Commercial property insurance covers the structures, buildings, contents and other property of businesses or companies when they have been damaged and destroyed by natural disasters, such as hurricanes and tornadoes, in addition to damage from fire and property that has been stolen or lost.
Florida commercial insurance providers are permitted great flexibility when creating insurance policies, so it is important to know what is covered by your policy and if you have any additional or supplemental coverage to determine if your insurer is acting in bad faith or has breached their contract with you.
If your company’s commercial property insurance claim has been denied or disputed in bad faith by your insurance provider, it is important to hire a property insurance lawyer in Tampa.
Tampa Commercial Property Lawyer
Contact the Germain Law Group, P.A.at (813) 835-8888 or submit an online form for a consultation about your commercial property insurance claim denial in Tampa, Florida.
Attorney Michael Germain of Germain Law Group, P.A. has years of experience representing individuals with property insurance claims, including commercial property, condominiums, and renters insurance claims.
Call the Germain Law Group, P.A. today about your property insurance claim denial throughout the areas in Hillsborough County, Pinellas County, Polk County, Hernando County, Sumter County, and surrounding areas.
Commercial Property Insurance Coverage in Florida
Under Fla. Stat. § 627.0625, commercial property insurance is defined the same as general property insurance, or insurance against damages of any kind on real and/or personal property, regardless if the property is on land, water or in the air. However, commercial property insurance is typically limited to commercial risk coverage.
Commercial property insurance can usually be purchased by any business that owns, rents or leases a building for operating their business. Similar to home renter’s insurance, if you rent your commercial property, the building owner’s policy won’t cover any of your personal losses, but will only cover structural damage to the building.
Most commercial property policies fall under three types of categories, including:
- Basic Form Commercial Policies – Basic insurance policies cover common perils, such as fire damage, wind damage, lightning damage, smoke damage and any losses from theft or vandalism.
- Broad Form Commercial Policies – This type of policy covers everything covered in the basic form policy in addition to other perils such as water damage, flooding, broken glass and other losses from falling objects.
- Special Form Commercial Policies – These types of insurance policies cover all losses except for those specifically excluded by the policy.
Usually, businesses that have many locations and operate for the same type of purpose are covered under a single policy, but it is important to examine your insurance policy to determine what is actually covered under your policy and if there are any exclusions.
Commercial Property Insurance Disputes in Tampa
Your insurer will attempt to deny or dispute your commercial property for many reasons, including:
- The policy did not cover the type of damage,
- The damage was specifically excluded from the policy,
- The claim was made fraudulently, and/or
- Your policy was cancelled because your premium was not timely made.
Your insurer may also act in bad faith or breach their insurance contract with you if they delay the processing of your claim, fail to timely pay your claim or disagree with the amount of damage to your property.
If your business’ claim has been disputed by your insurance provider or they breach their insurance contract with you in bad faith, a new Florida law permits policyholders to file a breach of contract claim with their insurance company within five years.
This statute of limitations (SOL), or amount of time within which a claim is permitted to be filed, begins to run from the time the property was damaged, and not when the insurance carrier breached their contract. When a breach occurs, this five year time period could almost be over, especially in commercial property cases. Therefore, it is important to hire a property insurance attorney when the damage to your property occurs.
Commercial property insurance disputes can be time-consuming, frustrating and costly. It is important to hire an experienced Tampa insurance attorney to represent your company’s interests and pursue any legal action that becomes necessary from your claim.
Germain Law Group, P.A. | Hillsborough County Commercial Property Attorney
Contact Germain Law Group, P.A. at (813) 835-8888 or submit an online form today for a consultation about your commercial property claim denial in Hillsborough County, including Tampa, Temple Terrace, Sun City Center, Hunters Green, Clair-Mel,Plant City, and surround communities.
Michael B. Germain, Tampa property insurance dispute lawyer , has the knowledge and experienced to obtain the best possible results in your commercial property insurance claim. Contact Germain Law Group, P.A. for a confidential consultation.