Policyholder Duties Following a Commercial Property Loss

Many commercial property policies detail duties insureds owe to their carrier following a

loss. Failure to fulfill these responsibilities can potentially lead to denied claims, delayed

payments and unrenewed or even canceled policies.

Here are common duties most policies require insureds to uphold in the event of a loss:

Notify the police if any laws may have been broken amid the loss.

Contact the carrier as

soon as possible, detailing

how, when and where the

loss occurred. Include a

description of the property

involved.

Take all reasonable steps

to protect the property

from further damage. Keep

a record of the expenses

required to do so, including

hours and wages.

Provide the carrier with an

inventory of the damaged

and undamaged property

if requested, including

quantities, costs, values and

the amount of loss claimed.

Set aside the

damaged property,

keeping it in the

best possible

condition for

examination.

Allow the carrier

to inspect the

property and any

related records.

Permit the carrier

to take samples

of damaged or

undamaged

property for

further inspection,

testing and

analysis.

Cooperate fully

with any claim

investigations,

which may include

being questioned

under oath.

Complying with the typical responsibilities required by commercial property policies can help insureds remain protected following a loss. For more information, contact us today.