Business Interruption Insurance allows for recovery after a covered loss from acts of nature like a hurricane. The coverage offered by a business interruption policy of insurance can vary greatly from policy to policy. It is important that an insurance policy attorney reviews any disputes, underpayments or denials of payment that an insurance might assert to try to limit your claim. This could include losses from interruption of utility services, from the inability of customers, or because a critical supplier or customer has suffered significant damage.
Many business owners may not realize that a policy covering property damage loss, or a direct loss, will not cover a business income loss, or an indirect or consequential loss, unless the policy is specifically endorsed to provide this coverage.
The Clore Law Group will work closely with your accountants and will hire our experts such as forensic accountants to present you business income claim to the insurer and court. The experience the Clore Law Group gained in representing hundreds of clients against insurance companies gives these Charleston attorneys the knowledge and expertise needed to effectively represent your rights against the insurance company.
Charleston Business Interruption Claims
Points of contention in business interruption disputes involve “waiting periods” and the “extended period of indemnity.” A waiting period means that any losses incurred during the policy period of time directly following an event will not be covered. Insurers routinely try to extend the “waiting period” beyond a reasonable term. The “extended period of indemnity” allows an insured to recover for damages for a period of time even after their doors are open. Therefore, your insurance company should pay for the losses you continue to loss for that amount after the original claim because your customer base is not back and your revenues have not returned to normal. Insurance companies typically try to limit the payments under the extended period of indemnity by trying to argue your business revenue was the same as it was before the tragedy by valuing the time periods that do not correlate to your past performance.
South Carolina Business Interruption Coverage
A few of these other types of losses that a business interruption policy could cover include:
- Contingent Business Interruption coverage — losses suffered from loss/damage to property that prevents a supplier from supplying goods and/or services to you, or that prevents customers from accepting goods and/or services from you.
- Services Interruption/Off Premises Power coverage — losses suffered from loss/damage to the property of any service provider including electrical equipment & systems, fuel, water, gas, feedstock, pulp, liquid gases, sewage, steam, telephone, fiber optic cable, telecommunications, heating, refrigeration and/or air conditioning systems, or utility plants.
- Interruption by Civil or Military Authority coverage: losses suffered when, as a result of loss, damage, or other event, access to your property is restricted by order or action of civil or military authority.
- Ingress/Egress coverage — losses suffered when, as a result of loss, damage other event, entry to or exit from your property is impaired.
Speak with a Clore Law Group Attorney today
Call 843-722-8070 to speak with a Clore Law Group Attorney about your business income loss dispute. Consultations are free and they don’t get paid unless you do. You have nothing to lose, call today and a Clore Law Group Attorney will begin immediately working on your case so you can get the compensation you deserve.
Co-Counsel and Expert Consultation Services
The Clore Law Group accepts various roles necessary to help individuals and businesses in their fight against insurers. The Clore Law Group has worked in a variety of roles as lead counsel, co-counsel and consultation. These South Carolina attorneys have worked with corporate counsel, corporate risk managers, public insurance adjusters, corporations, contractors, during the claims adjustment, investigation, litigation, and all phases of the claims process to help resolve coverage disputes. Call today to speak with an attorney regarding your business interruption claim.