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Joplin Gives Extra Time for Businesses to Declare Plans in Wake of Tornado
Following the 2011 Joplin Tornado, city officials are asking businesses to announce whether or not they intended to rebuild.
January 12, 2012 /Government PR News/ -- In May 2011, one of the most devastating tornados in the nation's history pummeled Joplin, Missouri. Some 2000 buildings, representing about a third of Joplin, were battered by damaging winds. Many structures were completely flattened, and several months later, property owners are just now beginning to clear the rubble.
Eagerly contemplating plans to rebuild, city officials had originally asked businesses to announce whether or not they intended to rebuild by the end of November. But with the delay in insurance claim processing for commercial properties, the deadline has been a hurdle for many business owners.
Additional Time for Joplin Business Insurance Claims May Be Inadequate
Commercial tornado damage claims can take far longer to process than their residential counterparts. Franchise businesses with headquarters out of town may have to wait for approval on a claim. In addition, insurance company damage valuations may vary more for businesses, causing protracted settlement negations, and the professionals responsible for preparing structural engineer's reports necessary for claim processing are always backed up following a major disaster like the Joplin tornado.
Even though the November 30 deadline was already an extension, many Joplin commercial property owners are still struggling to calculate whether insurance payouts will be enough to restart their shattered businesses. If owners choose not to rebuild, they must demolish everything on their lots except the parking lot.
Business Interruption Insurance Can Be Critical
While standard property insurance may cover repair costs for structural damage and similar expenses, it does not cover the loss of income that temporary closure of a business entails. Overhead costs that often continue to pile up following a disaster (rent, utilities, etc.) can be the death knell of a business when revenue ceases unexpectedly.
Business interruption claims can be extremely valuable for property owners. Business interruption insurance coverage will pay the income your business would have made in the time period it is closed for repairs (as determined by past financial records), ongoing fixed costs, and "extra" expenses that may arise in keeping your business operating following a disaster (for instance, the costs of moving to a temporary location or renting a special piece of equipment, if necessary to avoid a total shutdown until repairs are made).
Help With Your Insurance Claim
Income cannot be produced without an operating business, but when insurers pay the full amounts their customers are entitled to, business interruption coverage can help otherwise productive commercial operations through tough times following a disaster. If your business has been damaged, talk to a qualified attorney today to ensure you recover the most you can for your business.
Article provided by Doyle Raizner LLP
Visit us at www.doyleraizner.com
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