In New York, commercial property owners purchase property insurance to protect their investments and avoid a serious financial loss. When property damage occurs, the property owner contacts their insurer and schedules an appointment with a claims adjuster. A Commercial Property Adjuster in Nassau County NY processes all insurance claims and determines if coverage is available to the owner.
How was the Damage Caused?
Commercial property insurance policies define what events are covered. The terms of the insurance policy explain what services are available to correct property damage and replace items that were destroyed. Typically, the insurance covers most natural disasters, fires, and criminal acts that cause property damage. When processing the claim, the adjuster investigates the damage and establishes how the damage occurred.
Calculating the Total Loss for the Business Owner
Contractors evaluate and inspect the property and offer an estimate for their repair services. Typically, the insurer wants at least three estimates from the contractors. All services that are needed to restore the property are outlined in the itemized estimates. The claims adjuster completes a full assessment and calculates the full loss for the property owner based their review and the estimates.
The Amount of Coverage Available to the Policyholder
All property insurance policies impose a maximum value for coverage. Unless the property was a total loss for the owner, the full amount isn’t available. However, the cost of the repairs and restoration efforts define how much of the services are paid through the insurance policy.
Scheduling Services and Paying Contractors
After the process is completed, the property owner receives funds to pay for all repairs and restoration services. Select insurers transfer the funds directly to the contractor if the services were underway already. However, in most cases, the owner pays the contractors and schedules services after the funds are released to them.
In New York, commercial property owners purchase insurance coverage to prevent major losses and get funds for vital repairs. The event that caused property damage defines when coverage is available. Business owners who sustained property damage contact a Commercial Property Adjuster in Nassau County NY and schedule an appointment or visit Maximumpublicadjusters.com for further details now. You can connect with them on Facebook for more updates!
