Business owners who are trying to get back on track after hurricanes Harvey and Irma face many challenges. One major challenge includes trying to recoup lost income from their insurers and dealing with the commercial flood claim process. There are many items to consider when make a claim for business loss including; exclusions in the fine print of policies, along with waiting periods and disagreements over how to measure a company’s lost income. Devastating storms are hitting the United States with increasing frequency. Risk modeling firm AIR Worldwide predicts losses to all properties from the flooding in Texas alone will be $65 billion to $75 billion, regardless of whether they are insured. The income lost by shuttered firms makes up a large portion overall losses from a natural disaster.
The National Flood Insurance Program (NFIP)does not offer a business interruption component. The program is used by homeowners, but also covers commercial structures for up to $500,000 in damage, with another $500,000 for the contents. It can take months, and sometimes years, for a policyholder to receive monies owed.
Don’t let delays, denials, and cumbersome claim processing keep you from getting your business what is deserves from your commercial insurance company. Wyly & Cook will fight the insurance company when it delays, denies, or underpays your valid commercial insurance claim. Contact us at 713-236-8330 for a free initial consultation.