By GERRY L. ALONSO, senior vice president of claims at FM Global
-- Meet with your claims representative to make sure you understand how your policy responds in the event of a crisis and to develop a loss management plan.
-- Identify insurance coverage gaps and other areas of vulnerability.
-- Develop clear guidelines for notification, documentation and salvage efforts.
-- Identify needs unique to your business operations.
-- Provide clear instructions for your emergency response team to use during a disaster.
-- Avoid delays due to inadequate record-keeping procedures so that vital records and important documentation are not lost.
-- Notify your insurer of your loss immediately; include the date, time, cause and location of the loss.
-- Protect your property from further damage wherever possible by restoring fire-protection systems, repairing leaks, providing temporary support and restoring power.
-- Mitigate the resulting financial impact by utilizing alternate facilities and existing inventory and by expediting repairs.
-- Document your loss by collecting the information you'll need to file and support your property loss and business-interruption claims.
-- Provide appropriate documentation for property damage and business interruption.
-- Reflect upon whether your loss could have been prevented. If so, develop and put measures in place to help prevent such a loss from occurring again.
June 1, 2010
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