X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Before and after cleaning. There may be there may be some high-value items for which cleaning and restoration is a priority. The photo on the left shows the fire-damaged purse, and the photo on the right shows how it was cleaned and restored. (Photo: Esporta)

In the aftermath of a loss, policyholders and insurers face a quandary. When confronting the devastation wrought by fire or flood, they have to decide what happens next.

Policyholders are often under the mistaken impression that they will be allowed to replace all of their possessions after a loss. However, the duty of the insurer is to indemnify the insured, within the limits of the coverage provided by their policy. In most cases replacement would be prohibitively expensive, leaving a serious gap between the expectations of the insured, policy limits and the reality they are faced with at the end of the claim.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.