Luke Stratford
Head of Claims Solutions, Marsh Advisory, Property Risk
-
Australia
The purpose of insurance is to provide protection from financial loss. Discovering your insurance fails to respond, as and where expected, in the event of a loss, can result in unwanted financial stress and ultimately may result in business failure.
In the period of a week, Western Australia experienced the threat of both tropical cyclones and bushfire. Business leaders have already ranked weather events as their number one risk by likelihood. When devastating losses like the 2019/2020 Australian bushfires occur, this should serve as a reminder to policy holders to review their business insurance to ensure it reflects the risk profile and will effectively transfer risk.
Significant property damage, power interruption, prevention of access and supplier and customer interruption due to bushfires are likely sources of Business Interruption and loss. Managing a claim can take you away from your business focus; whether that be reopening or rebuilding.
Arson is typically covered to the extent that the insured is not party to the arson and there is not a specific exclusion under the policy.
Responding and navigating the claims process is complex and challenging. Here are some general tips to ensure it’s as smooth as possible:
The vast majority of policies will cover the costs of retaining your own expert to prepare and submit your claim. Your own claims preparation expert will:
Proper documentation is vital to achieving the best possible outcomes. We’ve compiled our top ten tips:
Loss Adjusters and other insurer appointed experts act for insurers to assist with quantifying the size of the loss and managing the claim. They are paid by the insurer.
We recommend that you discuss with the loss adjuster all material costs prior to them being incurred and on key decisions, such as reinstatement methods, mitigation expenses, time lines. Ensuring loss adjusters understand and appreciate the circumstances and uncertainties can provide greater clarity and may reduce the possibility of disagreement as to whether the policy will respond.
As they become apparent, communicate any problems with any suppliers, timetables or work schedules to the loss adjuster immediately, and include them in the problem solving process.
Our Claims Solutions team seeks to deliver a seamless claims experience from initial strategy and evaluation of a loss right through to the presentation, negotiation and optimal settlement of the claim. We focus on maximising insurance recovery whilst avoiding unnecessary delays. We are a multidisciplinary team of Claims Professionals, incorporating claims advocates and claims preparers.
We have travelled the road to recovery hundreds of times to assist clients with ensuring that claims are prepared accurately, submitted in a timely manner and advocated strongly to get positive outcomes.
Need help now? Contact us here.
The information contained on this page provides only a general overview of subjects covered, is not intended to be taken as advice regarding any individual situation and should not be relied upon as such. Insureds should consult their insurance and legal advisors regarding specific coverage issues. All insurance coverage is subject to the terms, conditions, and exclusions of the applicable individual policies. Marsh cannot provide any assurance that insurance can be obtained for any particular client or for any particular risk.
LCPA: 21/024
Head of Claims Solutions, Marsh Advisory, Property Risk
Australia