Do You Have a Business Interruption Claim Due to Harvey?
What You Need to Know About Business Income (or Interruption) Coverage.
Was your business closed, damaged or interrupted by Hurricane Harvey or some other natural disaster? Here’s what you need to know.
Our large hotel was severely damaged by hail. After significant delays by the insurance company, our claim was denied. We hired Bill Kendall and Grisham & Kendall soon after. Through Bill’s efforts during our lawsuit, we were able to reach a favorable settlement close to trial. We would certainly recommend Grisham & Kendall, PLLC to any property owner whose insurance company isn’t treating them fairly.D. Patel - Hotel Hail Claim
My wife and I thought we were heading into a complicated legal odyssey with a destroyed commercial property until we hired Bill Kendall. His sustained focus and hard work was so effective that we had a great settlement within hours of the first deposition.F. Jones - Multi-Family Property Claim (Dallas, TX)
A Business Income Insurance claim (aka Business Interruption) requires two things to happen:
1. A suspension of business, partially or completely, due to a covered event.
2. Following the suspension of business, a loss of income, due to the suspension of business.
What causes are covered by my business income insurance?
Generally, the same causes covered in your commercial property insurance are covered by business income insurance coverage.
Typical causes include hurricane, fire, windstorm, hail, water damage, lightning, etc. As always, you must consult your policy (or policies) to determine what is covered and by what policy. In a hurricane loss, for example, most non-flood policies will generally cover damage caused directly by wind, but not by flooding. Bear in mind also that this determination is often times the primary dispute between the insured and the insurance company.
As always, it’s important then that you consult with qualified professionals with experience handling first party property claims, including business income loss, following a disaster. For business interruption claims, the insured will likely need to retain a qualified and experienced certified professional accountant to address and quantify the damages owed pursuant to your insurance policy’s business income provisions.
Contact Grisham & Kendall, PLLC, we may be able to help you obtain the payment you are likely due. To speak with an attorney today, contact us at (713) 999-5085.