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Q: “What should I do if my retail space was damaged over the weekend?”

Date

August 10, 2020

Read Time

1 minute

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Answered by Eileen Sethna

If you are a commercial tenant whose storefront or property sustained damage, there are several things you should be doing. First, you should notify the police in order to complete a police report (describing the date/time and nature of the damage, including what if anything was removed without authorization), and keep in mind that such a report is often a condition to the filing of an insurance claim.

Second, you should notify your landlord and/or property manager to assist in (or otherwise authorize) initiating the boarding and securing of any broken window panes, doors, locks, etc. (but check your lease as the responsibility for such work may vary).  

Third, you should initiate a claim with your insurance carrier so you understand how and what coverage you’ll have for the expenses to be incurred in the repair, remediation, and restocking.

Fourth, you should revisit your security policy and protocol to determine whether reinforced glass or other security measures are a prudent investment.


Filed under: Financial Services & Restructuring

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