Business Income Insurance
Understanding Business Income Coverage
Our panelists agree most business owners don’t completely understand the Business Income coverage or coinsurance provisions within their policies. This discussion provides insights to navigating policies before you need to file a claim, the CP30 and what options you may have if not satisfied with the settlement offered from your insurance provider. If contacted during the policy buying decision process, a public insurance adjuster can help your business to get the proper coverage.
[:35] Introducing the panelists
[1:04] Why is it so imperative commercial policyholders have adequate Business Income Coverage?
[4:02] How is the correct amount of business coverage calculated?
View All [7:54] How does coinsurance come into play when calculating Business Income Claims? [12:48] What responsibility does the insured have to resume operations in order to minimize Business Income losses? [16:30] Do you believe commercial policyholders have an adequate understanding of Business Income coverage? [20:35] What options do policyholders have if they are not offered an adequate Business Income settlement? [25:02] Relationship between the business income claim and the property claim Close
[7:54] How does coinsurance come into play when calculating Business Income Claims?
[12:48] What responsibility does the insured have to resume operations in order to minimize Business Income losses?
[16:30] Do you believe commercial policyholders have an adequate understanding of Business Income coverage?
[20:35] What options do policyholders have if they are not offered an adequate Business Income settlement?
[25:02] Relationship between the business income claim and the property claim
Stephen T. Surace is a Vice President and the Chief Financial Officer of Adjusters International, and President of Mosaic Accounting. He has extensive experience in all financial aspects of disaster recovery consulting. Surace specializes in business interruption/extra expense claims as well as all accounting-related aspects of property damage insurance claims, including dependent properties, payroll limitation claims, utilities services, leasehold interest, accounts receivable, and brands and labels coverage.
Surace has been a featured speaker for the New York State Bar Association, the New York State Society of Certified Public Accountants, and the National Association of Public Insurance Adjusters. He has also trained insurance professionals in many accounting-based first-party property coverages, including in addition to those listed above, radio and television antennas, electronic data, and stock claims and inventory reconstructions.
Wendy Biety joined Globe Midwest Adjusters International in 1999. Prior to working at GMAI, Ms. Biety worked for The Greenspan Company in Los Angeles and The Ritter Group in Chicago, both public insurance adjusting companies. With over twenty years of specializing in Business Income and Extra Expense Coverage, Wendy Biety has handled claims throughout a wide range of industries and has negotiated settlements on many multi-million dollar losses. She is a CPA in Illinois and a licensed public adjuster in both Illinois and Michigan. Ms. Biety graduated from University of Michigan with a concentration in accounting.
Darin R. Checchia is Regional Vice President of Adjusters International/Basloe, Levin & Cuccaro. A specialist in property, business income and extra expense claims recoveries, he has been instrumental in helping clients recover from losses of virtually every type—including fire, flood and hurricane damages from such major storms as Jean, Frances, Charlie and Ivan of 2004; Katrina, Rita and Wilma of 2005; New York State Floods of 2006; and Hurricane Ike and Iowa Floods of 2008.
He has been involved in numerous multi-million dollar losses. His experience encompasses having worked on behalf of retail stores, restaurants, hotels, manufacturers, school districts, health care facilities, condominium associations and real estate entities operating apartment complexes and office buildings.
Checchia has been a featured speaker on insurance adjusting topics for legal groups, including the New York State Bar Association and the Broome County Bar Association. He has served as an expert witness in property insurance litigation.
Todd Thomas was recently brought on as Adjusters International’s new Director of Special Projects. He is also the Chief Consultant and Partner of Adjusters International’s affiliate Sigma Consulting Corp. He has worked in the Management Consulting industry for 24 years. Currently, he works with Adjusters International’s strategic partners to offer the highest quality Risk Management and Disaster Recovery consulting services possible. Thomas has worked in a management capacity on high-profile FEMA, insurance and construction projects since 1996. Thomas regularly serves as an expert witness and Special Master to courts in the area of finance & insurance.
Thomas’ experience assisting public entities, non-profits and other organizations with risk management and insurance includes but is not limited to broker selection, insurance marketing, total cost of risk, risk identification, risk allocation, underwriting, claims, financial risk management, FEMA obtain & maintain compliance, risk analysis, risk management information systems and enterprise risk management.