FIRST PARTY CLAIMS PREPARATION AND RECOVERY
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, that may include building loss, business interruption, extra expense, clean up, demolition and subrogation through the conclusion of the claim.
It is imperative for insureds to secure an objective review of their first-party claims by using a service dedicated to achieving their goals. 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, provides a professional property claims management service, all within the coverage terms of the Client’s property policy, in order to obtain the maximum coverage available. ICA will also review the Client’s property coverages to determine areas where the Client has existing coverage, even if the Client has been informed otherwise.
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See Below for How It Works:
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 effect on business that can influence present and future decision making of the Client. Business Interruption losses can encompass losses resulting from service interruption, payroll impact, demolition costs, contingent business interruption and extra expense, extended period of indemnity issues, ingress and egress issues, civil authority proclamation, cancelled contracts and lost business ventures, 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.