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Business Interruption Claims Support Hurricanes, even when anticipated and met with the best preparation, are anything but predictable. Hurricanes like Katrina and even smaller named storms can cut a debilitating path. In the aftermath, large areas are often left with dangerous flooding, extensive power outages, and widespread physical damage. The recoveries can last weeks, months or even years. When disasters like these strike, safety needs are the primary concern. For businesses, ensuring employee safety and well-being should be the first priority in any disaster recovery plan. Once these needs are met, business owners and risk managers then turn to economic recovery, which can include the challenge of dealing with complex property and business interruption insurance claims. Wegmann Dazet has worked with numerous businesses, from small start-ups to regional leaders, to help minimize hardships and assist in accelerating the insurance recovery process. In the wake of any devastating event, our team can advise on all aspects of economic recovery, including:
- The insurance claims process: what to expect, who should be involved, duration, common roadblocks, cash advances, and settlement
- Documentation generally required from insurance carriers in connection with hurricane related property and business interruption losses
- Attribution of lost income to physical and nonphysical causes: For example, loss of power is usually a covered cause of loss irrespective of physical damage to property
- Re-creation of books and records under worst-case scenarios
- Determination of the indemnity period
- Quantification of lost sales and customers
- Establishing historical budget trends and analyzing economic factors
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