Guaranteed Indemnity under Real Estate Insurance Policy: Action Plan for Insured Event Emergency
December 25, 2015
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Katerina Petrenko Senior Account Manager of Property Insurance Department
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Traffic accidents happen all the time. Therefore almost everyone has an idea of what to do in case of such an emergency. As to the insured events which happen to the real estate objects, they are much rarer but entail way more serious consequences. The experience of dealing with them is quite limited. This article focuses on the key rules which would be helpful for property insurance policy holders.
«A real strategist wins the war before it even starts». Iconic Sun Tsu believed that everything was defined by strategy and attitude. As to the insurance it all comes down to knowledge and responsible attitude of the Insured.
What should you know about an insured event if you have real estate insurance policy?
Therefore you should be aware of the possibilities. Receiving indemnity will not be the only worry of yours as lots of efforts will need to be put into rebuilding your property and minimizing the collateral damage affecting the continuity of your business. Very often the issue of insurance claim settlement is thrown to the bottom of the priorities list. That’s probably the first and the biggest mistake of all as the Insured eventually cannot meet the deadline stipulated by the agreement for the notification about the insured event.
Last but not the least is the stress affecting the behavior of all involved in the handling of the situation. This you cannot avoid unfortunately. However the tips below can at least minimize its influence on your actions.
Detailed action plan for emergency situations should be displayed in each and every insured real estate objectDetailed action plan for emergency situations should be displayed in each and every insured real estate object. This combined with oral instructions for all the employees will help your team overcome the agitation and think clearly in the emergency situation.
This is relevant especially for large companies. The area of responsibility should be clearly assigned to everyone involved in the claim settlement process.
Insurance policy should be read closely before it is signed. Meaning all the conditions should be understood and accepted prior to the occurrence of the insured event.
If you believe the damage caused by an insured event to exceed the deductible amount, make sure to make the following steps:
Those are the principal recommendations which would be helpful for all policy holders. Not following them might endanger your indemnity altogether.
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