It is impossible to fully insure all the losses suffered by a business when a catastrophe occurs. An adequate insurance policy will provide a monetary solution to most of these, however many losses are intangible. These can include long term unrest amongst staff, loss of records that can’t be recreated and loss of momentum that was building within a business. These intangibles must be identified and analysed in order that any financial effect on the business is calculated and where possible, properly recovered under a business interruption claim.
In the event of a fire, flood, explosion, earthquake or similar catastrophic event, insurance is a secondary consideration. Management’s prime concern must be to minimise the effect of damage on the business and wherever possible, to avoid interruption to normal activities. Unless you have experienced such a situation, it is extremely difficult to know exactly what to do in both the short and medium terms. Dealing and negotiating with a loss adjuster is just another step in an already stressful situation.
We minimise the levels of stress by managing the entire claim process. The activities in which we involve ourselves are:
- Early advice as to disaster minimisation and recovery procedures;
- Advice as to proper operation of the insurance policy;
- Assistance in developing a reinstatement plan, identifying areas of betterment (not covered by the policy) and other factors that could impact the insurance claim;
- Negotiation with the loss adjuster through all phases of the recovery;
- Analysis of the financial impact of the business, specifically in relation to claimable items under the insurance policy;
- Presentation of the formal claim and negotiation of final settlement.