Post Loss Analysis / Business Interruption following Casualty
Scope:
- Loss assessment of business interruption / consequential losses following Casualties (BICAS)
- On-site service is provided around the globe (exception war zones or government travel prohibition)
- Desktop assessments if requested and suitable based on provided information
- Management will be notified adequately about identified loss potentials not included in the scope
Deliverables:
- a concise and comprehensive Loss Analysis Report comprising:
- description of details of loss (history, extent, witnesses, etc)
- cause of loss
- Loss figure estimation (monetary figure and downtime duration /
business interruption) - appraisal of existing fire protection systems or other protection systems to ensure proper continued functionality
- and how effective they were in reducing the loss
- a Risk Improvement Report indicating what should be initiated to mitigate the loss, to prevent recurrence, highlighting alternatives and other solutions
- in case of an immediate response site visit, loss figures will be prepared to allow reserve setting (Property Damage / Business Interruption)
Benefits for Underwriting:
- understanding the quality of risk after a loss
- acceptance or rejection of risk (renewal)
- pricing adjustment
- tailoring reinsurance terms and conditions
- portfolio protection and enhancement
- cost savings due to outsourcing of risk engineering activities
Benefits for Marketing / Sales:
- enables active discussions with the Insured
- risk improvement advice to support long-term commitment
Benefits for Claims:
- unbiased information allows faster claims handling and decision making
- 2nd technical opinion besides the one of the loss adjuster
- speeds up the reserve setting process
- supports legal actions – if required
Benefits for the Insured:
- guidance on how to prevent recurrence
- proof of long-term commitment
- ongoing support