Business Interruption Claims- Hurricane Ida
Many businesses were destroyed by Hurricane Ida, many more were severely impacted. If your business suffered losses because of Hurricane Ida and you have purchased business interruption insurance coverage, you may have a claim for money to make up the difference between your business’ normal income and its income during and immediately after a forced shutdown.
Policy Requirements For A Hurricane Ida Business Interruption Claim
Businesses owners need to review the applicable policy requirements by thoroughly reading over their policy. There are usually several common requirements:
- Usually there must be physical damage to your business property.
- The physical damage must occur at the location described in the property policy.
- The physical damage itself must have been caused by an incident like Hurricane Ida, typically called a “peril,” in the policy.
- The physical damage must cause a necessary interruption, or “suspension” of operations.
- Insurers usually interpret the policy to require an actual and complete cessation of your operations before coverage is triggered
- The claimed financial loss must be caused by the shutdown, and not by factors unrelated to the physical damage.
Common Documents To Prove Your Ida Claim
If Hurricane Ida required you to close your business, you should be prepared to provide your insurance company proof of your business income and expenses for a period of at least one to two years before the loss.
The key documents you should have are:
- Profit and loss and balance sheet for at least two calendar years before the loss
- Payroll records you are required to maintain by law
- Sales records for the two prior accounting years (if available)
- Copies of real property and equipment leases, major customer and vendor contracts, and significant contracts material to the performance of your business
- Records that will allow you to establish the “continuing expenses” you will have to bear even while your operations are shut down or reduced.
- Inventory records
Always remember that there may be important deadlines in the policy that must be followed to maintain a valid claim.
If we can help you in any way with your business interruption claim, do not hesitate to contact us. The evaluation of your Hurricane Ida insurance claim is free. There is no cost and no obligation. Let Lavis Law Firm get you the money you deserve. Submit your case evaluation today. If you prefer, you may contact us at 866-558-9151 or 504-558-9151 for your free evaluation.