Public Adjusters have existed for years, offering their services to insureds while a fire still smoulders, and offering to help adjust a loss for a contingency fee. Their services often provide a benefit to their Clients, but with an inherent conflict of interest due to the contingency arrangement. Although fees charged by public adjusters have typically been excluded from the insureds’ property policies, recently many insurance companies have recognized the benefits of covering the fees of a professional risk management consultant retained to assist the insureds in developing and handling their property claims. Under these circumstances, ICA’s consultants, well versed and seasoned in evaluating property losses and understanding coverage issues, can offer you a professional property claims management service, all within the coverage terms of your property policy, in order to obtain the maximum coverage available.
ICA provides step by step guidance in the handling and development of first party property loss claims, addressing all coverages within the Client’s property policy, from building loss, business interruption, extra expense, clean up, demolition, from subrogation through conclusion.
ICA’s First Party Property Claims Preparation and Recovery Service includes the following:
- Evaluate the total impact of a loss on a Client’s business and profitability, including loss aspects of building loss, business interruption, contingent business interruption, ingress/egress, extra expense, pollutant clean up, demolition and increased cost of construction, personal property loss, replacement cost issues, along with any concurrent insurance policy sources.
- ICA will manage the process for a successful outcome, recognizing that each loss has unique circumstances and a unique affect on business that can influence present and future decision making of a Client. Business Interruption losses can encompass losses resulting from service interruption, payroll impact, demolition costs, contingent business interruption and extra expense, cancelled contracts, lost business ventures, extended period of indemnity issues, and the like, which should be separately evaluated following each claim.
- In handling Business Interruption claims, ICA will control the claim preparation process, explaining the basis for each aspect of a business interruption claim, undertaking detailed analysis and calculations of each major element of the coverage. This will include an audit trail to original books and records, sales and profitability history and projections, to create supporting exhibits and any necessary supplementary information for claims submission. Loss measurement criteria can include a study of the necessary length of defined period of interruption, continuing costs, any fee based income, lost trading profits, interest rate and spread losses, any outsourced process delays or delays in product offerings.
- Pursue Interim Loss Payments from carriers and subrogees in order to continue business as closely to pre-loss flow as possible. Identify any issues that may affect recovery and work through them with dialogue and negotiation with insurance company, claims personnel and attorneys to expedite settlement.
- Evaluate all subrogation possibilities, and pursue each possible party with supporting documentation, contracts, agreements, loss information. Negotiate on Client’s behalf with subrogee and any relevant parties, and advise counsel to help obtain optimal recovery.
- In the alternative, where the Client has retained a public adjuster, ICA can manage and oversee the public adjuster’s performance to ensure the claims process results in the optimal recovery for the Client.
See our Complete List of Consulting Services.