Business interruption insurance claim preparation and settlement
Your business interruption loss starts on the day of the fire or damage event and the losses may continue for 12 or 24 month or longer. During which time you will need to prepare and submit a number of claims to receive regular payments and then submit a final claim.
Independence and your interests.
Our claim preparation product is a claim that is prepared with your best interests in mind and from an independent source.
On the day of the loss.
We will assist from the first day of the loss. We will advise policy response to your disruption to operations, your obligation to mitigate losses and what that means for you going forward – you will have to start making decisions about ongoing staff movements, discussions with customers and suppliers, landlords and many other parties.
Increased costs cover is provided by most policies but each cost must fit your specific business interruption policy wording definition. You may start incurring increased costs on day 1 of the loss.
After your fire, you will suffer a cashflow problem. Sales may reduce, but your creditors currently owing will still be due on the next 20th of the month and staff will need to be paid. Further, you may start incurring increased costs to continue or maintain some sort of partial or full level of operation.
The policy provides cover for progress payments, but insurers will need proof and documentation as support to these progress payments.
To settle the claim you need to submit a final claim and then negotiate and agree a final amount if the loss adjusters calculation is different. We will assist in preparing and submitting the final claim and dealing with loss adjuster’s queries.
Role of the Loss Adjuster
Loss adjusters will have questions about claims made and we are fully involved with you in this process of responding to their queries. It is their job to check claims to ensure that the claim amount is correct.
Quantification and proof
The onus of proof and quantification rests with you - the insured business. Economic loss is a what-if situation which means estimates are required – which means opinions. A detailed and well supported claim submission to Insurers is key to ensuring your best outcome in terms of time, costs to you and claim payment to you by Insurers. This is our core competency – calculating your entitlement and getting appropriate supporting documentation. Our claim reports will contain the source documentation to support the progress and final claims submitted. We will prepare your claim matching your loss situation to the indemnities and entitlements provided by your specific business interruption insurance policy wording.
Our claim reports provide full clarity of the formulas and mechanics of the claim. A summary of heads of loss has a an audit trail back to source documentation so that you can see exactly and in detail total losses claims and payments received over the duration of the claim process, updated for each progress claim made. This clarity of both the detail and summary information empowers you so that you are in control of your claim.