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Fire & Water - Cleanup & Restoration

Commercial Claims

1/3/2019 (Permalink)

Commercial Contents

Working on a Commercial property loss is similar to working on a residential property loss with some exceptions. However, the number of steps required to calculate a commercial property loss is double of the number necessary for a homeowners’ claim.

Before a payment calculation process can start, six specific items of information are required.

They are:

  1. Total damage amount for both or either the building and contents
  2. Applicable policy limits for each type of coverage
  3. Coinsurance percentage
  4. Deductibles that apply
  5. Whether the specific property is insured on a replacement cost or actual cash value (ACV) basis
  6. The value of the covered property, at whichever valuation method is employed, at the time of the loss

Following a loss, the insurance carrier supplies the insured with a form called “proof of loss”. The proof of loss provides the insurance carrier the specifics surrounding the loss plus a detailed count of the amount of items being claimed.

Having receipts is always a plus when trying to total the amount. We make the whole process easier on you so call us if you have any questions.

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