Companies today cannot afford to maintain in-house expertise to handle unforeseen events and are turning to specialist consultants to help them in their hour of need.
When a significant event involving loss of life, injury and/or property damage occurs there is an immediate need to mobilize personnel in order to evaluate the impact on the company and its operations. There is also the urgent need to advise insurers of a claim in order to avoid the risk of prejudicing coverage in these early days.
As anyone who has been through it will tell you, the insurance claim process is inevitably a long and difficult road, and the obligations placed upon an Insured to “prove your loss” can be extensive. The risk to the company is that the need to manage the insurance process can take resources and focus away from the real priority of getting the company facilities back into full production.
There are consulting firms that will offer “high-level” advisory services. However, we believe that what companies need is a more hands-on approach. EICCM and its team of professionals are ready to dedicate themselves 100% to work at ground level with a client in the event of a major claim.
Some of the key services EICCM can provide are:
First Party Property Damage/Business Interruption Claims
- Independent review of the insurance coverage.
- Establish channels of communication with Insurers and their representatives.
- Advise on the allocation of internal responsibilities (RACI) and lines of communication.
- Ensure that any additional work that might be carried out during or in conjunction with the insured repairs/replacement is tracked separately – from both scope of work and cost perspectives..
Advise on and assist in the appointment of forensic experts to support the claim. This could include accounting, document management and engineering consultants.
- Establish controls and procedures for the flow of information, including all Contractors involved.
- Manage the ongoing relationship with the adjusters and their experts, as well as with Insurers.
- Provide ongoing, day-to-day, support services to the client’s construction, operations, finance, risk management and accounting personnel.
- Work with the client’s brokers to ensure that line of communication to Insurers is kept open and effective.
- Ensure that senior management is kept advised of developments.
- Manage internal and Insurer expectations.
- Negotiate settlement with Insurers.
Cargo Claims
The common problems in handling cargo claims are:
- Dealing with long-Distance communications.
- Many parties involved (vendor; purchaser; shipper; forwarding agent; local agent; insurance company etc etc).
- Everyone assuming it is the responsibility of the others to handle the insurance claim.
- No-one knowing what the extent of coverage is that has been purchased.
EICCM will, in addition to the services set out above:-
- Manage the relationships with the various involved parties to make sure they know what their responsibilities are and the extent of insurance coverage.
- Prepare the cargo claim on the correct basis, ensuring all recoverable costs are included.
- Work with the insurers and their surveyor to resolve the claim as quickly as possible.
- Ensure subrogation rights are protected.
Third Party Liability Claims
Generally claims made by Third Parties are handled by legal council appointed by Insurers, often in conjunction with in-house council. However, our experience has shown that it is important to maintain an insurance perspective within the process.
EICCM will:
- Provide communication between management, insurers, insurers experts and appointed council to ensure the insurance implications relevant to the legal decision-making process are understood and taken into account.
- Where council has not been appointed – work with the insurers investigation experts to ensure the circumstances of the claim are accurately established.
- Work with management and Insurers to initiate any possible negotiations that could avoid costly litigation.
|
