In this blog post, Mark Miller addresses two common mistakes
policyholders make with property insurance claims.
To provide context, it is important to understand how corporate
property insurance claims are typically handled. Because property
insurance claims present a series of complex legal issues,
insurance companies typically obtain legal advice on larger
property claims from inception. Policyholders, on the other hand,
typically do not. Policyholders typically engage an insurance
broker or public adjuster to handle claims on their behalf. Brokers
and public adjusters know insurance industry custom and practice,
and they know how to handle claims in accordance with
long-established understandings with insurance companies regarding
what insurers will and will not pay. Legal involvement on the
policyholder side, if at all, only comes into play down the road
when the insurance company refuses to pay what they owe.
