Our Role assisting Policyholders in Commercial Insurance Claims
When your company suffers an unexpected event such as a fire or an explosion, the finance department often face a traumatic time dealing with both the day to day financial matters and managing the insurance claim.
Most companies will have insurance policies that cover property damage and business interruption losses. Property losses relate to the costs incurred in replacing and repairing the machinery and equipment damaged or destroyed by the event. The business interruption losses relate to the difference between the earnings the company would have earned, if the incident had not occurred, and the actual earnings.
As expert accountants we assist companies in:
- Choosing an amount of insurance; and
- The preparation, analysis and negotiation of insurance claims. Our clients achieve a successful resolution of the insurance claim and a timely reimbursement of the damages.
In many cases our fees in preparing a claim are covered by an endorsement in the insurance policy which covers the cost of experts to prepare the claim on behalf of the insured.
We have acted as the expert accountant for public companies in the presentation and negotiation of business interruption claims up to $250 million and property damage claims up to $20 million. We have experience in a wide range of industries
In addition to the experience described above, we have presented on business interruption insurance issues to the insurance community, contributed a chapter to the publication "Business Interruption Insurance" issued by Canada Law Book Inc. in 2004 and published articles entitled "In case of fire, break glass?" in the August 2005 issue of the Canadian Chartered Accountants monthly magazine and "Calm During Crisis" in the August 2007 issue of Canadian Underwriter . We are members of relevant business associations.
To assist policyholders and their brokers in the preparation of a claim we provide the following checklists:
To assist policyholders and their brokers in choosing the amount of business interruption insurance we provide the following:
- Factors to consider in choosing an amount of Business interruption insurance. The following worksheets are included:
We also provide a definition of Key Terms in Standard Business Interruption Policies.
Contact us for more information