ORLANDO—Hurricane Matthew has had the Southeast coast bracing for the worst. Even outer bands and strong winds can do major damage.
If you don't have commercial real estate insurance now, it's too late to insure against this storm. If you do, you should hope for the best but understand how to streamline hurricane-related damage claims should they arise.
We caught up with Robert Grand, vice president of risk management at CBIZ, to get some insights this hurricane season. He shares claims best practices in this exclusive interview.
Communication is vital
First, he tells us, immediately notify your insurance broker or insurance company. In the event of a loss, he says, provide the address of location of so the insurance company can get an adjuster to the scene quickly.
"Be sure to leave a telephone number where you can be contacted," Grand says. "Large catastrophes will generate tens of thousands of claims, so communication is vital for a quick resolution to your claim. Photograph damaged areas prior to making temporary repairs. Doing so will strengthen your claim and help with the best presentation of your loss."
Avoid price gouging
Next, don't sign restoration or repair contracts without talking to adjuster. Your adjuster can play a key role in helping you avoid price gouging after a catastrophe, he says but he won't be able to negotiate a reasonable price for services if you've already signed a contract. Keep this in mind: Your insurance company is not bound by the contracts you sign.
Finally, organize your records. Specifically, prepare an inventory of damaged or destroyed property for the adjuster and keep a copy for your records.
"Do not to discard any items before the adjuster is given a reasonable amount of time to inspect them," Grand says. "Provide available cancelled checks, invoices [and other materials] that support the value of damaged or destroyed property. Keep all receipts and invoices for every expense you incur after the loss, including items such as tarps, boards, and cleaning supplies. These costs add up quickly and may help erode your deductible."
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