There is an erroneous misconception in some insurance professionals mind’s that the execution of a claim for “business interruption” for business losses arising from a disaster is merely an exercise in accountancy.
However, this is completely untrue!
A wide range of expertise and experience is required for the successful settlement of a complex business interruption claim.
A good loss adjuster will take time to properly understand how a client’s business functions. Then, armed with that knowledge and using deft accountancy skills will apply their client’s financial model to the wording of their policy in order to exude the best advantage for their client.
You see an insurance policy contains many clauses that could provide support for your attempts to re-establish the position your trading was in before calamity hit it!
For instance, the need to offer incentive discounts to regain customers, fund extensive new advertising, buy new plant and machinery or get your premises repaired as quickly as possible!
Hope and Williams has substantial “hands on” experience of remedying all kinds of commercial issues after a serious incident has occurred.
In a non-commercial claim, a loss adjuster’s role is normally restricted the establishing the value of the client’s buildings, inventories and other contents after the damage has transpired.
However when it comes to business interruption, the potential for mounting losses starts a financial clock ticking at exactly the time a business ceases to trade.
Whilst it is extremely important from a practical viewpoint to make the correct decisions, it is also critical to leverage the full remedies that your insurance policy allows.