From the category archives:

construction

Don’t Skimp on the Graphics for a Soft Cost Insurance Claim

by John March 1, 2010

In the wake of a major accident or delay on a construction project, don’t start pinching pennies when it comes to the graphics needed to submit a soft cost insurance claim. Every soft cost insurance claim should contain two critical graphics.
The first is the “Extent of Damage” graphic.  This graphic is a general schematic of [...]

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Developers: The General Contractor Can Cost You Millions On A Construction Delay in Completion Insurance Claim

by John February 15, 2010

When you are the developer of a commercial property, a lot is riding on your general contractor, and never more so than when you must submit a construction delay in completion insurance claim.  The general contractor is the person in charge of building the project, making sure all of the subcontractors get paid, and keeping [...]

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Flip Video Camera Can Help Document a Soft Cost or Delay in Completion Claim

by John February 3, 2010
The Flip video camcorder can help you.

When a major construction project experiences a loss, a contractor is suddenly faced with the daunting task of documentation for the insurance claim.  To document a construction soft cost or delay in completion insurance claim, the insured party should video tape the damage, recovery, and general project progress on a weekly basis.
If you’re the “Clerk [...]

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The Insurance Company’s Accountant is Not Your Advocate

by John January 13, 2010

After your business suffers a loss, you’ll meet the insurance adjuster and his accountant.  During this first meeting, or soon after, here’s what you’re likely to be told:

The adjuster and accountant will work together to ensure that you’re paid what you’re owed.
The accountant is not an insurance company employee, but an independent CPA with decades [...]

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Can You Be Too Optimistic?

by John January 7, 2010
The glass of water is half full.

It’s my nature to be optimistic. For better or for worse, my glass is usually half full. I’m usually the person on an even keel, making others around me laugh and “lighten up.”  However, I’ve found that there are times when being overly optimistic can be downright perilous…particularly if you’re the risk manager or owner [...]

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When Should You Call in a Forensic Accountant?

by John January 2, 2010

Immediately following the incident.  A seasoned expert can help you put your records in order for an advance request, discuss mitigating efforts, assist with setting up record keeping protocols that make sure no information is overlooked, and just act as an incentive for the insurance companies’ experts to play a little more fairly, because they [...]

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How to Document a Construction Delay in Completion or Soft Cost Claim

by John December 27, 2009

Developers often run into trouble when they make claims for delay in completion or soft cost claims.  These claims are triggered when damage to the construction causes a delay in the planned completion date.  Many of the problems associated with proving these claims can be minimized by meticulously documenting the damage and recovery efforts beginning [...]

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Advances: Real Money, Right Now

by John December 21, 2009
Cash

Cash is King. This is always true and never more so than when a company is losing production and/or sales due to a disruption.  As a general rule, the smaller the business, the more critical the need for cash following a disaster.
So how is a business supposed to operate and replace assets while its cash [...]

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