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Bond Collateral Assistance Fund

The Right Insurance

The correct type of insurance coverage provides financial protection ​when your business experiences disruptions​. Seek the professional advice of an insurance advisor, broker, or agent to help you develop an effective insurance program for your business.

In the event of a disaster:

  • Immediately contact your insurance company or broker/agent​.
  • If temporarily relocated, make sure the insurance company or broker/agent knows your temporary address and contact information​.​
  • Read your insurance policy to understand what losses are covered​.​
  • Take photographs/​ ​videos of the damaged areas and assets to help with your claim​.​
  • Do not remove damaged property until the insurance adjuster has assessed the damage and made an official report.
  • Only make repairs necessary to prevent any further damage; if you make permanent repairs unauthorized by the insurance company, they may not be covered​.​
  • Keep receipts for repairs and temporary business expenses​.​
  • Establish the value of your claim: prepare an inventory of all damaged or destroyed property (item, quantity, date of purchase, cost at purchase, age, and estimated replacement cost) along with your pre-loss photographs​.​
  • Work with the ​insurance company’s ​adjuster​ to ensure that the company will accept the estimate of damages​.​
  • Join the adjuster​ during the inspection​.​
  • If ​settlement offered by the insurance company seems unfair, contact the New York State Department of Financial Services​.​
  • If parts of your claim is denied​ by your insurance company​, keep copies​ of the denial​​ notification.​
  • Only hire licensed contractors who have the appropriate building permits​ to make repairs​. Always contact your insurance company and claims adjuster if additional unreported damage is found​.

For more information and assistance​, contact the New York State Department of Financial Services.

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