Florida’s Commercial Insurance Policies Can Be Tough to Navigate
When it comes to property, most of us are familiar with how to operate from a residential standpoint and formulate an all too common homeowner’s claim to our property. And while this still takes some knowledge and experience, its far less as involved as filing a commercial claim – especially in the state of Florida. As the top commercial litigation attorney Miami has to offer, Mr. Steven Veinger has helped countless clients deal with the difficulties associated with filing their first commercial claim. The problem with these types of claims, for most individuals at least, is that they are not as common and not something we see or hear about too often. And this lack of commonality or experience individuals might have with such claims is a major reason they tend to confuse people. Learn more about the difference between commercial policies and traditional policies below.
As the top commercial litigation attorney Miami has in practice, Mr. Veinger must get clients to understand that there are many subtleties, nuances and complexities to a commercial claim which make it far more challenging to analyze than a homeowner’s claim. First and foremost, the most common distinction that must be made is that a commercial policy for an operating business generally covers business interruption losses. That means a critical member of the team assisting the insured with the claim should include a forensic accountant. This is vital, as the language used within the policy dictates how exactly and by which method, the company will determine the business interruption loss. This individual is someone who should not only be well versed in understanding commercial accounting and business losses, but they should also be an expert at taking into accountthe foundations of policy law and policy language. As the top commercial litigation attorney Miami has practicing, Mr. Veinger has often worked alongside accountants and others who have helped managed insurance policy information based on the need of the commercial entity.
Another vital difference is the language and the application of things like deductibles, sub-limits, and statements of value. Commercial policies use some or all of these tools to limit the amount of coverage in commercial policies in ways that do not exist in a homeowner policy. As the top civil litigation lawyer Miami has in practice, Mr. Veinger has spent his time as an attorney pouring over countless hours of paperwork, dissecting the language of such policies ever so carefully as this is often where a client can be made or broken. In his time as the top civil litigation lawyer Miami has to offer, Mr. Veinger has found a common example being in areas such as the statement of value. When the client or the insured party, provides the value of multiple structures to the insurance company. The insurance company will rely on those values to limit the amount of coverage to only the amount provided in the schedule. However, the gross coverage may be substantially greater for the property as a whole. This is a prime example where one misreading of the language can grossly affect a client and their bottom line.
The third and some would say, most glaring difference in the policies is that often commercial policies will now include an arbitration provision as opposed to an appraisal provision. By doing so, the insurance company is creating an alternative means for dispute resolution not just as to a disputed amount of loss but as to all issues concerning the claim. As the top civil litigation attorney Miami has practicing, Mr. Veinger has seen this play out to the detriment of clients as this not only changes the venue for discussions, but it can changes the interpretation of the policy as different areas may have different laws or readings of laws. This is why it is vital to have an experienced attorney on your side, like Mr. Veinger, when you are in the process of assigning insurance coverage to your commercial properties or even residential ones for that matter.