Posts tagged as:

brokers

No Good Deed Goes Unpunished

by John May 17, 2010

I recently worked with a company that had a fire at their R&D location that resulted in a business interruption loss. Amazingly, they had an endorsement that covered their continuing expenses without having to identify a corresponding loss of revenue. The insured made every effort to mitigate the business interruption, including attempting to have some [...]

Read the full article →

Schools Should Plan For a Reasonable Extended Period of Indemnity

by John April 7, 2010

Schools have several aspects that make them unique risks when evaluating values at risk for a business interruption loss. One of the areas that separates schools from other industries is that there is often a huge lag, or ramp up, for the school to repopulate following a major disaster. I’ve recently heard from brokers who [...]

Read the full article →

What Happens When A Key Supplier or Vendor Goes Down?

by John March 26, 2010

Risk managers, business owners, and corporate officers ask me what will happen if they experience a business interruption loss because a key supplier or vendor is unable to fulfill an order.  They ask me, “Can I make a business interruption claim if my sales are affected because one of my key suppliers has a fire?” [...]

Read the full article →

Shred Those Values At Risk Worksheets

by John March 23, 2010
Thumbnail image for Shred Those Values At Risk Worksheets

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 [...]

Read the full article →

Is It Worth It To Hire A Forensic Accountant To Prepare Your Business Interruption Insurance Claim, Regardless of Fee Coverage?

by John March 3, 2010

I am often asked by potential clients if my forensic accounting fees to prepare a business interruption insurance claim will be reimbursed by the insurance company. This question is completely valid because professionals who are experts in business interruption claims are not cheap, and risk managers, corporate officers, and business owners want to clearly understand [...]

Read the full article →

Why Do You Need a Forensic Accountant Hired Gun?

by Bob Trompeter February 23, 2010
Thumbnail image for Why Do You Need a Forensic Accountant Hired Gun?

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 [...]

Read the full article →

Why Take Time to Adjust Values at Risk?

by John January 25, 2010

I hear it all the time: we were busy.  We were in a period of growth!  How could we stop our work in the middle of this booming period to evaluate our business income values at risk?  Besides, we don’t really want to talk to the insurance broker again–they’re always trying to upsell us, right? [...]

Read the full article →

Rethink Your Values at Risk to Save Money

by John January 22, 2010

If your business carries business interruption insurance, you’re responsible for determining and reporting your values at risk to your insurance company.  Many businesses come up with this number one time in order to place business interruption coverage, and then don’t think about their values at risk number again–sometimes for years. Businesses that carry business interruption [...]

Read the full article →