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Insurance Settlement Time ???

Old 12-12-2008, 11:05 AM
  #1  
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Default Insurance Settlement Time ???

If someone breaks into my shop, and steals $4000 worth of tools and equipment that I need every day in my business, how long am I supposed to wait for the things to show up in the local pawn shop, and hope to get them back, before the insurance company pays my claim??
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Old 12-12-2008, 11:32 AM
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Default Re: Insurance Settlement Time ???

Just long enough to get the claim paid. If the tools are found afterward the insurance company has the right to keep them but will usually offer to sell them back to you if you want them. If they are making you wait, just tell them you need to file a claim on the business interruption portion of your policy.
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Old 12-12-2008, 11:33 AM
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Default Re: Insurance Settlement Time ???

Thanks, I know that you are in the business.
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Old 12-12-2008, 12:36 PM
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Default Re: Insurance Settlement Time ???

They are supposed to handle your claim in a "reasonable time". Unfortunately, reasonable time is not defined so the statement doesn't mean anything. If you have Business Interruption coverage, make a claim. If not, replace the tools and submit the receipts to the carrier and hope they pay you back.
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