Property Recovery: Don't Be Caught Unawares!
By Eric Raisman
Most of the property management companies and Condominium Associations we have spoken with
do not have a documented “Property Recovery Plan”. Some don’t like to think about potential
disasters. Some think that having an insurance policy is enough. Many simply don’t know where to
begin. In our experience, the old axiom holds true: “If you fail to plan, plan to fail!”
Disaster recovery and dealing with catastrophe is never something that people like to dwell on.
Naturally this leads to procrastination, until something occurs. As a Public Insurance Adjuster, we
commonly find that management failed to retain documents offsite, did not reevaluate their coverage,
did not have safeguards in place to ensure a smooth transition for their residents or clients, etc. The
mistake they make is not in how they handle the
recovery, but the failure to plan in the first place.
Putting together your Property Recovery Plan is
not difficult, nor does it need to be overly time
consuming. However it does take a bit of initiative
and some attention from the leaders of your
management team. Some larger and more
experienced Public Insurance Adjusters understand
the value of helping you put this together, and can
walk through the process with you.
Step 1: Putting Your Team Together
Managing your recovery from a serious incident
does not have to be chaos and drama. It can be as
easy as picking up the phone and making a few
calls. However, to ensure that there is a rapid and
professional response, you need to have a team
ready to help you. This team is similar to your
internal team, but consists of: Your Public
Insurance Adjuster (The Team Leader),
Contractors for property restoration, Cleaning
Services, and other individuals involved in getting your property back to normal as quickly as
possible.
The concept of these people working as a team for you may sound odd, until you consider that for
every one of them, the goal is to get your property restored in a timely and professional manner.
Each of them play a part, and the Public Insurance Adjuster can act as your quarterback. There is
value in putting this team together beforehand, so that when the game is on, they know the other
players and how to work together.
Start by signing up with a licensed and reputable Public Insurance Adjuster. He will know how to
assist you throughout this process, and will frequently have contacts and professional research to help you find other members of the team that you may not already have relationships with. These
relationships and the ability to recommend to you other firms you can trust is the mark of a professional. They will usually remain a part of the bidding and selection process as well, to ensure
you understand the value in comparing different bids.
It is not necessary to have all of the contractors and services contracted at this time. However,
having the contact information and making an initial call to present yourself will move your business
to the top of the list when you do need to use them.
Step 2: Provide your Public Insurance Adjuster with the paperwork they will need to be able
to leap on your claim immediately.
The Public Insurance Adjuster will have a list of the paperwork they will need to reference in the
event of an incident. You should provide copies of these materials to the adjuster and they should
maintain them securely for you off-site. At this time establishing a system to update and periodically
check the accuracy of the information. This information will include contact data, insurance
information, and may include images of your property in its current condition. (This makes the
updating of photos when property renovation and other enhancements occur critical.)
Step 3: Walk through your policy with your Public Insurance Adjuster.
This step is often overlooked, but can be very important. You should establish your goals in
restoring your property with your adjuster. Remember they are your advocate and on your side.
These goals may range in priority along the lines of speed, safety, cost control, limiting premium
increases, etc. By reviewing your policy with these goals in mind, your adjuster can offer you
suggestions in areas where you may not have been aware of opportunities. Even more importantly,
when handling your claim, the adjuster will already have a framework of how to proceed in order to
achieve your stated objectives.
Step 4: Rest easy.
By having the team in place, your documents secure, your coverage and expectations appropriate to
your goals, and someone to whom to make that first call, you will be well served in the event a
catastrophe, large or small, damages your property. Having these things in place allows you to focus
on the other concerns, such as residents, staff, and community issues which are important at such a
time.
Eric Raisman is a nationally recognized public insurance adjuster. With over 10 years in the
industry, he has handled claims from frozen pipes to blizzards to fires to Hurricanes. Eric Raisman
is licensed in over 30 states and has offices in the North East and Florida to provide rapid local
service to any client. His established network of relationships has provided him insight and
opportunities to address claims to maximize his client’s award.
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