Business Insurance Claims
Since 2005, the Gulf Coast region has been slammed by two of the costliest hurricanes in U.S. history: Katrina, which exacted an estimated $110 billion in damages and Ike, which produced nearly $30 billion in losses. Businesses throughout Texas, Louisiana, Mississippi, Alabama, Georgia, and Florida suffered the heaviest damages to their property, equipment and inventory. Attempts to collect money from their insurance have too often been met with delays in payments or denials of legitimate claims. Arnold & Itkin has a record of protecting the rights of business owners in their disputes with insurance companies. We know the unique insurance issues that businesses face and we use a nationwide network of resources and experts to obtain successful verdicts and settlements in our clients' favor.
Texas Business Property Claims
Business property insurance ensures that your business property is covered in the event of a natural disaster or some other type of circumstance that causes damage. You don't want to get stuck with the bill after damages, which is exactly why you have faithfully paid for your policy. What happens when even though you have taken all the necessary measures to obtain coverage for your business property and your insurance company is denying your claims? Know that there is a defense against these kinds of practices. If you believe that an insurance company is wrongfully denying your claims for coverage then you can seek legal help.
In Texas, businesses are prone to the same types of natural disasters as residences. In the event of a hurricane, wildfire, tornado, or any other type of disaster, your business may be forced to shut down operations. Not only do you need the physical damages compensated for, you suffer from lost revenue during the time your business was out of operation. Obtaining different types of business insurance may be able to help you in these circumstances. Unfortunately, sometimes insurance companies will create loopholes so that they do not have to cover the cost of your damages. In order to fight these types of practices, you need the help of an attorney. By calling Arnold & Itkin, you can get aggressive help that gets you what you need so that your business can start operating again.
Gulf Coast Insurance Disputes: Hurricanes & Tropical Storms
Wind, rain, mold, mud, and debris from hurricanes and tropical storms can inflict property damages on businesses, much like those suffered by homeowners. Roofs, foundations, drywall, insulation, and garages may all need repairs in a storm's aftermath. However, some losses are unique to businesses, such as damage to equipment, machines, computers, inventory and business records. Additionally, businesses may experience serious disruptions in the flow of supplies and customers. Those disruptions can last for months or even years.
We at Arnold & Itkin can review your policy to determine the extent of your coverage, calculate deductibles, and identify unique business clauses in your policy that should entitle you to compensation. For instance, most businesses will have "business interruption" coverage, which compensates for loss of income during the period when repairs are made (or the "restoration period").
When an insurance company tries to deny or delay payments to business owners for hurricane-related claims, we can offer legal help with these issues:
- Apportioning Damages: While a business policy may cover wind and rain damage, it may exclude coverage for flood damage. Our law firm's experts can inspect and examine your property to make sure there is a fair apportionment between your covered and uncovered losses.
- Extended Period of Indemnity: As it may take time before a business returns to its pre-storm revenue levels, a business insurance policy often allows the insured to recover losses for a period of time after the business has reopened. An insurance company may try to shorten this period or argue that the losses are due to wider economic conditions and not a direct result of a hurricane or storm.
- Contingent Business Interruption: Your business policy may allow you to recover for losses connected to third parties, such as an interruption in your supplies or loss of services like power, water, sewer, telephone or gas. Insurance companies can contest whether your losses are directly caused by these factors.
Looking to File a Business Insurance Claim? Get Our Firm Involved Today!
If you are a Gulf Coast business that is battling with your insurance company to collect on a valid insurance claim, contact the hurricane insurance lawyers at Arnold & Itkin LLP today. We know how to counter the insurance companies' tactics, and we have the resources and experts to take them on.