Commercial property losses can be devastating to a property owner. While most of the perils they face are the same as residential property damages, they are almost always much more expensive and the policies are often much more complicated and the claims process can be more lengthy and time consuming.
Commercial property owners and businesses pay considerably higher premiums for policies and expect coverage and service, commensurate with the financial load on their insured property. When a large commercial loss is incurred, most large commercial policyholders value THREE things; Speed, Efficiency, and Cost. Often, carriers will use these tenants to force the policy holder to accept less than they rightly should for their claim.
Speed: Most commercial property owners are multi-unit operators or part of large complicated and busy entities. They want claims handled quickly and to not interfere with the multitude of other operations they may be involved in.
Efficiency: They don’t want to deal with a complicated, drawn out adjustment process. They don’t want to have to deal with a protracted engagement with the carrier over the loss.
Cost: Losses to commercial properties typically go far beyond the often sizable, tangible damage to property (multi-million dollar roofing systems and building repairs). These losses often impact the policyholders’ income through loss of business, loss of tenant income or an overall loss of use of the insured structure . Conversely, many large policyholders HAVE the money to pay for the loss and when faced with the issues with aforementioned two factors, might rather just pay for the loss than deal with the complexity of the claim. The carriers know this and will “push back” on a large loss claim for just that reason, so that the policyholder will give up and they don’t have to pay the claim.
The Chad T. Wilson Law Firm understands this, as a business itself first and foremost, how these claims can impact your business and operations. We are here to partner with your business and get the resolution for your claims that your considerable premiums should have afforded you.