When Texas and Louisiana support Hurricane Laura to land, policyholders in the affected regions should make last-minute preparations to ensure that their properties are covered in the wake of the storm.
Hurricane Laura is expected to make landfall as a category. Storm 4 tonight or early Thursday morning between Houston, Texas and Lake Charles, Louisiana. With wind speeds above 120 km / h, Laura has the potential for catastrophic damage to life and property and long-term disruptions in normal business operations. The following three steps are crucial to ensure that you protect your property and your business and maximize insurance revenue if your property gets in the way of the storm:
- Find a copy of your insurance.
Having your policy in hand before a loss helps start your claim as soon as possible, as it can be more difficult to get in touch with your broker after a storm where thousands of claims take place at the same time.
Your policy will also provide you with important information on how to get in touch with your insurance company after a loss.
Although it is too late to change your coverage at this time, it will make it easier for the claimant to know your rights and obligations for the period immediately following the storm. .
- Have an insurance response team before the storm.
Commercial policyholders should know who to contact for emergency repairs and services. Having an emergency plan in place will minimize downtime and maximize recovery efforts after the storm.
Document or photograph your loss loss and other insured assets that you can provide to your insurance company when adjusting your claim. They may not reach your property immediately after the storm.
After the storm, your team should set up a general ledger to capture all storm-related costs, costs and time, including costs to mitigate storm losses.
Appoint a point person to contact the insurer's adjustment and send storm-related invoices, quotes and contracts.
Documents all, including physical damage, evacuation orders, curfew, power outages, supply chain disruptions and additional costs.
- Present your statement as soon as possible.
Insurance companies require immediate notification of loss. Once the claim has been filed, check your policy regarding the submission of proof of loss, which is often required. These documents have deadlines, some of which are triggered without any request from the insurer. Request an extension if you need one to ensure timely submission. Use photographs, videos or other documentation to substantiate your claim.
Keep a log of all communications with your insurance company and adjusters, including telephone calls. An exact timeline for communication will assist in any disputes regarding your claim.
In the event of a denial, delay, or recovery that is less than required to repair your business, retaining experienced coverage advice can help you analyze your policies and understand your rights and the obligations of your insurers.
For more information on recovering insurance for hurricane losses, see our client notification from July 2020: https://www.huntonak.com/images/content/6/8/v4/ 68656 / pre-hurricane-warning-insurance- insurance-program-ready.pdf.