From the initial indication of loss to the final detailed report the assessment of financial loss has a number of uses in a claim scenario. In the initial stages of a loss it is important for the business and insurers to have a clear understanding of what the losses are likely to be given different recovery scenarios and investment decisions that have to be made in each case.
Where this investment is covered by the policy as an increased cost of working (ICW) it must be shown to be economic ideally before the decision to incur it has been taken.
Business interruption losses can be influenced (to the good and bad) by the actions or lack of them soon after the event. Our ability to provide an insight both to the financial loss but also to expected market reactions is invaluable in supporting the management of the business in the early days.
We are adept at policy interpretation particularly being able to present an authoritative view and will identify early in the process the extent and where possible any remedy to policy failings.
The loss is assessed on a regular basis to allow insurers to be confident to make interim payments to meet the cashflow demands of the business.
Our final claim assessment will be supported by a range of evidence obtained contemporaneously as well as from the analysis of historic and related data.
A technically sound and well-argued assessment allows the insurer and its advisors to have confidence that what they are being asked to pay is fair and reasonable.