Gold Coast Public Adjusters in Fort Lauderdale. Theft and Vandalism Insurance Claims
Theft and Vandalism insurance claim experts
Although the majority of strategies and methodologies in adjusting vandalism and theft insurance claim is similar to that of other losses, there are unique aspects of this peril that require special attention and expertise.
Vandalism and Theft Insurance Claim
Typical questions posed by insurance companies after receiving notice of a theft/vandalism claim are: Did a theft/vandalism actually occur? Did the policyholder actually own or possess the items being claimed stolen, and if so, can proof be provided? What is the value of the item or items being claimed? Was there any related property damage such as broken windows, doors, locks, or equipment related to the theft or vandalism?
With respect to the theft/vandalism event, most are substantiated and supported by official police reports which document the actual event. Insurance companies use these reports to verify an event happened. They also use them to assist in future subrogation avenues it may pursue.
It is absolutely critical that a police report is filed in claims involving theft and/or vandalism. You should make sure the police report and the report of items being claimed are accurate as to the list of items stolen. Should you discover additional items later be sure to update the police report and tell the insurance company you have filed a supplemental police report.
Vandalism and Theft Insurance Documentation
With respect to ownership and value, insurance companies rely heavily on documentation provided by the policyholder to prove ownership and substantiate value. This documentation could take the form of video, pictures, receipts, credit card statements, appraisals, insurance policy endorsements, etc.
Try to provide as much documentation as possible to help substantiate the claim for theft with your insurance company.
In the event no title or ownership documentation can be provided; in the case of larger losses, most insurance companies will invoke their right to an examination of the insured under oath also called EUO.
Insurance company may also request financial documentation from the insured to establish a basis of ownership. In some cases, they request tax returns and support documentation showing a person had the income, as well as the lifestyle for the items they claimed were stolen.
In addition to ownership and measurement of loss issues, a very detailed review and evaluation of the insurance policy must be completed. Most policies contain limits or exclusions for certain scope items related to theft/vandalism claims . In many cases, certain items must be scheduled in a policy in order for coverage or higher limits to apply. Often this can be accomplished by what is called an inland marine floater insurance policy.
Third party appraisals will be required to schedule items and a limit will be set as to the maximum amount you will be paid in the event of a theft.