What types of claims are covered under my businessowners policy of insurance?
Businessowners policies (BOPs) are designed to cover the following situations, however coverage depends on your individual policy:
• Damage to property insured under the policy
• Liability for bodily injury to customers or other third parties on your premises
• Medical payments for those injured on your premises
• Third-party property damage claims brought against you for claims arising out of your operations
• Advertising or personal injury
Once WCF Insurance receives your claim, we will investigate the facts and determine whether coverage applies under the terms of your policy.
What should you do when you learn of an incident or a third-party accident or injury on your property?
The earlier you contact WCF Insurance to report your loss, the earlier we can help you. You can report your claim 24 hours a day, 7 days a week through several convenient reporting options noted below:
• By phone to (800) 561-8008
• By fax to (385) 351-7750
• Online at wcf.com
• By email to firstname.lastname@example.org
• Through your WCF Insurance agent
What information do I need to report a claim?
When reporting a claim, it's helpful if you have the following:
• The insured’s policy number
• The date the accident/event occurred
• The address/location where the accident/event occurred
• A brief description of what happened
• The contact information for any other parties involved, including any contractors and experts
After I report my claim, what can I expect from the claim process?
Our goal is to contact our you within two business days after you report a claim. We’ll explain the coverages and actions needed to complete the process, get all the relevant information from you and/or from an inspection, and will assist you through the process.
Where can I send documents related to my claim?
You can forward documents to us via mail, email: email@example.com, or fax: (385) 351-7740. Be sure to include your claim number on any documents you send.
What happens if someone files a claim or a lawsuit against me or my business?
If a third party files a claim or lawsuit against you or your business, let us know as soon as possible. We’ll evaluate your coverage and investigate and review the facts of the claim. If your coverage applies, we’ll hire attorneys to represent your interests as there are deadlines for responding to a filed suit.
PROPERTY/FIRST PARTY FAQs
How long do I need to keep damaged items?
Talk to us before discarding any damaged items. Once we have inspected the property or gotten documentation from you supporting that the damaged articles are non-repairable, the items can typically be discarded. In some cases, we may want to obtain your damaged items for salvage or proper disposal.
When can I expect someone to come to my office for an inspection?
Depending on the nature and extent of the damages, a physical inspection may be necessary to determine an appropriate estimate of the damages or the cause of the loss. Your claim’s handler will explain the need for an inspection and will make an appointment to meet with you at a convenient time to inspect the damages.
Should I hire a contractor? Does WCF Insurance have any approved vendors?
You will need to hire a contractor to complete any repairs necessary. WCF Insurance will seek to reach an agreed scope and price with your contractor, but our payments will be issued to you.
WCF Insurance does not provide a preferred vendor network for emergency, mitigation, and repair services. We can provide a list of vendors, where available. You can talk to your handler for more information on the services available in your area.
How is the deductible applied?
Your estimate will show the full cost of repairs or replacement of covered property. The amount of the deductible will be deducted from the estimated amount and documented in the estimate accordingly.
How do I get my deductible back if I was not at fault for the damage to my property?
If other parties are responsible for the damage to your property, our Subrogation department will work on your behalf to recover your deductible from the responsible party and reimburse you. This process is known as subrogation. If we successfully recover any funds, your deductible will be refunded based on the recovered amount and/or applicable policy provisions and local laws.
How do I find information about my claim?
The best way to get information on your claim is to contact the claim handler assigned to your case.
What happens if my property damage affects my business operations?
We’ll assist in evaluating business income claims. If you have business interruption coverage for a covered cause of loss, we’ll review your financial records and compensate you for any covered lost income and extra expense during the period while your building is being restored.
What is the difference between replacement cost value (RCV) and actual cash value (ACV)?
In general, RCV is the amount it would cost to repair or replace damaged, covered property, at the time of the loss or damage, with materials of like kind and quality without deduction for deterioration, depreciation, and obsolescence. ACV is the cost to repair or replace damaged covered property, at the time of the loss or damage, with material of like kind and quality (subject to a deduction for deterioration, depreciation, and obsolescence).
Unless you repair the damages or replace covered property, an RCV policy allows for reimbursement on an ACV basis only. In that case, depreciation may be applied and will be reflected in your property damage estimate.
You can collect the recoverable depreciation by providing us with documentation (receipts, photos, or invoices) showing that the damages have been repaired or covered property has been replaced by you.
How do you determine the cost to repair or replace my property?
Damages are determined through several ways and are often dependent on the type of loss and amount of damage sustained. We’ll help you determine the cost of damages based on local repair costs and labor rates using an electronic estimating system. Some claims will require an inspection by one of our field property professionals, while other claims may be handled by a desk claims professional through documentation that you submit or that we obtain.
What if my contractor’s estimate differs from WCF’s?
First, show the estimate we provide you to your contractor (this estimate is based on the local market rates for labor and materials). If there are additional damages or differences in pricing, please contact us immediately so that we can reach agreement on the scope and cost of damages before repairs begin.