Industry Specific Services Lumber, Hardware & Building Materials

Your expertise in coordinating: the voluminous documents into a comprehensive business income claim, the contractor's 60-page building estimate, the Ace Hardware inventory and fixture sheets, and all of the management staff's efforts - then putting them all together into a package that the insurance company actually paid as presented, was really remarkable. We could not have done this without you!
Michelle Richard
Timberline Builders Supply, Walden, CO

Your Situation

Situation 1
You just suffered serious damage and you are wondering what to do next.
Situation 2
You call your insurance company and wait for an adjuster to come out hoping that they will have your best interests at heart.
Situation 3
You moved from the asset side of your insurance company's ledger to the liability side of their ledger.

How We Can Help

The More You Know, The Better The Results.

  • Settlement We will negotiate the best possible settlement.
  • Peace of Mind We can help you get back to your lives, family, and business sooner.
  • Administration We cover every part in preparing and settling your claim.
  • Team A team of experts on your side.

Factors To Consider

When preparing a claim to a lumber, hardware and building material facility, there are many factors that need to be taken into consideration. To help you navigate the process, we have put together several talking points for you to review. Having a full understanding of each of the below bullet points is crucial to documenting, filing, and successfully settling your insurance claim. If any of these questions give you pause, please feel free to reach out to us for a no-cost discussion about your claim.
  • Replacing versus repairing production lines. Pros and cons.
  • Replacing versus replacing equipment. Pros and cons.
  • Frequently insurance companies use independent building and equipment consultants on large claims to prepare a bid. Who are these consultants? Who are they working for?
  • Increased efficiency and productivity with new equipment. Does the insurance company get a “credit?”
  • What are extra expenses? What can be included?
  • Does the insurance company pay for professionals necessary to evaluate your claim?
  • What happens when the insurance company engages a forensic accountant?
    • What is his/her role?
    • Why can’t your accountant just prepare your claim?
    • What is the harm in sharing your financial statements?
    • Are you required to produce your tax returns?
    • Can you recast your financial statements? If so, why?
  • What is the difference between Actual Loss Sustained and Sales Value of Production and how it affects your claim?
  • Are you entitled to an advance from the insurance company? What is reasonable?
  • What is the difference between a schedule of values and a schedule of coverages?
  • Are you familiar with the forms/practices below and what their request/issuance is telescoping?
    • Request for a Proof of Loss.
    • Reservation of Rights letter.
    • Request for an Examination Under Oath.
    • A Subrogation Agreement.
    • A Salvage Agreement.
  • Warranties and Protective Safeguard Requirements. What do they mean? What if you are not in full compliance? Can you still collect?
  • Can you recast your financial statements? If so, why?
  • Is it always beneficial for your building/property to be considered a “total loss?” If not, why not?
  • How is actual cash value determined? Why should you care?
  • Utilizing proformas/budgets to calculate loss of income.
  • Temporary locations? What happens at the end of your claim?
  • What are expediting expenses? How do they differ from extra expenses?
  • Can you continue to pay your employees?

    "Ordinary" employees versus "key" employees. How do they get identified? What is covered?

  • Equipment warranties: How do repairs affect them? Do repairs shorten the anticipated life of your machinery? Can you get compensated?
  • What is the extended period of indemnity, and how does it work?
  • Temporary production in other owned or non‐owned locations? What happens at the end of your claim?
  • How do the smoke and the water used to fight the fire affect your equipment? Your computers and other electronics?
  • Do they only work for insurance companies? Why this should be a red flag.
  • Is there coinsurance in your policy?
    • If there is, what does it mean?
    • If there is, did your insurance adjuster tell you? If not, why not?
    • How is coinsurance calculated on replacement cost? On actual cash value?
    • Properly managing coinsurance can prevent disaster. Not properly managing coinsurance can put you out of business!
  • What is your broker or agent’s role?
    • Will he/she be adjusting the claim?
    • How many claims has he/she handled?
    • Will his/her role be active or passive?
    • When faced with supporting your position or the insurance company’s, where will he/she stand?
  • Is the insurance company using an independent building or equipment consultant to prepare a bid? Who are these consultants? Who are they working for? Do they only work for insurance companies?
  • Is there coverage for your employees’ personal property?
  • Code Upgrade coverage is very important when rebuilding after a fire. How does your coverage address codes? If your coverage is limited, is there anything you can do about it?
  • Credit for continuing sales. How are they calculated?
    • What if you have another location and your policies are not blanket?
    • What if they are blanket?
  • If you have multiple polices, how is the claim adjusted?
  • Peak season endorsements and/or extensions. How do they really work?
  • Hazardous materials such as asbestos and lead can be expensive to address. Make sure your insurance carrier does not cut corners when addressing this issue.
  • Does your risk manager have the requisite skill sets to negotiate a large property claim?
  • Salvage. Who gets paid? Who gets the salvage?
  • Have you developed a game plan that allows your business to partially resume at another location? Will the insurance company indemnify you for the cost of the move and any additional expenses to outfit the new location?
  • Coinsurance clauses in loss of income coverage can lead to disastrous results when including labor expenses in the cost of goods manufactured and exclude those labor expenses in the business interruption evaluation.
  • What happens if you open your business elsewhere and you are successful? What if you are not successful?
  • How do you project lost sales? Sales declines?
  • Is it always beneficial for your building/property to be considered a “total loss?” If not, why not?
  • Is there coverage for your customers’ property?
  • How is the deductible applied?

Lumber, Hardware & Building Materials Client References

  • Allstone Ski Tools - Golden, CO
  • Ameri-Cure Inc. - Chandler, AZ
  • American Foodsource Corp. - La Junta, CO
  • Americold Corporation - Kansas City, KS
  • Andrews Metal Technologies - St. Louis, MO
  • Arcadian Trinidad Corp., Republic of Trinidad and Tobago
  • B W Creative Woodworks, Ltd. - Maple Ridge, Canada
  • Beall Trailer - Commerce City, CO
  • Benada Aluminum Of Florida - Medley, FL
  • Brooks Hardware - Maryland Heights, MO
  • BW Creative Woodworks, Ltd. - Maple Ridge, Canada
  • Cargill, Inc. - Caracas, Venezuela
  • Carr Lane Manufacturing Co. - Shrewsbury, MO
  • Comfort Interiors - Vancouver, WA
  • Corsica Cooperative Association - Corsica, SD
  • Davis Frames, Inc. - Ecru, MS
  • Dondlinger & Sons Construction Co., Inc. - Wichita, KS
  • Farmers Union Co-Op Elevator - Reliance, SD
  • Fehlig Bros Box and Lumber Company - St. Louis, MO
  • Gleason Corporation - Fort Madison, IA
  • H.W. Lumber & Hardware - Maryland Heights, MO
  • Hedstrom Concrete Products Co. - Woodbine, IA
  • Hirst Imports - Oklahoma City, OK
  • Iowa Paint Manufacturing Inc. - Des Moines, IA
  • Jones Tones, Inc. - Pueblo, CO
  • Kirsten Building Supply - Chesterfield, MO
  • Maja Equipment Company, Inc. - Omaha, NE
  • Mark Andy, Inc. - Chesterfield, MO
  • Morgan Spas - Garland, TX
  • Morgan Spas - Walnut Ridge, AR
  • Mountain Smith - Spencer, WV
  • Mountain Valley Lumber - Saguache, CO
  • One Source Home And Building - N. Little Rock, AR
  • Par Cedar Industries, Ltd. - Ucluelet, Canada
  • Payless Cashways Inc. - Albuquerque, NM
  • Product Services, Inc. - Ridgeland, MS
  • Rock Hill Lumber Co. - St. Louis, MO
  • Sierra Point Home Owners Association - Colorado Springs, CO
  • Signature Works - Hazelhurst, MS
  • SMC Contractors - Maryland Heights, MO
  • Taylor Ball - Boulder, CO
  • Thermal Mechanics, Inc. - Chesterfield, MO
  • TSW Investment - Denver, CO
  • Vail Valley Plumbing - Avon, CO

Contact Us

If you’re suffering from a commercial property damage claim, we can help!
Call us at 888.321.5200 or fill out the form below:
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