Determining Optimal Property Loss Recovery Options

Do I have to re-build?

What if I don’t?

and

“What is actual cash value?”

By Michael C. Perlmuter, JD, President & General Counsel

 

One of the most frequently asked questions when assisting a business or residential property owner in adjusting a property insurance loss is: “What are my options for an insurance claim recovery from this loss?”

The question, though simple, is complex in nature and thus becomes the driver for most property owners to retain a public insurance claims adjuster, read Alex N. Sill Company, when contending with an insurance loss.

Policy owners acting on their own encounter a process akin to a notorious…

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Hurricane Harvey: A Reminder to Update Your Property Insurance

Hurricane Season is Here and Now! Don’t Be Complacent. Be Aware, Prepare By Reviewing, Updating Your Business, Home, Property Insurance Before Disaster Strikes.

By Michael C. Perlmuter, JD, President & General Counsel

Most of the U. S. based weather services issued warnings. First they predicted a modest number of storms for the 2017 season. Next, in the past few months, changing weather conditions compelled the services to “up” their predictions.

Then along came Hurricane Harvey.

Harvey is / was every property owner’s worst nightmare. Weather scientists did not have the benefit of a week or more to track Harvey. Harvey developed in just…

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Florida Court Rules on Concurrent Causation

Florida Supreme Court Support for Homeowner “Concurrent Causation” Property Claim May Benefit Insureds in Other States, Too

By Michael C. Perlmuter, JD, President & General Counsel

The State of Florida is known for giving us pristine beaches for winter get-aways and views of spectacular space missile launches. Now, beyond family vacations and rocket ships, a recent insurance-related case adjudicated in Florida rendered a ruling from which insureds may be able to benefit in the future.

The Florida Supreme Court in 2016 issued a ruling which, in at least that state for starters, closed a significant loophole which has been festering for 30…

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Replacement Cost Insurance: What You Don’t Know Can Hurt You

By Michael Perlmuter, JD, President & General Counsel

and Jeffrey O’Connor, SPPA, Vice President

Insureds seem to take great comfort believing their replacement cost insurance will fully cover losses to their business or home when in fact they should not be sleeping so peacefully.

It is painfully clear during our initial conversations with clients experiencing a loss that they believe their claim to be “simple” or “straight forward” because they have “replacement cost insurance.” The insureds are adamant in the assumption that their replacement cost coverage obligates the insured to pay the “cost of replacement.”

Is this true? Absolutely not . ….

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Pulling Back the Covers on the Insurance Industry

By Michael C. Perlmuter, JD, President & General Counsel

I subscribe to the digital version of Insurance Journal, a trade publication dedicated to reporting the most current trends and events in the insurance industry.

No one can read each Journal “cover to cover.” The technical content tests one’s concentration.

That said, my mind was attracted to an article entitled “P/C Insurers Caught Between Slowing Premium Growth and Rising Loss Ratios” in a recent issue.

The article confirmed my long-held opinion that the primary business of insurance companies is not really selling insurance. Instead, their primary business is simply attempting to make money on…

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Corporate Tax Options Available for Casualty Losses on Underinsured or Uninsured Business Property

The importance of proper documentation from a public adjuster

By Michael C. Perlmuter, JD, President & General Counsel

and Donald J. Dragony, CPA, CFF, Senior Vice President, Chief Financial Officer & Director of Forensic Accounting

Alex N. Sill Company typically represents insured business policyholders in connection with adjusting property claims from insured perils such as a fire, hurricane, tornado and other calamities. In most cases, our business clients, fortunately, have sufficient insurance to cover the damages. However, there are instances where a business owner is either not insured or is underinsured vis a vis the damages sustained.

So, the question is commonly asked…

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