Business Interruption Insurance Claims
Representing Clients in Texas and throughout the Gulf Coast
Hurricane Ike devastated the Texas and Louisiana Gulf Coast. Businesses and homes were destroyed. In some places, the power was out for weeks leaving families and business owners to fend for themselves until it was restored. As a result, many businesses lost significant income while shut down and incurred substantial expenses to reopen and function in a post-disaster environment.
Fortunately, many businesses have business interruption insurance—typically purchased as part of a business property insurance package—that may cover business income losses, contingent business income losses (i.e., losses resulting from strategic suppliers and/or key customers impacted by the storm), expenses incurred to shut down the business, evacuate, repopulate the employee base and restore operations after the storm, and other expenses that would not have been incurred but for the storm.
Given the magnitude of the damage and length of time the power was out, business interruption losses most likely will exceed property damage losses. Thus, in order to maximize and preserve a business interruption insurance claim, it is critical that a covered business immediately place its insurance carrier on notice, document and quantify the losses, and establish separate accounts to track the losses and all storm-related expenses.
Ironically, many business owners elect not to pursue business interruption insurance claims—which in this case could be the largest insurance claim a business may have—because of the personnel, time and resources necessary to prepare the claims and negotiate with the insurance companies that otherwise could be utilized in the recovery process.
If this is the situation in your business, do not forego what could be a valuable insurance claim. Instead, contact The Coffman Law Firm and draw upon our many years of business, financial, accounting and insurance litigation experience to preserve, quantify, prepare and submit your claim, negotiate with the insurance company and, if need be, litigate your claim at the courthouse. Even if all you need is a simple policy review and advice regarding a potential claim, we are here to help.
Rest assured the insurance companies have retained teams of forensic accountants and attorneys to scrutinize your claim in an effort to minimize your recovery. Arm yourself with the same firepower in order to maximize your recovery. Contact The Coffman Law Firm today to schedule your initial consultation.
“Providing clear vision in legal matters.”
505 Orleans St., Suite 505
Beaumont, Texas 77701
