3. Claim Preparation.
Every tangible item lost or damaged is listed with its purchase price and date of purchase. An assessment is made of its condition at the time of the loss. We also consider its replacement cost and any diminished value due to obsolescence. We also consider any restoration costs to restore an item to its condition prior to loss. These restoration costs include repairs and cleaning.
Vermeulen Associates will make a thorough inspection of the site. We will document the damage using photos and video where appropriate. Our critical analysis of any damage includes the underlying structure and utility services. We go beneath the surface to assess the full extent of the damage.
Following the inspection we prepare a listing of all materials which includes the replacement pricing. Vermeulen Associates will also include any contracted services needed to complete the restoration and repairs needed to bringing the property back to within the current building codes. The cost of specialized services (if needed) are also included.
Vermeulen Associates will determine if your policy will include coverage for loss of income due to business interruption. If so we will work with your accountant or our certified public accountant accountant to determine the impact on income of this loss.