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