Business Insurance Claims Expert for Tennessee Flood Coverage
Last week's flooding in Nashville has ravaged counties across Tennessee.
The damage in Nashville alone will likely exceed $1 billion, and that doesn't take into account
lost revenue from businesses soaked by the floodwaters or forfeited wages for workers who haven't
been able to return to their jobs. This flooding has left hundreds of destroyed local businesses in
its wake. Unfortunately, many of these businesses are essential to the recovery process and now must
face the challenge of dealing with the complexity of property and business interruption insurance
claims as they attempt to re-open as soon as possible. Decisions made in these initial days, weeks
and months following the devastating loss will have long-term ramifications for these businesses,
and in many cases, the communities they serve.
- What immediate steps are necessary to preserve rights under insurance policies?
- What are the key elements to substantiating losses from business interruption and property damage?
- What documentation do carriers require in order to obtain cash advances or interim payments?
- What qualifies as property loss and what does not? How do you know?
- Do policies insure lost business income if the business was not physically damaged?
- How long does coverage last for lost business income?
- How do you document extra expenses incurred as a result of catastrophe?
- How do you document lost business income if records are destroyed?
- Do policies indemnify the business for continuing payroll?
- How long could it take for claims to be processed? What can businesses do to speed up this process?
Glenn Pomerantz
and Robert Glasser
of BDO Consulting have worked with hundreds of businesses including hotels, manufacturers, retail and service
organizations throughout the United States to help them minimize hardships and assist in accelerating the recovery
process after natural disasters strike. These professionals can discuss the above questions as well as issues
regarding safety and asset protection risks created by the flooding.
BUSINESS INTERRUPTION AND
INSURANCE CLAIM SERVICES
BDO Consulting's insurance claim professionals assist organizations navigate the adjustment process following
a loss, helping to produce timely and equitable settlements. We help clients understand the claims process,
mitigate losses and quantify and document claims. Our professionals also help clients file interim proofs of
loss in a timely manner to reduce their cash flow burdens. BDO Consulting professionals provide insurance
claim services in several lines of insurance, including property and business interruption claims and pre-loss
valuations, fidelity and employee dishonesty, product recall, surety, D&O and electronic computer crimes.