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Insurance Claims |
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Why might I need Fulcrum's assistance? Most commercial insurance policies provide coverage for (i) lost profits which occur in connection with a covered physical loss, (ii) the added costs of getting the business reopened, and (iii) losses in connection with closures from actions of a civil authority. Some business policies also provide protection from "contingent" business interruption losses caused when key suppliers or customers experience a disaster that also affects your business, even when the physically-damaged property is NOT owned, operated or controlled by the insured. Often, the policy provides coverage for the cost of preparing these difficult-to-understand claims. Physical asset losses caused by many perils can also be difficult to quantify because the assets themselves have been destroyed, along with the business records that document the acquisition and cost of the assets. These situations challenge practically any business. The business has enormous tasks to perform to get back on its feet. Getting insurance monies for the recovery effort is of critical importance, yet few insured's have the internal expertise to competently prepare a credible claim. A claims consultant can provide cost-effective advice that will increase and accelerate the ultimate recovery. Insurance companies also face challenges. Fraudulent and overstated claims are an unfortunate reality. A carrier has the right to expect that claims will be well-documented, and sensible. Investigative accountants are often employed to ensure that claims are appropriate.
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