Owning commercial property in Oklahoma is similar to owning residential property, but there are important differences.
Due to these differences, commercial insurance policies are different from residential insurance policies. However, the claims process for both is relatively similar and insurance companies deny some commercial insurance claims just as they deny some residential claims.
Common reasons for insurance claim denials
There are different reasons insurance companies deny the claims, but some are more common than others. Some of the common reasons for denials are:
- The company fails to report previous claims for the property.
- The company made changes to the company and failed to update its insurance policies with the relevant information.
- The insurance policy does not cover a particular type of property or does not have the proper limits to insure the entire property or type of activity.
- Failing to follow the procedures or conditions in place in the insurance policy, which the company was required to follow in order to keep their property and company covered by the policy.
Commercial property insurance is very important for Oklahoma companies, and business leaders should routinely review their insurance policies. Unfortunately, many or even most business leaders only look at their insurance when they need it.
As a result, they may make claims thinking it they are covered only to receive a denial from the insurance company. This can have devastating results for the business.
There are ways companies can appeal the denials though. Experienced attorneys understand how to deal with insurance companies and may be a useful resource.