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RESEARCH AND BRIEFINGS

Post-Loss Damage Assessment and Business Recovery Management: Southern Alberta Floods

 


The flooding, the worst that Southern Alberta has endured in decades, has led to numerous catastrophic and significant business interruption (BI) losses. Recovery from a catastrophic event, such as flooding, can be essential to your company’s finances, operations, and overall success. Even the best planning cannot anticipate all of the contingencies you are currently facing. First and foremost, your organization must restore operations and ensure that the business is up and running as quickly as possible.

Obtaining assistance from your insurers and maximum financial recovery of your losses is critical, especially in today’s challenging economic and financial environment. In such times of crisis, you can rely on Marsh Risk Consulting’s Forensic Accounting and Claims Services (FACS) Practice to assist you in quantifying your losses and accurately presenting your insurance claims so that you can resume business as usual in a timely manner.

Catastrophic Event Insurance Claims

Severe flooding can have far reaching implications if your company does business in the affected region, whether physically located there or reliant on a supply of inputs, goods, or services. We can help manage your insurance claims and coordinate with your insurance broker’s advocacy team, so you can focus on running your business and assisting your people. Our services include postevent loss analysis of:

  • Property damage
  • Extra expense
  • Business interruption
  • Contingent business interruption
  • Service interruption
  • Supply chain disruption

FACS supports its work with two powerful tools to assist in expediting the recovery of your claim. FACSconnect and FACSdb are both highly customizable, easy-to-use systems that provide quick and secure online access to project information—including control over access privileges based on the level of involvement of each user—helping you to communicate and share critical information with insurers, adjusters, and FEMA. FACSconnect is a web-portal that allows users to share information, manage documents from start to finish, and review and provide comments. FACSdb is a robust, database tool that compiles, manages, and distributes large amounts of claim data efficiently and accurately.

Project Management and Claims Engineering

Large casualty and property losses following a flood can be extremely complex from a data as well as a stakeholder standpoint. Such management issues may exceed the scope of your resources and capabilities, particularly if the event occurred in a location where you are unfamiliar with local regulations, procedures, and customs and there are property access issues.

FACS Personnel

FACS has more than 200 professionals and administrative personnel worldwide. Our team brings global insight to local challenges, using consistent protocols and practices for postloss analysis, claims project management, and claims engineering. FACS senior practitioners have spent an average of 20 years in forensic accounting and claims services, with extensive experience in insurance loss accounting, valuation, and insurance policy formats and requirements. FACS clients also have access to Marsh’s extensive capabilities in insurance policy coverage interpretation and claims advocacy. Our reputation for integrity with insurers and familiarity with the adjustment process provide a distinct advantage to our clients in helping to reduce the time for receipt of settlement.

FACS experts have diverse backgrounds as:

  • Chartered accountants/certified public accountants
  • Forensic accountants/certified fraud examiners
  • Professional engineers/forensic engineers
  • Insurance claims specialists/former insurance adjusters