The Manufacturing Industry
After a natural or man-made disaster, as the owner of a manufacturing facility, you are thinking about the loss or damage to machinery and production lines, whether you can still run your operation, and how you will support your employees and lost income. You do not need the added stress of worrying about the property insurance claims process.
As your licensed public adjusters, we evaluate, document, and negotiate not only the physical damage to your property, but also the income lost from business interruption and the extra expenses that are incurred.
Our team understands the complexities of the insurance claim process and leverages our expertise to optimize your settlement.
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Your business just suffered serious damage and you are wondering what you need to do to expedite financial and operational recovery.
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You call your insurance company and wait for an adjuster to arrive, assuming you’ll receive what your insurance policy states you’re covered for. Afterall, that’s why you’ve been paying your insurance premiums all along, right?
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3
As a client of your insurance company, your claim is now a liability on its financial statements.
We Can Help
Knowing everything you possibly can about the "fine print" of your insurance policy before you have substantive dialogue with your carrier is critical. Understanding what you are covered for and how to claim it is where our experience starts to be of value.
Choosing what to say to your insurance company's adjuster and how you say it makes a dramatic difference in how much and how quickly you get paid. Globe Midwest/Adjusters International's public adjusters are experts in insurance claim negotiation.
The more you know, the better the results, so turn to the firm who has been in the field since 1924 and has the repertoire of satisfied clients to prove it.
Factors To Consider
Be sure to understand each of the following factors before engaging with the insurance company. Knowledge is the key to a successful claim outcome.
- Can I continue to pay my employees?
- Can I compensate employees who help with cleaning or restoration?
- How quickly can I start rebuilding?
- Is the insurance company using an independent building or equipment consultant to prepare a bid? Who are these consultants and who are they working for?
- Are replacement properties an option for me? Would a lease purchase strategy be beneficial?
- What happens if I open my business elsewhere and I am successful? What happens if I am not successful?
- What about temporary production in other owned or non-owned locations? What happens at the end of my claim?
- How can I control air quality in a temporary location?
- Does my insurance policy cover the cost to replace employees' personal property and/or tools?
- How is stock in the yard handled? How far from the building is coverage afforded and how is the covered distance measured?
- How do smoke and the water used to fight the fire affect my machinery, equipment, and other electronics?
- What are the pros and cons of replacing versus repairing equipment/processing lines?
- New equipment results in increased efficiency and productivity. Does the insurance company get a “credit?”
- What are Warranties and Protective Safeguard requirements? What do they mean, and can I still collect if I am not in full compliance?
- How does my insurance policy address increased costs due to new codes? If my coverage is limited, what can I do about it?
- Should I have concerns as to how my insurer deals with pollutants - hazardous materials - lead and asbestos?
- How do I deal with lead and asbestos? What if my coverage is limited?
- Does my risk manager have the skillset necessary to successfully negotiate a large property claim?
- What is my broker's/agent’s role?
- Does the adjuster work for me or the insurance company? Why should this be a red flag?
- How can the way I present my story affect my recovery?
- Do I know my insurance policy provisions?
- Does the insurance company pay for the necessary professionals to accurately evaluate my claim?
- Is there coinsurance in my policy? What does it mean?
- How is actual cash value determined? Why should I care?
- What is the difference between a schedule of values and a schedule of limits?
- Can I recast my financial statements? If so, why?
- Do I understand why coinsurance clauses in loss of income coverage can lead to disastrous results when including labor expenses in the cost of goods manufactured and exclude those labor expenses in the business interruption evaluation?
- What are extra expenses and what can be included? Can I use extra expenses to offset shortfalls in property coverages?
- What are expediting expenses? How do they differ from extra expenses?
- What is the difference between Actual Loss Sustained and Sales Value of Production and how does it affect my claim?
- How is credit for continuing sales calculated?
- How do I project lost sales and sales declines?
- How do I project sales of new products?
- Can I use proformas/budgets to calculate loss of income?
- What methodologies are employed to calculate the value of raw materials, work in progress, and finished goods?
- What is the extended period of indemnity, and how does it work?
- What happens when the insurance company engages a forensic accountant? Who does that accountant work for?
It has been almost a year since the fire which completely destroyed one of our processing plants. ...I had no idea that the documentation of our claim would become as extensive as it did. Your staff worked tirelessly to quantify the claim. I am convinced that every possible element of our loss was maximized to the extent provided for in our coverage. ...You and your staff are true professionals, and the quality and detail of your work is very impressive.
Select References
- Atchison Casting Corporation
- AutoLign Manufacturing Group
- Big Boy Restaurant & Bakery
- Centrifugal Industries of Wisconsin
- Don Scharf Automotive, Inc.
- Forge Tool & Die Corp., Inc.
- Hastings Auto Parts, Inc.
- Jamestown Design, Inc.
- M & W Countertops, Inc.
- Maurer Manufacturing
- Melody Foods, Inc.
- Nucor Steel
- Ohmite Manufacturing
- TMI Industries, Inc.
- United Pipe and Supply Co. Inc.
- VKW Hardwoods
Who We've Helped
Since 1924 Globe Midwest/Adjusters International has helped clients secure the settlements they need to meet their financial and operational recovery goals.
Don't just take our word for it. Read statements written by members of your community.
Globe Midwest/Adjusters International employs expert public adjusters who specialize in insurance claim evaluation, documentation, and negotiation. Read how we have helped clients who were once in similar situations to yours.