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Last Post 03/18/2010 9:39 PM by TXAD

out of business

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skippie02

Guest
Posts:1

03/10/2010 3:53 PM
My question is, If a business had water damage, but unfortunately closed down 5 months later. (A claim was filed ) However, nothing has been resolved.Is the claim still valid. Or since the business has closed down the insurance company can deny the claim.

Medulus
Moderator

Veteran Member
Posts:786

03/10/2010 6:44 PM
The claim is still considered under these circumstances. Late reporting could be a problem if the claim was not reported for five months. However, a claim does not end because a business fails. Steve Ebner CPCU AIC AMIM "With great power comes great responsibility." (Stanley Martin Lieber, Amazing Fantasy # 15 August 1962)

TXAD

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Posts:36

03/18/2010 9:39 PM
I would imagine that, if the claim was filed before the business closed, then the owner would be entitled to that settlement anyway, since the policy was in force at the time of the damage, (if that is the case). That business owner still encurred the loss, which may or may not, have contributed to the closing.

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