Insurance claims on a large property loss can be difficult and grueling. In this article, Ankura expert Jason Cables outlines the critical steps to take prior to and following a loss to improve the likelihood of a positive outcome for the insurance claim.
Prior to a loss, it is important to ensure reported values are accurate, assemble your claim, and fully read and understand the policy language. Being prepared with accurate reports, established key personnel, and a knowledgeable background in the manner will immensely mitigate potential failures of a claim. If necessary, consult your insurance broker to fully understand your policy, coverage, and any potential areas of concern.
Following a loss, it is crucial to communicate both externally and internally, make decisions in a timely manner, and establish a claim preparation timeline and communication protocols. Additionally, regularly scheduled meetings with the team and the insurance company’s representative will keep the process focused and efficient.
By following these steps, a business can increase the chances for success in claims outcomes and maximize insurance recovery. Developing efficient systems and protocols will be the backbone to ultimately get back to running your business.
© Copyright 2023. The views expressed herein are those of the author(s) and not necessarily the views of Ankura Consulting Group, LLC., its management, its subsidiaries, its affiliates, or its other professionals. Ankura is not a law firm and cannot provide legal advice.