Insurance | FEATURE
And they did. The day the builders finished, exactly a month after the flood, I paid everyone and the insurance company (Allianz in this case) paid me. They even hand-delivered the cheque!”
Not all businesses had such a smooth passage through the insurance claims process, however. Given the Irish Insurance Federation’s estimate that \500m worth of damage was done between the flooding and the cold snap, it was perhaps inevitable that some businesses would encounter difficulties. In fact, the damage repair and insurance issues caused by the flooding were so profound that Zurich, one of the largest insurers in the country and worldwide, released a special booklet for home and business owners who had suffered damage.
“cHeAP InSUrAnce
froM A coMPAny THAT
Won’T PAy UP WHen
yoU need THeM To IS
A WASTe of Money.”
– denIS coTTer
DEALING WITH DISASTER
The advice within, while straightforward with the benefit of hindsight, underlines how small oversights have the potential to cost a business serious money. Quite apart from issues such as flood defences (or, in the case of unseasonably cold weather, protection for pipes), it has proved essential to retain insurance documentation in a place where, barring catastrophe, it should be safe from damage or destruction. Even if a company is prepared to accept that exceptional circumstances are responsible, missing documentation inevitably adds to delays in making and processing a claim. Other groundwork can also be laid, notes Conor Healy. “In certain instances, having photographic evidence of the stock or facilities that you have in place is worthwhile,” he says.
Zurich’s booklet also notes that it is worth collecting photographic evidence of the damage caused by any incident as well, but still more important to make early contact with your insurance company. Aside from confirming your level of cover if there is any ambiguity, contacting your insurance company as quickly as possible will ensure that a loss adjuster is able to make a visit all the sooner to process the claim. “Getting a good loss adjustor on
Café Paradiso after recent renovations.
your side early is vital,” adds Denis Cotter. In circumstances such as the flooding during November, loss adjusters will often project- manage repair efforts, and the pressure on their time and resources will be substantial – meaning it’s essential to get in the proverbial ‘queue’ for attention promptly.
While waiting for the loss adjuster to arrive, Zurich advise home and business owners to retain receipts for any emergency work that needs to be carried out, and to keep your insurer informed of any work that needs to be carried out immediately. This will enable you to include these essential works in your claim without difficulty. It is also possible to appoint an independent loss assessor if you need someone with the expertise to negotiate in a problematic case. However, the cost of this is not typically covered by insurance policies. Dealing with the loss adjuster, if you’re taking on the responsibility yourself, requires a mixture of patience, doggedness and professionalism. As with any significant issue affecting your business, it is best to keep all your negotiations either in written or email form so that you can refer back to your correspondence during the process.
THE POLICY FACTOR
Ultimately, though, recovering from significant damage depends primarily on the quality of your insurance cover and the service from your company. As Conor Healy notes, his members in Cork learned something from the events of November. “The lesson is to ensure that you’ve got flood cover. What happened does encourage people to review their insurance policies, to make sure that they are covered for
all eventualities. Obviously, with preventative measures, they need to ensure that they are aware of all the risks. But once damage is done, it comes down to engaging with your insurance company,” he says. “Then, it’s down to the insurance company to process the claim as quickly as possible to allow the business to get up and running again.”
Cotter, who has since invested in preparing his property for any future flooding incident, can also feel satisfied that he also invested in the extra security of his insurance policy. “I still believe it was a once in a century event, and that the element of human error won’t be repeated. So you cannot completely prepare for it. However, our building is now much more flood protected so the costs should be lower if it ever happened again,” he says, reiterating the value of investing in a proper policy. “Cheap insurance from a company that won’t pay up when you need them to is a waste of money. I used to think all insurance was a waste of money, and I’m glad my broker talked me into switching back to a decent company the year before the flood. Otherwise, we might still be closed!”
finDoutmore
++++++++++++
The advice within Zurich’s booklet, while straightforward with the benefit of hindsight, underlines how small oversights have the potential to cost a business serious money. To download the booklet of advice for those affected by flooding, visit
www.zurichinsurance.ie.
InBusiness May 10 47
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