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Article: Tips for Settling a Business Interruption Claim.
- Article from:
- Risk Management
- Article date:
- October 1, 1998
- Author:
CopyrightCOPYRIGHT 1998 Risk Management Society Publishing, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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BRENT KUSH AND JESSICA SCHMITCHEL
In the wake of a business interruption, settling the resulting insurance claims can be difficult and time-consuming. The potentially confrontational nature of the claim resolution process can make policyholders feel that they are being treated unfairly and can also dilute the trust and positive relationships that characterize a successful partnership. Fortunately, risk managers can take a number of steps (listed in Exhibit 1) to prevent common problems and avoid delays and disappointment in the settlement process.
The first step in preparing a claim is identifying the areas in which you have sustained a loss. To ...