You have just suffered an emotionally upsetting loss to your home or business. You now face the task of preparing and submitting a complicated claim to your insurance company—a task required by your policy. For most, the preparation of a property damage insurance claim is unfamiliar and rough terrain: depreciation, exclusions, replacement cost, actual cash value...At times, the list seems endless, but it is your responsibility to prepare and prove your claim to the insurance company.Read More
West Valley Shopping Center on River Street in Fitchburg, Massachusetts, was home to Alexander Academy, a thriving cosmetology and barber school.
On the night of March 4, 2015, a four-alarm fire destroyed the entire shopping center, resulting in a total loss for not only the school’s owner, Phyllis Gertsios, but her mother, who owned the plaza. Gertsios quickly discovered that her insurance policy would only cover a small percentage of the school’s contents, which totaled more than $300,000.
But that’s not all.Read More
New Hampshire-based Bingham Lumber, which sells reclaimed wood and other wood products, lost its extensive showroom and production facility in a devastating fire. Most of the contents were completely destroyed, which made it challenging to inventory everything that was in the building prior to the fire.
Total losses are harder to adjust than partial losses, because it is difficult to document and to prove what was there. Books and records seldom list all of the building’s items and their values. However, there were a number of factors that helped the company recover quickly from this disaster…Read More
A number of companies offer to go the “extra mile” on behalf of their clients. However, not many offer to go the extra 2,400 miles, as we did on a recent insurance claim. When floods destroyed our client’s main manufacturing plant in Rhode Island, all the equipment was shut down and was in the process of being moved to protect the property from further damage. Consequently, we could not get a good understanding of how each machine worked and of the overall manufacturing process.Read More
Early in the morning on Friday, July 26, 2013, The Dockside Restaurant, offices and marine repair center at Brunelle’s Marina in South Hadley, Massachusetts were completely destroyed by a fire that drew firefighters from seven surrounding towns.
The popular restaurant, established in 1959, was a total loss—right in the middle of the busy summer season. Fortunately, the marina did not suffer any damage and, with the help of friends and neighbors, the boats in the attached showroom were saved from the flames. The Lady Bea, the Brunelles’ 53-foot river cruise boat, was also spared.Read More
Leonard Theran, SPPA, principal of Professional Loss Adjusters, Inc. recently presented to a group of insurance industry professionals from across the country at the First Party Claims Conference (FPCC), which was held in Warwick, Rhode Island. The topic was “Major Business Interruption Cases—Made Simple.” Richard Lewis, Esq., an attorney with Reed Smith, LLP, one of the leading experts in Business lnterruption law in the country, was co-presenter.Read More
With the news that Boston officials are allowing business owners to return to their stores and restaurants in the Copley Square crime scene area, the Boston Globe is reporting that many are not sure what they will encounter upon their return. Unaware of the exact nature of the damage, it is certain that many will have suffered a hefty loss to their property and contents as a result of the two bomb blasts on April 15.
Along with the clean-up and other work required to re-open, business owners are now faced with the task of preparing and submitting a complicated claim to their insurance company, a task required by their insurance policy. What should they do?Read More