Manufacturing Claims
As the owner of a manufacturing facility, the losses incurred after a natural or man-made disaster can be devastating. You are thinking about the loss or damage to machinery and production lines, whether you can still run your operation, and how you will support your employees and lost income. You do not have the time to worry about the insurance claims process. Since 1946, our team of licensed public adjusters has lifted the burden of managing insurance claims on your own. We evaluate and document not only the physical damage to your property, but also the income lost from business interruption.
Through the haze of worries that faced me, I was fortunate to find Drew Lucurell, of Adjusters International, to act as both my highly skilled public adjuster and my staunch advocate. He quickly stepped in to manage the complex process of preparing my insurance claims, and through his expertise, negotiated a settlement that far exceeded anything I could have hoped for without his help. Drew represented me, not my insurance adjuster company, and he fought tirelessly to get me the most profitable settlement possible. He made me feel as if I was his only client, and he not only ensured I could rebuild Go USA even better than it had been before, but he also acted as my compassionate adviser in a time of great crisis.
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1
You just suffered serious damage and are wondering what to do next.
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You call your insurance company and wait for an adjuster to come out, hoping they will have your best interests at heart.
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3
You move from the asset side of your insurance company's ledger to the liability side.
We Can Help
Knowing everything you possibly can about the "fine print" of your insurance policy before you have any substantive dialogue with your insurer is an absolute necessity. Know what you are covered for and how to claim it. 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.
Manufacturing Factors To Consider
Be sure to understand each of the following factors before engaging with the insurance company. Knowledge is the key to a successful claim outcome.
- What is my broker's/agent’s role?
- Does the adjuster work for us or the insurance company? Why they can't work for both. Conflict.
- Does the insurance company pay for professionals necessary to evaluate my claim? Are they working for me or them?
- Warranties and Protective Safeguard requirements. What do they mean? Can I still collect if I am not in full compliance?
- Is there coinsurance in my policy? What does it mean?
- What is the difference between a schedule of values and a schedule of limits?
- Does my risk manager have the requisite skill sets to negotiate a large property claim?
- What happens when the insurance company engages a forensic accountant? Who does that accountant work for?
- Increased efficiency and productivity with new equipment. Does the insurance company get a “credit?”
- What happens if I open my business elsewhere and I am successful? What if I am not successful?
- What are extra expenses? What can be included? Can I use extra expenses to offset shortfalls in property coverages?
- Is the insurance company using an independent building or equipment consultant to prepare a bid? Who are these consultants? Who are they working for? Do they only work for insurance companies?
- How is actual cash value determined? Why should I care?
- Can I compensate employees who help with cleaning or restoration?
- Replacement properties. Lease purchase strategy. Is it good for me?
- Replacing versus repairing equipment/processing lines. Pros and cons.
- How quickly can I get started rebuilding?
- How does my policy address increased costs due to new codes? If my coverage is limited, what can I do about it?
- Will the insurance company pay for a construction manager?
- Should I have concerns as to how my insurer deals with pollutants - hazardous materials - lead & asbestos?
- Stock in the yard. How far from the building is coverage afforded? Measured from where?
- How do smoke and the water used to fight the fire affect my machinery? Equipment? Computers? Other electronics?
- Valuation of raw materials. Work in progress. Finished goods. Methodologies employed.
- Can I recast my financial statements? If so, why?
- Do I understand why coinsurance clauses in loss of income coverage can lead to disastrous results when including labor expenses in the cost of goods manufactured and exclude those labor expenses in the business interruption evaluation?
- Credit for continuing sales. How are they calculated?
- Can I continue to pay my employees?
- What is the extended period of indemnity, and how does it work?
- What is the difference between Actual Loss Sustained and Sales Value of Production and how does it affect my claim?
- What are expediting expenses? How do they differ from extra expenses?
- How do I project lost sales? Sales declines?
- How do I project sales of new products?
- Can I use proformas/budgets to calculate loss of income?
- Temporary facilities. Portables. Hardscape. Temporary or permanent? How presenting my story can affect my recovery. Do I know my policy provisions?
- Temporary locations - How to handle air quality?
- Temporary production in other owned or non-owned locations? What happens at the end of my claim?
The Difference Public Adjusters Make
We work exclusively for YOU, not the insurance company. Our insurance professionals have managed and negotiated thousands of claims for nearly every type of natural and man-made disaster. Local in our approach, we have over forty offices across the U.S. and Canada, and an unmatched network of expert resources to efficiently mobilize and be at your side.