, their differences are submitted to the umpire. An amount that any two agree upon is binding. Each party pays its appraiser; the umpire fee is shared.” Source: www.insurance.ca.gov
A public adjuster may assist the policyholder in dealing with their insurance company and any other parties who are involved in the claims process and the repairs for the business property damage.
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