Recycling Insurance Claims Help

 

It became clear that I was out of my league. The experience taught me “a wise man knows when another man knows better”. We collected for things that I could not have thought up in my wildest dreams. All of them perfectly appropriate under the terms of my insurance policy, but not things the insurance company adjuster or my broker would have suggested…The best decision I made was to hire a public adjuster. If there is one point that this letter should serve, it is to implore those reading it to put aside their preconceived notions of insurance companies as being their friends and to sit down with a qualified public adjuster and listen… then decide.

James Taggart, President
ECS Refining

recycleYou’ve moved from the asset side of your insurance company’s ledger (paying premiums) to the liability side of their ledger (you get paid by them for your damages). Know everything you possibly can about the fine print of your insurance policy before you have any substantive dialogue with them. Know what you are covered for and how. It’s not simple. What you say to your insurance company’s adjuster and how you say it can make a dramatic difference in how much you get paid. The more you know, the better the results you’ll get.

Factors to Consider

When preparing a claim to a recycling facility, there are many factors that need to be taken into consideration. To help you navigate the process, we have put together several talking points for you to review. Having a full understanding of each of the below bullet points is crucial to documenting, filing, and successfully settling your insurance claim. If any of these questions give you pause, please feel free to reach out to us for a no-cost discussion about your claim.

  • How can you continue to intake new material? Can it be staged elsewhere pending resumption of partial or total operations?
  • Hazardous materials recycling. Can anyone else process the material so you can keep your customers? If not, can they be stored pending partial or total resumption of operations?
  • Precious metals. How to quantify quantities in the debris.
  • What is your broker/agent’s role?
    • Will he/she be adjusting the claim?
    • How many claims has he/she handled?
    • Will his/her role be active or passive?
    • When faced with supporting your position or the insurance company’s, where will he/she stand?

Additional Items to Consider

  • Replacing versus repairing processing lines. Pros and cons
  • Increased efficiency and productivity with new equipment. Does the insurance company get a “credit?”
  • Temporary production in other owned or non-owned locations? What happens at the end of your claim?
  • How do the smoke and the water used to fight the fire affect your machinery and equipment?
  • Stock in the yard. How far from the building is coverage afforded. Measured from where?
  • Valuation of raw materials. Work In progress. Finished goods. Methodologies employed.
  • Is there coinsurance in your policy?
    • If there is, what does it mean?
    • If there is, did your insurance adjuster tell you? If not, why not?
    • How is coinsurance calculated on replacement cost? On Actual cash value?
    • Properly managing coinsurance can prevent disaster. Not properly managing coinsurance can put you out of business!
    • Frequently insurance companies use independent building and equipment consultants to prepare bids? Who are these consultants? Who are they working for? Do they only work for insurance companies? Why this should be a red flag
  • Code Upgrade coverage is very important when rebuilding after a fire. How does your coverage address code coverage? If your coverage is limited, is there anything you can do about it?
  • The insurance company is engaging a forensic accountant.
    • What is his/her role?
    • Why can’t you just have your accountant prepare your claim?
    • What is the harm in sharing your financial statements?
    • Are you required to produce your tax returns?
    • Can you recast your financial statements? If so, why? How?
  • What are expediting expenses? How do they differ from extra expenses?
  • What are extra expenses? What can be in included?
  • How do you project lost sales? What about new technologies? Sales declines?
  • Debris removal can be a tricky issue. What if you are the only licensed facility in the area that can handle your waste stream?
  • See the commercial and business interruption bullet points for more you need to know about commercial claims.

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Adjusters International Pacific Northwest Can Help

Adjusters International Pacific Northwest’s team of public adjusters are experts in maximizing your insurance claim. We will walk you through each step in the claims process and take care of the smallest details that go into filing the claim, from a thorough evaluation of your loss, to carefully researching, detailing and substantiating every aspect of your claim.

Adjusters International Pacific Northwest works exclusively for you. As such, you are assured that the work we perform on your behalf is never influenced by the insurance company’s interests. We have a long list of satisfied clients who put their trust in our expertise and who can attest to the fact that we stick by our core principles, the first of which is to always look out for our clients’ best interests. We are proud to put you in touch with our references. Chances are you will recognize many of them. Read what they wrote about us. After all, who really knows better than someone who has been through it before?

Contact us today for more information.

 

Recycling Client References

 

In addition to almost 5,000 references on our list, some well-known names for whom we handled complex insurance claims are:

Adjusters International can Help!
Call us at 800.426.0677 or visit our Contact Us page.