Posts tagged as:

adjuster

Claims Communication: How to Talk to an Insurance Adjuster During a Business Interruption Loss

by John July 1, 2010

From the time you notify your insurer about  business interruption loss, and you have your first conversation with the insurance adjuster or their consultants, you are being deposed. Of course no one has sworn you in and no one told you that “everything you say can be used against you.” But this is the essence [...]

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Shred Those Values At Risk Worksheets

by John March 23, 2010
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Brokers often ask me which business interruption values at risk worksheets I prefer or think are the best.   I guess the answer depends on if you want to use them to wrap fish or make paper airplanes.  Aside from those two uses, they are all about equally worthless.  I know this sounds harsh, but [...]

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Review Asset Depreciation Methods in a Business Interruption Calculation

by John March 16, 2010

Let’s assume that a commercial printing company has a small fire. As a result of the fire, the undamaged commercial printing press sits idle for one month during the restoration period.  The printing press originally cost $200,000 and the historical monthly depreciation is $2381 based on the fact that the IRS considers the printing press [...]

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Why Do You Need a Forensic Accountant Hired Gun?

by Bob Trompeter February 23, 2010
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In the 1960 movie The Magnificent Seven, Steve McQueen and Yul Brynner were hired to protect a small Mexican town from outlaw Banditos.  The Mexican villagers realized they needed to fight fire with fire by employing their own hired guns. When adjusting a business interruption loss the insurance company often hires an outside forensic accountant [...]

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Schools: Beware the “Loss Of Market” Exclusion When Submitting a Business Interruption Insurance Claim

by John February 17, 2010

Following Hurricane Katrina, I was retained to help a private school quantify its business interruption loss.  I valued the business interruption loss related to the period of restoration as well as the extended period of indemnity. The first hurdle was getting the adjuster to understand that a school doesn’t make widgets.  What I mean is [...]

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Private Schools: Avoid This Potential Pitfall

by John February 13, 2010

When it comes to preparing a business interruption loss insurance claim, one industry that is very unique is private schools. Private schools have specific risk exposures that can quickly turn into a problem if the exposures are not addressed before a loss occurs. One such issue relates to tuition and the contract signed between the [...]

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How to Recap a Phone Conversation With Your Insurance Adjuster

by John February 10, 2010
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When dealing with an insurance company representative regarding a business interruption loss insurance claim, it is prudent to operate under the assumption that if it is not in writing, it never happened.  Verbal meetings to discuss a business income insurance claim can be very productive, whether they happen face-to-face or over the phone. However, I [...]

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What To Do When the Adjuster Blames the Economy for Your Business Interruption Loss

by John February 8, 2010

“Due to the economic crisis…” This is the current preamble of choice for adjusters to inform a risk manager, corporate officer, or business owner that a business interruption loss will not be paid or will be extremely reduced.  Do I sound a little angry as you read this?  I’ll admit that this current approach by [...]

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The Insurance Company’s Accountant is Not Your Advocate

by John January 13, 2010

After your business suffers a loss, you’ll meet the insurance adjuster and his accountant.  During this first meeting, or soon after, here’s what you’re likely to be told: The adjuster and accountant will work together to ensure that you’re paid what you’re owed. The accountant is not an insurance company employee, but an independent CPA [...]

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Can You Be Too Optimistic?

by John January 7, 2010
The glass of water is half full.

It’s my nature to be optimistic. For better or for worse, my glass is usually half full. I’m usually the person on an even keel, making others around me laugh and “lighten up.”  However, I’ve found that there are times when being overly optimistic can be downright perilous…particularly if you’re the risk manager or owner [...]

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