Recent food, children’s products, and automotive-related product recalls are evidence that product safety issues are widespread. Becoming more complicated in the age of global supply chains and increased government regulation, media scrutiny, and public awareness, product safety is among a company’s most critical risks.
When a product fails, mitigating the financial and reputational impact of resulting recalls or liability claims and obtaining assistance from your insurers and maximum financial recovery of your losses, may be crucial to the future of your organization. In crises, you can rely on Marsh Risk Consulting’s (MRC) Forensic Accounting and Claims Services (FACS) Practice professionals to help you mitigate your losses, focus your attention on your employees and key stakeholders, and achieve a timely recovery and return to business.
FACS provides expert forensic accounting assistance with financial investigations and the quantification and measurement of damages to help you achieve a superior recovery and/ or minimize losses resulting from a product recall event and related litigation or disputes.
For example, after significant automotive, food and beverage, construction product, and pharmaceutical recalls, our team prepared numerous complex claims for clients totaling multi-billions of dollars.
Furthermore, our professionals can respond almost anywhere in the world within 48 hours of a product recall to provide you with proactive, on-the-ground support to help manage your crisis.
Post-Event Claim Measurement and Claim Preparation Services
FACS offers the claims leadership and other resources to help ensure that solid procedures are in place to assist you in securing your financial recovery as well as improving your claims process efficiency. Helping manage your insurance claims, and our services include post-event loss analyses of:
- Business interruption/contingent business interruption/extra expense.
- Property damage and contents.
- Service interruption.
- Stock losses.
- Environmental issues.
- Casualty, builders risk, and subrogation claims.
Third-Party Loss Services
FACS also can assist in pursuing your recovery rights against responsible third parties for uninsured first-party property and marine claims.
Recognizing the importance of preserving existing business relationships, FACS provides a range of services to help support your business objectives when dealing with a liability issue, including measuring economic damages sustained as a result of third-party losses and assisting in the evaluation and defense of all claims made.
Coverage Applicability and Insurance Asset Optimization
FACS works in conjunction with MRC’s Complex Liability & Risk Services (CL&RS) Practice on product recall coverage and claim processes assessments and issues management. These consultants support you when faced with product recall-related liabilities by:
- Assessing coverage, or providing a second opinion on coverage applicability, to help ensure all available insurance assets are being optimized.
- Establishing or refining insurer communication protocols.
- Strategically involving insurers in the decisionmaking process.
- Proactively managing the claim process by thoroughly documenting losses and quickly identifying issues as they arise.
FACS supports its work with two powerful tools to assist in expediting the recovery of your claim:
- FACSconnect: a web-portal that allows users to share information, manage documents from start to finish, and review and provide comments.
- FACSdb: a robust, database that compiles, manages, and distributes large amounts of claim data.
Both 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.