Business Interruption Insurance Claims
Assistance with claim
preparation for material
damage and business interruption
When unexpected damage and disruption to a business occurs, business interruption claims are made to ensure everything can remain operational where possible. Having an expert on your side to quantify and prepare claims in accordance with the policy cover can provide great comfort at a time when businesses themselves are focussed on getting operations back on track.
You or your client may, during the life cycle of a business, suffer unexpected damage and disruption to daily operations. This damage might be due to storms, floods, cyclones, fires, burglaries/thefts or accidental/malicious damage.
To ensure a business survives an unexpected event, any lost gross profits and other insured out of pocket expenses need to be recovered.
Preparing a claim includes:
- Understanding the key terms of the insurance policy;
- Understanding the factual circumstances of the damage event;
- Understanding the financial information of the business;
- Determining the key business drivers;
- Considering the effect of the loss event on the key drivers;
- Using appropriate loss quantification methodologies;
- Communicating this information to the Insurer in an appropriate format.
Vincents can help you meet this challenge.
We can provide assistance with the claim preparation for material damage and business interruption. This can include:
- Explaining what is covered by your policy;
- Quantifying the costs you have incurred to repair material damage;
- Reviewing invoices and collating supporting documents for your claim;
- Quantifying your business interruption loss in accordance with your insurance policy;
- Reviewing the insurance claim you have prepared;
- Preparation of a comprehensive experts report quantifying your claim, to provide to your Insurer.
In most cases, the cost of claims preparation is covered by the insurance policy, allowing the claim to be prepared at no cost to the business.
Our expertise rests in using our significant insurance claim preparation and forensic accounting experience to understand your business and prepare your business interruption insurance claim, relieving the time and stress of the insurance claim process.
Working within the largest forensic insurance accounting team in Australia, our well-established team of experts are perfectly placed to be able to provide timely and authoritative quantification and reporting services based on our extensive portfolio.
We understand that the complexity of insurance matters requires sophisticated support to ensure positive case outcomes. A successful partnership with a forensic accountant can make a significant difference in the claims preparation process. Vincents welcomes the opportunity to work with you on these matters.
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