Time is of the essence when your business suffers a loss due to a natural disaster, accident, employee theft, cyber -attack, or other peril.  

Your challenge:  

When disaster strikes, your focus must be on maintaining the safety and security of your people and property, preserving cash flows, mitigating loss, and restoring operations.  Business interruption events often result in significant cash outflows to repair and replace property at a time when cash inflows are reduced due to a partial or complete cessation of operations.  We help you accelerate the claim process, so that you can get back to business as quickly as possible.

We recognize the complexity of insurance claims and the burden the process can place on a company’s staff during the recovery period.  We work collaboratively with clients, their insurance brokers, and their counsel to provide loss advisory and insurance claim preparation services. We strive to achieve timely and appropriate settlement of your claims – protecting your interests while avoiding unexpected pitfalls.

Immediate Response  

Phase 1: Develop Preliminary Loss Estimate and Approach  

  • understand policy coverage, mitigation, and particulars of the loss
  • set up communication and reporting protocols
  • compile and analyze relevant data
  • develop preliminary loss estimate and plan for comprehensive claim
  • support cash advance requests

Robust Analysis and Support  

Phase 2: Prepare and Document Comprehensive Claim

  • calculate projected revenues and expenses had loss not occurred
  • identify extra or expediting expenses
  • develop a comprehensive claim package with appropriate support
  • address questions raised by carriers, their adjusters, and their accountants
  • help management present the claim to the carrier team

Expedited Process  

Phase 3: Effect a Fair and Timely Settlement

  • provide independent insights and analysis
  • support management in its negotiations to resolve claims
  • help management analyze and understand insurer’s calculations
  • help manage internal and external expectations

The Grant Thornton advantage

Complex claim experience 

Grant Thornton member firms have deep expertise in many industries, as well as significant experience with claims resulting from hurricanes, floods, fires, explosions, and other insured events. Our professionals have worked for insurance carriers, brokers and carrier accounting firms, and can anticipate potential claim pitfalls at the outset of the process. 

Immediate responsiveness  

The timing of insured perils is unpredictable.  We are immediately responsive to your needs and can deploy an onsite team around the globe to help 24/7. Insureds must manage the claim process or it can languish. We help you expedite claim cash flows and move toward settlement—enabling you to focus on running your business. 

Geographic reach  

We are where you are.  Grant Thornton has over 47,000 employees located in more than 130 countries around the world. We have local resources in your market, led by experienced claim professionals. 

Fee coverage  

Fees for loss adjustment services provided by Grant Thornton are often covered under your policy and become part of your claim. Unlike other service providers, our fees are not contingent on the outcome of your settlement, but are instead based on time and materials.

Illustrative service examples

  • supported a heavy equipment manufacturer with recovery of a $20 million windstorm claim involving interdependent facilities
  • led development of a $30 million business interruption claim for a large, closely-held hotel group related to damages caused by Hurricane Wilma at its property in Cancún, Mexico
  • assisted a luxury apartment company with recovery of a $70 million construction defect claim related to water damage and mold losses
  • prepared $10 million business and service interruption claim on behalf of a major pharmaceutical manufacturer that suffered damages from an accidental chemical spill and Hurricane Floyd flooding
  • led development of a $30 million business interruption claim on behalf of a major fruit grower related to damaged levees and drainage canals caused by Hurricane Mitch in Guatemala
  • led an investigation and fidelity claim recovery in connection with a payroll fraud onboard a cruise line fleet
  • managed preparation of $50 million business interruption claim on behalf of an auto parts manufacturer after a fire destroyed a key finishing plant in Torreón, Mexico

Claim areas

  • property damage
  • business interruption
  • contingent business interruption
  • builder’s risk
  • cyber
  • D&O
  • environmental
  • fidelity/employee dishonesty
  • political risk
  • product recall

Kevane Grant Thornton | Audit Alert: Accounting and disclosure considerations of Hurricanes Irma and Maria

Joanellis Fernández
BD Director
T 1 + 787 754 1915 Ext. 417
M 1 + 787 309 7137

Joanellis Fernández