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Businesses in the path of a Hurricane need to take steps to prepare for potential loss and business interruption. Start by downloading Procor’s complimentary checklist to prepare for what’s next.
Hurricanes can have devastating effects on homeowners, who may need to evaluate damages and review their insurance and FEMA funds available for the recovery. For the best possible outcome, individuals should not wait for the process to begin, they must lead it. The team at Procor focuses on helping businesses with commercial losses, however many of the same steps and procedures for a successful claim recovery apply to a homeowner property loss.
Commercial property and business interruption insurance is a relationship business, but after a loss, details settle claims. Immediately after a loss, significant attention, leadership, and data analysis are required to fully document a claim. Policyholders have the responsibility to present their loss to their insurer(s) in order to be reimbursed based on the policy coverage.
Whether the insurance program is owner or contractor led, the process of documenting delays must be implemented uniformly and thoroughly across all affected projects by the leaders on the ground. Keep in mind that a complex builder’s risk delay will be evaluated eventually for insurance purposes; therefore it is essential to quickly establish a validation and presentation process to capture and document all loss-related costs.
Arnie Mascali, President of Procor Solutions + Consulting
Procor Solutions + Consulting’s Frank Russo featured in the Spring 2019 issue of The Journal of Business Continuity & Emergency Planning. The article serves as a guide to how disaster recovery costs after a loss can potentially be reimbursed through the insurance claim process and
Contractors, construction risk managers, and construction claim professionals often need to evaluate builder risk losses. Whether the insurance program is owner or contractor led, the process of documenting the physical damages and delays must be implemented uniformly and thoroughly across all affected projects. A complex builder’s risk loss will be evaluated eventually for insurance purposes; therefore it is essential to quickly establish a validation and presentation process to capture and document all loss-related costs.
Quality documentation and forensic analysis is the cornerstone to effectuate a positive result on a cyber claim. Most cyber risk policies include coverage for business interruption or loss of income and extra expenses associated with a breach, which typically can make-up some of the more significant costs. When a cyber business interruption loss occurs, it is the responsibility of the Risk Manager or Policyholder to lead the development and presentation of losses caused by the event.