Functional Replacement Coverage: How It Can Affect Your Insurance Claim

Functional Replacement Coverage: How It Can Affect Your Insurance Claim

You’ve had a loss to your property. You want the damage fixed as soon as possible and you expect it to be restored to its original condition, using similar materials. After all, you’ve paid your insurance premiums on time and you have a great relationship with your insurance agent. This should be a no-brainer. Unfortunately, some insurance policy endorsements can make this process more difficult, including an endorsement known as “Functional Replacement.” 

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5 Ways Property Managers Can Be Paid in the Event of an Insurance Loss

5 Ways Property Managers Can Be Paid in the Event of an Insurance Loss

It’s the call every property manager hates to receive: the first notification of what will turn into an insurance loss for the client. Sometimes it comes late at night or in the wee hours of the morning. Depending on the severity of the loss, it signals the beginning of what could be months of work above and beyond the normal scope of the job.

In the immediate aftermath of an insurance loss, property management firms are challenged to maintain their normal workload while overseeing additional tasks related to the loss. Hiring a public adjuster will ease the burden, but some tasks will remain in the purview of the management company. Hiring and supervising contractors, tracking down unit owners to work on remediation and repairs, meeting with the association for updates, and the time-consuming job of documentation is only a partial list of additional responsibilities adding up to supplementary management company expenses.

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Why Fire Damage Doesn't Have To Ruin Your Life

Why Fire Damage Doesn't Have To Ruin Your Life

Unfortunately, fire can strike a home or business at almost any time. And, when it does, it can be devastating. Even if no injuries or deaths occur, the loss of one's property and home/business will have a major impact on your life. On top of that, having to deal with the insurance company and advocate for a full and fair settlement can be exhausting.

Here are two instances where Professional Loss Adjusters, a team of public adjusters who work on your behalf—not the insurance company—was called in to help settle a fire insurance claim, and in the end, secured a larger settlement than the home/condo owners could have received on their own.

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How PLA Helped A New Hampshire Lumber Company Recover

How PLA Helped A New Hampshire Lumber Company Recover

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…

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Marina Bounces Back After Fire With PLA's Help

Marina Bounces Back After Fire With PLA's Help

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.

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10 Things To Do After A Fire or Flood

10 Things To Do After A Fire or Flood

You have just suffered an emotionally upsetting loss to your property—maybe a fire, a flood, wind damage, water damage or another type of disaster. Large or small, you now face the task of preparing and submitting a detailed claim to your insurance carrier, not only because you need to be compensated for your losses, but because it is required by your insurance policy.

For most people, the preparation of an insurance claim is unfamiliar and rough terrain. What does your policy actual cover? Do you understand the legal terminology and implications within the policy? What does “extended broad form property damage liability” mean? How about “water exclusion endorsement”? What is “business interruption insurance”? What does your policy not cover? At times, the list of questions seems endless, but remember, it is your responsibility to prepare and prove your claim to the insurance company, or your claim will be reduced, or worse...denied.

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