Business Interruption Claims
We found the "Business Interruption" part of our claim a blinkin' minefield. Thanks for profitably getting us through it.Mervin Davis, Edgware
Consequential Loss – Loss of Profits – Business Interruption
Not a day goes by when we are not contacted by the owner or Directors of a business to help them negotiate a commercial theft, burglary or flood claim. So often, the owners thought that it would be a very straightforward matter. It seldom is!
We are living in a day and age where insurers will find “every which way” to repudiate a claim if a business has not fully complied with the terms and conditions in the policy.
By way of an everyday example, it is not unknown for an insurance company to repudiate, say, a burglary/robbery claim where the policyholder has not installed the exact window security locks even though the perpetrators came through the front or back door!
Madness? …Seemingly… but if a loss adjuster can continually prove to his lords and masters, the insurance company, that he can repudiate a claim with ease then he and his company will score many “brownie points” in their eyes and they will continue to use them for future claims. If loss adjusters continually paid out claims in full then insurers would look to another firm of loss adjusters who were more compliant with what the insurance company wants, i.e. large profits.
How Salmon Assessors will help with your Business Interruption
Loss adjusters will make thorough enquires into the financial health of your company, its directors and indeed all other personnel before considering the claim and/or accepting liability..
A major problem when making a commercial claim is often when seasonal goods are stolen or damaged. For example, we recently acted for a very large air conditioning company who kept stock of millions of pounds worth of equipment which was completely destroyed by a fire at the very beginning of their summer trading period.
It was impossible for them to purchase new stock as everything was made and shipped from the Far East and thus not only did they lose the value of the stock but the chance of making any sales. Their income stream had abruptly stopped and the whole situation quickly became a nightmare for the company.
Instead of making their life easy and giving them something to actually look forward to, i.e. getting their business up and going again, the loss adjusters made their lives a misery.When you call Salmon Assessors 'to the rescue', all we want to do is to lift the problem from your shoulders and quickly get you paid.
Computer equipment is very much a high target for thieves and whether stolen or damaged through fire or flood, the loss of vital records (whether data has been saved or not) can bring a business down overnight. Even when you believe that 'back-ups' save every piece of information, so often one actually finds that that is not the case. Salmon Assessors is perhaps the only assessing company with its own in-house IT Claims Department and we are acknowledged experts at retrieving lost information. Replacing hardware and software takes time and money whilst sales and production are being lost. Salmon Assessors will ensure that the insurance company will quickly make payments on account so as to 'get the ball rolling' once again.
The loss adjusters will insist on a full stock reconciliation exercise to establish an accurate measure of loss. All of your invoices and proof of purchase documents will need to be cross-referenced in the formulation of the claim. You will find that this is no easy task and hours of expensive management time which is better used in the running of your business will be required. Further, the loss adjuster will not assist you in this exercise, its not their job! Salmon Assessors will put a team in place so as to quickly get this information to your Insurers and formulate it in a way that the insurance company will have little argument with.
We are perhaps the best known firm of loss assessors in the United Kingdom and we do not accept any of the 'nonsense' that insurance companies so often try to force upon you. Remember, we are not 'independent'. We are fiercely pro-you, the Policyholder, and we will not accept anything other than a full and correct settlement from your Insurers.
Consequential Loss - Loss of Profits - Business Interruption
In the event of a large or serious loss to a company and business, there are many additional areas which will require the expertise of a team of Insurance Loss Assessors.
Have you ever thought about what would happen to you, your family, your staff and the future of your business in the event of a serious fire, flood or even burglary? Any of these events could result in closure for days, weeks, months or even years.
Ask yourself these questions: -
1. How will I pay my rent and expenses?
2. How will I pay my staff and suppliers?
3. How will I be able to live?
4. How can my business survive this?
5. To start trading again quickly, I will need to incur a lot of high cost. Who will pay?
6. This disaster has set my business back a considerable time. How do I recover without permanent damage?
Above are just a few of the crucial issues you face. Decisions must be made and made quickly.
You need the expert advice and negotiating skills of our dedicated Consequential Loss Team to guide you through this highly specialised area. They will support and guide you until your business has recovered and is fully back on track.
What To Do Next
There isn't a better qualified firm of insurance claim negotiators than Salmon Assessors. Our claims management is second to none and each of our specialist departments is headed by loss assessors with at least 25 years experience.
If you have an outstanding insurance claim, we will give you free, open and honest advice as to how we can help. If we cannot help you or we believe that our fees are disproportionate to the size of your claim, we guarantee you that we will still spend time with you over the phone and give you all possible assistance at no cost.
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020 8346 6060