Extra expense coverage is designed to minimize the financial damage, loss of clients or loss of market share as a result of an insured loss. It compensates an insured business for those extra expenses incurred as a result of the insured attempting to minimize the financial damages and the suspension of its business and to continue its operations.
Compensable expenses may include the excess costs an insured would not normally face in its day to day operations but must expend after a loss to avoid or limit the time of suspension of business at the insured premises, including operations at a temporary location, and may include those costs necessary to restock the business, to continue its operations and avoid a loss of market share or clientele. If you have experienced these type of extra expenses and your insurer has failed to honor its promise and has delayed payment, denied your claim, asserted a lack of coverage, attempted to pay less than the claim’s true value or has, in any other manner adjusted the claim improperly, the Wells Law Group can help make your business whole again.