When a disaster occurs and an insurance claim must be filed, your insurance policy is an extraordinarily valuable asset. Reducing the time between filing of a claim and receipt of insurance benefits is paramount.
The Benchmarking Program enables Community Associations to maximize the benefits available under their property insurance policies in the event of a casualty loss. Whether the particular disaster that harms your association property is wind, a fire, water damage, sinkhole, or other disaster that has no particular season, insurance companies have a consistent pattern of investigation. The Benchmarking Program conducted by Becker & Poliakoff’s Hurricane Recovery Team captures the vast majority of the information that will be demanded by insurance companies for any form of disaster loss event.
Property insurance only covers damage that occurs during the policy period and will not cover preexisting damage or damage from causes excluded by the policy. Predictably, alleged “preexisting damage” will be heavily investigated whenever a loss occurs, and can lead to lengthy delays in the adjusting process. Similarly, insurance companies invariably demand specific categories of documentary evidence regarding the condition of the property and many peripheral subjects. In the midst of work to recover from a disaster, diverting management to finding and gathering this information will take precious time and lead to further delay in adjusting. All of these issues can and should be anticipated.
Insurance companies operate on the premise that money in their bank accounts is more valuable (to them) than paying the money owed for your loss into your bank account. Benchmarking in advance of a claim can change that balance in your favor.
1. The Benchmarking Program design of Becker & Poliakoff’s Hurricane Recovery Team:
a. All data is collected in anticipation of an attorney/client relationship and shall be maintained in confidence;
b. BP will digitally store and retain at its expense all data collected;
c. Each Client responds to a proprietary survey questionnaire designed to identify information and building history material to the Benchmarking Program;
d. Each Client makes the information necessary to complete the Benchmarking Program available to BP and its affiliates, and assists BP in the collection of such information by providing access to its facilities during reasonable times for collection of data;
2. BP and its representatives:
a. Gather photographic documentation of representative major building components:
ii. Sliding glass door and window systems;
iii. Exteriors and Siding;
v. Interior ceilings;
vi. Exposed concrete and balconies for spalling;
vii. Roof-mounted and other HVAC equipment;
viii. Cooling Towers.
b. Locate and scan prior property insurance claim history
c. Locate and scan maintenance and capital improvement records;
d. Locate and scan insurance appraisals – current and most recent prior appraisal;
e. Locate and scan current insurance policy package, and all applications for policies since 2004:
f. Gather financial info;
i. Any audited financials for the last 3 years;
ii. Current financial statements reflecting maintenance and capital expenditures and reserves;
g. Locate and scan Community Association governing documents (if not already available to BP);
h. Locate and scan Board Minutes covering the last 3 years or, if a prior property insurance claim for hurricane damage has been made, since 2004.
3. Additional services are available at an agreed cost to assist with enforcement and maximization of recovery of insurance benefits in the event of a disaster, such as:
a. Review of prior claim history to identify building components involved and evaluate likely points of contention in ensuing claims;
b. Design and implementation of a plan to manage prior claim history in anticipation of an event affecting components previously involved in a claim;
c. Pre-storm contract review to evaluate the casualty insurance protections that are in place;
d. Recommendations for actions to manage building component conditions and improve recoverability of insurance benefits in a future claim.
Contact us now – HRT@beckerlawyers.com; 1-844-BPASSIST (1-844-272-7747)