Wring Out Your Policies

September 30, 2005

The devastation left by the 2005 hurricanes could worsen for businesses unprepared to address key requirements in their insurance policies.

During the conference, the partners of the Insurance Practice Group  will address and answer questions on a variety of business insurance related topics, including:

1. How to Know What is Covered
Each policy is different . The policy language must be carefully reviewed, and the client must understand what types of coverages are available under the policy. Many of the available coverages, like "civil authority" coverage, "ingress/egress" coverage, "service interruption" coverage, and "contingent business interruption" coverage may have never been used before and the client must understand what they mean and what they offer.

2. How to Preserve Coverage
The company must comply with policy conditions in order to obtain the benefits under the policy.  The policy has certain deadlines to meet like submitting a proof of loss within 90 days of the loss. The policy also requires the insured to meet certain obligations like mitigating losses and cooperating with the insurance company. The company must be aware of possible traps in preserving coverage.

3. How to Establish Coverage
It is the company's burden to frame the nature and extent of the claim. This requires immediate and constant organization and documentation of the various components of the loss. How the claim is presented can make a significant difference in the amount of the recovery.

4. How to Maximize Recovery
A maximum recovery starts with understanding the policy and how it works. The terms and provisions can appear complicated, but it is imperative to understand what they mean and how they can benefit the company in getting the largest recovery possible.

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