There are plenty of lessons to be learned in the aftermath of natural disasters. The recent tornadoes in Western Massachusetts remind us that these events can happen almost anywhere at anytime. One aspect that often gets overlooked in the news coverage, however, is that residential areas and structures aren’t the only ones that get damaged. Commercial buildings and property also get damaged or destroyed, which can have a significant impact on our every day lives, especially when it comes to rebuilding the local economy.
Our own Jay Straughan recently published an article in Claims Magazine that examines the challenges carriers and business owners face when dealing with commercial contents claims. Jay writes: Without personal knowledge of each type of business, how can you quickly and efficiently get the business back up and running? What are the costs of materials, equipment, supplies and finished goods?
Jay describes how carriers have traditionally relied on a patchwork approach that blends together a variety of resources, including salvors, perpetual inventories, forensic accountants, insured’s lists, etc.
The good news is that there are alternative solutions to the often cumbersome, redundant and inaccurate approaches that have traditionally been undertaken to handle commercial contents claims. Carriers need an integrated solution for creating accurate contents inventories combined with aggregated reporting and analytics. Specialty contents knowledge is also a must – whether you’re dealing with retailers, manufacturers, hospitals and other healthcare facilities, educational institutions, libraries, religious institutions or museums. The variety is seemingly endless.
You’ll also find case studies in Jay’s article that are instructive for carriers and business owners. Take a look at “Contents Claims Go Commercial” and let us know your thoughts about the new approaches that forward-looking insurance carriers are taking to improve commercial contents claims efficiency, accuracy and customer service.