Take immediate action to minimize the loss.
Protect undamaged property from loss.
Implement means of capturing all expenses.
Consult contractors for an initial estimate
Define plans as to reopening the location and under what conditions.
Identify temporary measures needed to resume operations
Take photographs of the damage.
Appoint one person to represent your company with the adjuster.
Set up clear lines of communication with the adjuster
What is Subrogation
and why is it important?
Subrogation is the act of one party claiming the legal
rights of another that it has reimbursed for losses. Subrogation occurs in
property/casualty insurance when a company pays one of its insured’s for
damages, then makes its own claim against others who may have caused the loss,
insured the loss, or contributed to it.
For Example: Suppose another driver runs a red light and
your car is totaled. You have insurance on your car, so you call your insurance
carrier and they pay you for all of your expenses related to the accident. Your
insurance company, realizing that the other driver had an insurance policy,
then seeks reimbursement from the at-fault party’s insurance carrier. Your
insurer is “subrogated” to the rights of your policy and can “step in your
shoes” to recover any amount paid out on your behalf. This is the definition of