Newsletter: B(Prepared!)

"Business Income Made Simple"
   By Robert M. Swift



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COMMERCIAL PROPERTY RISK CALCULATOR

The following questions and answers are for your information. The content is believed to be accurate, but it is not guaranteed.

Why do I need to calculate my property exposure?
So you will get paid the correct amount to fix the damage.

Will my agent do this for me?
No. Their job is to find the right insurance product for you, unless you are paying them a fee for services to run your risk management program.

Will the claim adjuster do this?
No. They will pay the appropriate amount of the claim you submit. In other words, it is your responsibility to tell the insurance company the amount of your claim.

How do I prove what it would cost to replace my property?
You can buy whatever limits the underwriter will give you, but the claim will be paid based upon the receipts you provide.

What if I do not replace my property?
Then you will be paid the depreciated value of the damaged goods.

I expense my furniture and equipment, so I do not have their value. What should I do?
Make a list of all your office equipment and get an estimate from an office supply company.

My equipment is really old. How do I value it?
Value is based upon the cost to replace it with like kind, or sometimes the cost of a newer piece of equipment if the same kind is not available. Check the coverage on your policy and survey the marketplace for used equipment.

I hired an appraiser to determine what new property would cost. Should I use that value?
No. You will be paid for the cost to replace your property with the same kind and quality (used).

I have custom made woodwork that cannot be replaced. What should I do?
Talk to your insurance professional about adding “agreed value” to the policy for this item so if the woodwork is destroyed and cannot be repaired, you will be paid that amount. Then you would have to replace it with something different.

How do I know my building’s true replacement value?
Have two or three contractors give you an estimate of what it would cost to rebuild.

I am in a historically registered building. How do I value replacement?
Get an appraisal from a building contractor to reconstruct the building exactly as it is.

How does ordinance and law affect me?
This is the building code that you have to comply with when you repair or rebuild your property.

I heard I have to comply with handicapped rules if I rebuild. Is this true?
See above.

What if I want to build something different?
That is your right, but the insurance company will only pay to rebuild what was there. Any increased cost must be paid by you.

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