When a claim arises, policyholders need to be prepared to calculate and prove their loss. Of course, each situation is unique and will require customized tactics, but there are a few strategies that can apply to all policyholders, providing them with a starting part for calculating and proving their losses. 1. Team- A policyholder should organize a team to help them calculate their loss. While an insurance company will devise their own team to investigate, it is helpful for a policyholder to record their own information from a group of professional and experienced individuals. Individuals that are familiar with the issues surrounding your loss, your insurance coverage history, and your liabilities to better help you with your claim. 2. Documentation- Keeping proper and thorough records of your loss is vital in your case. If the policyholder is unable to provide records that are clear, accurate, and thorough, they have little room to prove their loss. 3. Individual Insurance Company Exposure- There is often cases where a claim is made that will trigger a number of policies from different insurance companies. When this is the case, the policyholder should calculate the exposure for each company as an individual. It is common for the companies to place blame on one another, so having your own records will help the policyholder in this case. It is important for the policyholder to review their own case and then modify these general rules to best suit them in their current situation. If the policyholder is improperly denied coverage, there is always the option of filing a bad faith claim against the insurance company. If you have questions regarding calculation and proving loss, please contact William Pillsbury at:
firstname.lastname@example.org | 267.338.1321
William Pillsbury is a principal and member of Offit Kurman’s Insurance Recovery Practice Group. He represents businesses in a wide range of litigation issues, including efforts to recover money owed to them from their insurers. His clients include state transportation agencies, hotels, restaurants, nursing homes, bio-tech firms, school district joint insurance funds, and individuals. Mr. Pillsbury has worked with a variety of policyholders in efforts to recover insurance of all types, including property insurance, business interruption coverage, and commercial general liability, boilers and machinery, and life insurance. Mr. Pillsbury has also been involved in several cases stemming from disputes over the Pennsylvania Right-to-Know Law and Section 1983 claims against state agencies.