Pragmaticum Ltd Pragmaticum Logo The Oaks,
Uckfield Lane,
TN8 7LJ Hever, 01732860329
Pragmaticum Logo

Business Interruption Consultancy

Liability Admitted

Insurance Claims

From the initial indication of loss to the final detailed report the assessment of financial loss fulfils a number of uses. 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 under 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 of cover and where there may be policy failings and how these might be mitigated.

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.

Other Third Party Claims

It is often the case that the financial loss to a business has been caused by the negligent or wanton act of a liable third party.

In the early stages it may be necessary to provide financial arguments as well as to settle the question of causation and we are well experienced in making these arguments either independently or through lawyers. In some situations an opinion on the size of the expected loss may be required to obtain funding for legal action.

Oil Pollution – IOPC Funds Claims

From our dominant position representing the majority of the members of the fishing and tourist industries in the Braer and Sea Empress oil tanker disasters we then went on to represent those affected by pollution from the Erika and Prestige.

Since our early involvement in 1993 we have used our experience in financial loss assessment to influence the IOPC (International Oil Pollution Compensation Funds) in its interpretation of the manner and scope of the losses suffered such that the current claims manual of the IOPC is largely as a result of the manner in which we presented the claims.