What's Happening?
Winter Storm Fern has caused significant damage across more than 30 states, impacting approximately 230 million Americans. In response, businesses are advised to take immediate steps to protect their insurance claims. Key actions include thorough documentation
of all damages, prompt notification to insurers, and mitigation of further damage. Businesses are encouraged to document damages with photographs and videos, ensure timestamps and GPS data are included, and maintain a detailed inventory of affected property. Prompt reporting to insurers is crucial, as most policies have strict notice requirements. Additionally, businesses should take reasonable steps to prevent further damage, such as covering broken windows and addressing water intrusion. Professional inspections are recommended to identify hidden damages, and businesses should be aware of potential unfair claim handling practices by insurers.
Why It's Important?
The aftermath of Winter Storm Fern presents a critical period for businesses to secure their financial recovery through insurance claims. Proper documentation and timely reporting can significantly influence the success of these claims. The storm's widespread impact means that many businesses are simultaneously seeking compensation, potentially straining insurance resources and leading to unfair claim handling practices. Businesses that fail to adequately document and report damages risk having their claims denied or underpaid. This situation underscores the importance of understanding insurance policies and the legal obligations to mitigate further damage. The financial stability of affected businesses may depend on their ability to navigate these insurance processes effectively.
What's Next?
As the winter season continues, businesses must prepare for potential additional storms. This involves balancing the need to protect property with the necessity of preserving evidence of damage from Winter Storm Fern. Businesses should document all mitigation efforts and maintain separate records for damages from different weather events. Communication with insurers is essential, especially if new claims arise from subsequent storms. Businesses may also need to seek professional assistance if they encounter issues with claim denials or low settlement offers. Understanding the coverage gap related to flood damage is crucial, as many policies exclude such coverage without separate flood insurance.
