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What can I do if my business property has been damaged?

On Behalf of | Jun 22, 2018 | Real Estate Law

One of the first things a Henderson, Nevada business owner or real estate investor will want to buy after purchasing a piece of commercial real estate is property insurance.

This type of insurance is supposed to protect them from financial hardship should their business buildings or investment homes get damaged by theft, a fire or some sort of natural disaster. When things are going as expected, all an owner need do after experiencing damage to his or her business property is file a claim with his or her insurance company. If it is a valid claim, an insurance company is expected to pay for the damage according to the terms of the policy.

Unfortunately, though, insurance companies do not always pay claims they should after a disaster. In other cases, the company might agree to pay, but will not pay everything that the insurance company owes or will do so only after a great deal of humming and hauling.

A Nevada resident can always at that point sue the insurance company for breach of contract, as the insurance policy is a binding agreement on both the business owner and the insurance company. However, that is not everything in a business owner’s legal arsenal.

Under Nevada law, the owner of a business may also sue for what is called bad faith or may sue for the company’s violation of Nevada’s minimum legal requirements for handling claims fairly. These options are particularly useful for business owners because they can use them to claim additional damages, including attorney fees.

Hopefully, investors in business property will have the foresight to purchase appropriate insurance. If they have done so but still have problems getting a valid claim paid, then they may be able to get legal remedies with help of an attorney experienced with real estate law.

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