My shop was flooded with warter ..! whats going to happen with Insuarance

[Ravisteam]

Depending on your policy and what it covers I would be moving along the lines that the printer is beyond economical repair (which is what Epson have stated) and claim for that Also loss of business etc etc. You may be covered for rental of an equivalent machine ( you have a duty to your insurers to reduce any further potential losses against insured perils etc.

I dont know how much money is involved in the total claim but an informal chat with a loss assessor (works for you) may not be a bad idea.

I only had public liability and content cover , didnt take the stock (there was about 6 boxes of Tshirts got wet as well ) .Insuarance guys asking for 2 quotes but Epson said no one would repair this and sent me a email confirming this .Hope this will help to get this replaced .Thing is time is going pass and I am loosing money on the business as I canot use the machine..How long do they take roughly any idea froggy ?. Thanks again for your valuble time ..

[pw66]

How that works ..Will I get it sorted from my insurance and they claim from landlord ??. Cos I don’t know landlord has a building insurance or not and will that matter to to my claim ?. cos I am paying for my content insurance shouldn’t they pay me regardless ..So nerves until I get this sorted ..

Your insurance should pay you, but they might want to claim against other insurance if there is any.

[froggy]

I only had public liability and content cover , didnt take the stock (there was about 6 boxes of Tshirts got wet as well ) .Insuarance guys asking for 2 quotes but Epson said no one would repair this and sent me a email confirming this .Hope this will help to get this replaced .Thing is time is going pass and I am loosing money on the business as I canot use the machine..How long do they take roughly any idea froggy ?. Thanks again for your valuble time ..

It depends on what cover you have. If you dont have business interruption insurance then it will affect your bargaining power with your insurers. I dont know your circumstances, but my main aim would be to get back to fulll production as soon as possible and argue the fine points later. Although it does really depend on your particular level of business. If I was losing £3000 a week in business for the next two weeks, then worrying about £300 in payout difference from an insurer wouldnt be an issue.
Insurance companies are smart, what you are actually covered for with the policies you have would dictate how I proceeded in your position, it would also have some relevance on how much bargaining power with the insurance company I had. If I had business interruption insurance, then minimising further potential loss ie get back up and running as soon as possible is an important consideration of my insurance cover.
You do, in most instances have a duty of care to your insurers to minimise any further loss as soon as is reasonably possible.

Good luck, read and understand what your policy covers you for.

[Ravisteam]

is it a good idea to use a 3rd party company to handle the claim so they can do it professionally ..?

[froggy]

is it a good idea to use a 3rd party company to handle the claim so they can do it professionally ..?

I suppose it depends. I have done in the past but it was a claim which needed negotiation with the insurers. A loss assessor is a specialist and the insurance loss adjusters treat them more seriously. We paid a percentage of the claim in fees, but for us it was money well spent.

[Ravisteam]

I suppose it depends. I have done in the past but it was a claim which needed negotiation with the insurers. A loss assessor is a specialist and the insurance loss adjusters treat them more seriously. We paid a percentage of the claim in fees, but for us it was money well spent.

Lost adjuster just got back to me today and he is agreeing to pay full prices for the both printers , but he is asking me to buy the printers and forward the invoices and they will pay me after , will be over 13K lol.. I hope they can pay the company insted so I dont have to pay upfront ....! Any suggestions pls froggy ?. Thanks again for your advises all the way ..

[pw66]

You still have just under 2 months to apply for the Govt. Bounce Back Loan scheme, if you haven't already applied. When you get your insurance payout you can pay it back with no penalty.
https://www.gov.uk/guidance/apply-fo...unce-back-loan

If you have had the loan - but didn't take the maximum you were entitled to, you could be able to get a top up loan.

[froggy]

Lost adjuster just got back to me today and he is agreeing to pay full prices for the both printers , but he is asking me to buy the printers and forward the invoices and they will pay me after , will be over 13K lol.. I hope they can pay the company insted so I dont have to pay upfront ....! Any suggestions pls froggy ?. Thanks again for your advises all the way ..

Talk to your supplier and explain the situation. All the supplier is bothered about is getting paid, that doesnt necessarily mean getting paid before they ship to you if an insurance company has given an assurance that they are picking up the tab. Your supplier will probably have been in this situation before and will advise you of what to do.