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Anastase Maragos, Insurance Claims, answers the question: What is the process for figuring out the accurate value of a commercial property?
With commercial property, it's the owner's responsibility to determine the property's value. The best approach is to work closely with your broker, who can help guide you in making sure you're properly insured.
Your broker is responsible for explaining the obligation to be properly insured and the risk of being underinsured, especially when it comes to the coinsurance clause. If your broker didn't accurately assess your coverage needs or failed to guide you properly, resulting in you being underinsured, it may be time to speak with a lawyer to understand your options and protect your interests.
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