It became clear that I was out of my league. The experience taught me "a wise man knows when another man knows better". We collected for things that I could not have thought up in my wildest dreams. All of them perfectly appropriate under the terms of my insurance policy, but not things the insurance company adjuster or my broker would have suggested…The best decision I made was to hire a public adjuster. If there is one point that this letter should serve, it is to implore those reading it to put aside their preconceived notions of insurance companies as being their friends and to sit down with a qualified public adjuster and listen… then decide.
You just suffered serious damage to your recycling center and you are wondering what to do next.
You call your insurance company and wait for an adjuster to come out hoping that they will have your best interests at heart.
You moved from the asset side of your insurance company's ledger to the liability side of their ledger.
Knowing everything you possibly can about the "fine print" of your insurance policy before you have any substantive dialogue with your insurer is an absolute necessity. Know what you are covered for and how to claim it. What you say to your insurance company's adjuster and how you say it can make a dramatic difference in how much you get paid. The more you know, the better the results.
SettlementWe will negotiate the best possible settlement.
Peace of MindWe can help you get back to your lives, family, and business sooner.
AdministrationWe cover every part in preparing and settling your claim.
TeamA team of experts on your side.
Factors To Consider
When preparing a claim to a recycling facility, there are many factors that need to be taken into consideration. To help you navigate the process, we have put together several talking points for you to review. Having a full understanding of each of the below bullet points is crucial to documenting, filing, and successfully settling your insurance claim. If any of these questions give you pause, please feel free to reach out to us for a no-cost discussion about your claim.
How can you continue to intake new material? Can it be staged elsewhere pending resumption of partial or total operations?
Precious metals. How to quantify quantities in the debris.
Replacing versus repairing processing lines. Pros and cons.
Temporary production in other owned or non-owned locations? What happens at the end of your claim?
Stock in the yard. How far from the building is coverage afforded? From where?
Is there coinsurance in your policy?
If there is, what does it mean?
If there is, did your insurance adjuster tell you? If not, why not?
How is coinsurance calculated on replacement cost? On actual cash value?
Properly managing coinsurance can prevent disaster. Not properly managing coinsurance can put you out of business!
Code Upgrade coverage is very important when rebuilding.
How does your coverage address code coverage?
If your coverage is limited, is there anything you can do about it?
What are expediting expenses? How do they differ from extra expenses?
How do you project lost sales? What about new technologies? Sales declines?
Recycling hazardous materials.
Can anyone else process the material so you can keep your customers?
If not, can they be stored pending partial or total resumption of operations?
What is your broker/agent's role?
Will he/she be adjusting the claim?
How many claims has he/she handled?
Will his/her role be active or passive?
When faced with supporting your position or the insurance company's where will he/she stand?
Increased efficiency and productivity with new equipment. Does the insurance company get a "credit?"
How does the smoke and water used to fight the fire affect your machinery and equipment?
Valuation of raw materials. Work in progress. Finished goods. Methodologies employed.
Frequently insurance companies use independent building and equipment consultants to prepare bids.
Who are these consultants?
Who are they working for?
Do they only work for the insurance companies? Why this should be a red flag.
The insurance company is engaging a forensic accountant.
What is his/her role?
Why can't you just have your accountant prepare your claim?
What is the harm in sharing your financial statements?
Are you required to produce your tax returns?
Can you recast your financial statements?
What are extra expenses? What can be included?
Debris removal can be a tricky issue. What if you are the only licensed facility in the area that can handle your waste stream?
Adjusting Today® is a free resource from AI covering the most current insurance topics and critical issues affecting property damage and business interruption claims. It’s written by the leading insurance experts and from the policyholder’s perspective and includes real-life examples to provide insurance agents and brokers, risk managers, attorneys, business owners and other business professionals the context and knowledge to improve disaster preparedness.