Our Services
Commercial Insurance Claim Preparation
The way in which an organisation responds to a loss can have a major impact on the outcome of the ensuing insurance claim and the survival of the organisation.
The preparation / calculation of insurance claims is a specialised field with many concepts that will be foreign to most organisations. In addition, organisations tend to under-estimate the level of detail and the extent of documentation required to support their insurance claim.
Insurers will always appoint a loss adjuster to represent their interests in an insurance claim. Therefore, an organisation needs to consider who will be representing its interests in an insurance claim?
Claims Consulting Group has the technical expertise, experience, and practical “know how” to guide an organisation through its insurance claim and deliver the maximum entitlement under its insurance policy in a timely manner.
The Benefits of Appointing Claims Consulting Group:
When you appoint Claims Consulting Group as your insurance claim preparer, we will assist you in the following ways:
+ Provide you with a template to record costs / losses and to capture other relevant information about such costs / losses.
+ Provide you with a checklist of items which you will need to bring to our attention should they be relevant to your organisation / claim.
+ Provide you with advice around the insurance policy i.e. whether it responds to a loss, what it covers, what it excludes, and any potential grey areas.
+ Provide you with timely advice around potential mitigation activities, including payroll options, and how the insurance policy would respond to them.
+ Provide you with a “Claim Management Plan” and / or advice on claim strategy.
+ Recommend contractors / other experts to act on your behalf (if required).
+ Act as an intermediary for all correspondence between you and the insurer / loss adjuster to ensure innocent comments are not taken out of context to the detriment of your claim.
+ Manage the various parties that may be involved in your claim including the insurer, loss adjuster, forensic accountants, lawyers, building consultants, builders, quantity surveyors, engineers, certifiers, and any other experts.
+ Prepare well explained and supported claim submissions to obtain payments from your insurer.
+ If required, negotiate a settlement with your insurer / loss adjuster on your behalf and with your approval.
+ Provide all stakeholders with regular updates on the status and progress of your claim.
Claims Consulting Group is most effective when we are engaged at the outset of a claim so that we can pro-actively implement strategies to manage the claim process.
In addition, most insurance policies contain “Claim Preparation Costs” cover meaning our fees can be reimbursed as part of your insurance claim (subject to any specified limit).
Types of Insurance Claims:
Claims Consulting Group offers insurance claim preparation services for the following classes of cover under all types of insurance policies:
Material Damage / Property Damage.
Consequential Loss / Business Interruption.
Contract Works.
Delay in Start Up / Advance Loss of Profits.
Product Recall.
Product Liability.
Cyber.
Business Interruption Insurance Policy Reviews
Once an organisation suffers a loss, it’s too late to make any changes to its insurance policy.
Therefore, it’s critical for an organisation to ensure its insurance policy is correctly set up and tailored to the needs of the organisation.
Claims Consulting Group works with pro-active organisations and insurance brokers to ensure organisations are getting the insurance policy coverage they require to avoid any nasty surprises come claim time.
We offer the following types of insurance policy reviews which can be undertaken individually or as a package:
Business Interruption Declared Values Reviews
Inadequate Declared Values are the most common source of under-insurance in the event of an insurance claim. A Declared Values review will eliminate the risk of co-insurance / average applying to your insurance claim.
We undertake Declared Values reviews for Gross Revenue, Gross Profit, Dual Basis Payroll, Gross Earnings, and any other type of insurance policy set up.
Limits of Liability / Sub Limits of Liability / Sums Insured Reviews
By undertaking a “Maximum Foreseeable Loss” review, we can stress test your insurance policy limits / sums insured to ensure they are adequate when you need them most.
Business Interruption Maximum Indemnity Period Reviews
Through insights gained from preparing thousands of insurance claims, we can advise you on the issues likely to be faced when returning your business to normal following a “Maximum Foreseeable Loss” event.
By working with you, we can assess whether your current Maximum Indemnity Period is appropriate or requires adjusting.
Policy Wording Reviews
These ensure your insurance policy wording is fit for purpose in the event of an insurance claim.
We can advise on the differences between various insurance policy wordings, how an insurance policy is likely to respond to specific circumstances of loss, and suggest amendments to your insurance policy wording to improve your cover.
Training Seminars / Workshops
We offer training seminars / workshops specific to your needs.
Claims Consulting Group’s personnel have delivered many such seminars / workshops over the years to policy holders, insurance brokers and industry associations.