BI Risk Survey and Panning
This work is typically carried out in conjunction with a broker and where applicable the risk and insurance department of the business. Whether as part of a renewal program or general risk management, we use our extensive claims experience to support businesses in predicting likely loss scenarios, estimating maximum loss values to improve resilience as well as reviewing policy coverage before renewal.
This service is invariably tailormade for each business and its objectives. This can range from a simple desktop review to a multiyear program of work looking at different aspects of the business each year.
Initial business
and policy review
Impact
analysis
Detailed
scenario testing
Initial Business and Policy Review
From our experience in claim preparation we have seen how important it is to have a well structured and adequate policy for business interruption. Too often we see businesses struggling to survive an incident through all or part of the losses suffered not being covered.
We put this experience to use by reviewing the policy in place and taking the business through a detailed review process we have developed to map the policy cover to the needs of the business. This will involve considering the Indemnity Period, Sums Insured sublimits, the Insured entities and property insured.
We will consider the policy extensions and exclusions as well as the extent to which disruption to the Business’ supply chain will be covered.
Impact Analysis
Following, or as part of the policy review, we take “live” client data to determine what financial impact certain scenario assumptions are likely to have. This enables the Business to better configure its contingency planning as well as “bringing to life” a potential claim situation.
Our experience enables us to recommend scenarios that may not be obvious as well as modelling on realistic assumptions that make the analysis realistic. As part of this process, we will model what is reasonably expected to be the maximum probable loss.
Detailed Scenario Testing
The impact analysis invariably will be supported by running a number of different scenarios that will test the extent to which the Business would be affected and also identify areas of resilience and potential mitigation strategies.
This exercise is not only useful to the business but also provides better and more informed dat to the insurer of the risk that is being underwritten.
Whether supporting the board of an SME or the risk and insurance team of a large corporate, we are part of your team. We provide the resource and expertise to deal with the challenges the loss presents that allows you to focus on your day to day business.
Where liability is denied, or there is a responsible third party, we work with your legal team to fully quantify the losses suffered, and this expert opinion forms an essential part of the legal action.
Contact Pragmaticum today, the Business Interruption Claims Specialists