Business Interruption Claims:
Allied Adjuster Services is available right now to act as the Insured’s representative to prepare and negotiate claims on your behalf and will navigate this confusing, convoluted and never before occurring process while likely recovering more money on settlements and more expeditiously, using our experience & expertise, than any Insured could on their own!
You Don’t Pay Us Unless We Recover Money For You!
COVID-19 (Coronavirus) B/I Coverage
A bill proposal in New Jersey, Bill A-3844 which aims to create business interruption coverage for COVID-19 related claims despite virus excusions in many policies is under consideration presently. This bill would alter multiple policy provisions that were agreed to by Insureds when they originally took out their Business Package Policy coverage.
The bill as proposed would provide a framework for businesses that endure or have endured business interruption losses due to the COVID-19 pandemic to recover those losses from their insurer. If enacted, it would be retroactive for any Insured with a business interruption policy in place from March 9, 2020.
As many States and Insurers are now looking at interpretations of policy nomenclature, currently, it remains to be seen whether the Federal Government will step in to mandate this over-ride for coverage. If they accepted, concievably the Government would underwrite and pay claims and Insurance carriers would act solely as 3rd party administrators to investigat claims and negotiate settlements.
How we perform our work on any given Business Interruption claim, whether for damages sustained as result of wind from named storm such as Hurricane, tornado, fire, theft, COVID-19 or infectious disease (if covered), terrorism, & more:
Meet with Insured at loss location
Our team will meet with insured at the location.
Gather and collect any and all documentation relative to the interruption of the business composed of:
a. tax returns prior (2) years
b. income & expense statements going back (6) months to (1) year prior to the “DOL” (date of loss)
c. projections going forward (3) to (9) months, depending on the extent estimated as to how long the business could be out of service; lost revenue
d. documentation detailing most recent revenue
e. original lease(s) signed & negotiated for rentals or deeds showing purchase date/cost of real property
f. original cost of plant & equipment whether purchased or leased
g. costs of labor whether w-9 employees or 1099 independent contractors
h. estimated cost to relocate to similar building; details of new lease if signed, etc.
i. estimated cost of fixtures, plant & equipment to replicate prior operation; new hires, etc.
We assemble the aforementioned into a package that is then analyzed by our accountants to determine an estimate of what the Insured to be compensated by their insurance company for damages sustained as a result of their covered loss.
Depending on the coverage as stated in the insurance policy the Business owner originally purchased, will be the determinant going forward as to how many weeks or months payment will be disbursed to cover the loss.
Everyday Insurance Claims Adjuster Services can work with you to file claims with your insurance company in dealing with everyday events.