Post Loss Analysis / Property Damage
Scope:
- Loss assessment of property damage caused by fire, machinery breakdown or losses caused by natural calamities and their respective consequential losses at all commercial / industrial property
- Physical tests of main fire protection or other relevant safety & security systems
- On-site service is provided around the globe (exception: active war zones or where government travel restrictions are in effect)
- Desktop assessments if requested and based on suitable information provided
- Management will be notified accordingly about identified loss potentials not included in the scope
Deliverables:
a concise and comprehensive Loss Analysis Report comprising:
- description of risk details of loss (history, extent, witnesses, etc)
- cause of loss
- Loss estimation (monetary figure and downtime duration / business interruption)
- appraisal of existing fire protection systems or other protection systems 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 for first reserve setting (Property Damage / Business Interruption)
Benefits for Underwriting:
- understanding the quality of risk after a loss
- acceptance or rejection of risk (at 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
- provides a second professional 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