The road to resolving property and business interruption claims can be a rough one for a company’s risk manager, chief financial officer and in-house counsel.

While insurance companies deal with the nuances of insurance claims on a daily basis, policyholders typically don’t consider the insurance claim process until they experience a loss. Therefore, it can be a struggle when confronted with the inevitable issues that arise such as:

  • Coverage: The insurer contends that the policy doesn’t cover what the policyholder thinks it covers.
  • Engineering: The insurer thinks that repairs can be done cheaper and/or quicker than the policyholder thinks.
  • Quantification: The insurer thinks that the claim overstates the actual loss sustained by the policyholder.

Let’s look at some aspects of the claim process and how policyholders can make it more efficient, avoid disputes and increase the chances of reaching a reasonable settlement:

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