Case study – Property owners 

Background

Mr Smith runs a successful and dynamic local business within the Preston area and has been a client of Taylor Patterson for many years. Mr Smith has a comprehensive commercial property owner’s insurance package. Shortly before Christmas there was an escape of water at the business premises. This caused considerable damage to both the property and stock in the building. Despite the unforeseen circumstances, it was essential the business was able to continue trading.

Challenges

Business interruption was one of the client’s main concerns. The business could not afford to cease trading during the busiest retailing period of the year.

The client was apprehensive about having to purchase replacement stock and equipment as well as carrying out works to the property, therefore cash flow was another significant concern.

Due to the extreme weather conditions, there was a prevalence of similar claims due to burst water pipes and the client was worried about when a loss adjuster would be able to visit the property and deal with the claim.

What Taylor Patterson did

The client’s insurers were notified immediately. Due to the commercial concerns surrounding the claim it was imperative that a speedy resolution was sought on behalf of the client.

A Loss Adjuster was appointed straight away and the client was instructed to carry out initial remedial works. This was arranged due to the relationship between Taylor Patterson and Insurers.  In order to ensure there were no cash flow issues, the client was made a series of interim payments.

Taylor Patterson coordinated the claim and made arrangements on behalf of the client to deal with the different aspects of the claim. This enabled the client to concentrate on running the business, despite the challenging circumstances.

The Results

The client was able to carry on trading during the Christmas period with minimum impact and is now looking forward to a successful 2011. The work on the property was able to take place within an agreed time frame and the insurance needs of the client will continue to be monitored by Taylor Patterson.