Posts tagged as:

claims process

Don’t Skimp on the Graphics for a Soft Cost Insurance Claim

by John March 1, 2010

In the wake of a major accident or delay on a construction project, don’t start pinching pennies when it comes to the graphics needed to submit a soft cost insurance claim. Every soft cost insurance claim should contain two critical graphics.
The first is the “Extent of Damage” graphic.  This graphic is a general schematic of [...]

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 to [...]

Read the full article →

Buyer Beware: Why Your Forensic Accountant Needs the Right Creds

by John February 21, 2010

The forensic accountant is a strange animal. Did you know that there are no ‘official’ credentials required for an individual to claim he is an ‘expert’ in the field of preparing a business interruption insurance claim?  I have seen some experts with undergraduate degrees in accounting, economics, finance, engineering, computer science, mathematics, even philosophy.  I [...]

Read the full article →

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 that [...]

Read the full article →

Developers: The General Contractor Can Cost You Millions On A Construction Delay in Completion Insurance Claim

by John February 15, 2010

When you are the developer of a commercial property, a lot is riding on your general contractor, and never more so than when you must submit a construction delay in completion insurance claim.  The general contractor is the person in charge of building the project, making sure all of the subcontractors get paid, and keeping [...]

Read the full article →

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 with decades [...]

Read the full article →

Pay Attention to Franklin if You Want to Keep Your Benjamins

by John January 4, 2010
Hutson Resource Group, Forensic Accountants

I will admit that I don’t know as much as I should about American history. To be honest, I just didn’t pay attention to history lessons while I was in school. Now that I’m a little older (ahem!), I do find it to be more interesting. Last winter, I watched with fascination the HBO [...]

Read the full article →

When Should You Call in a Forensic Accountant?

by John January 2, 2010

Immediately following the incident.  A seasoned expert can help you put your records in order for an advance request, discuss mitigating efforts, assist with setting up record keeping protocols that make sure no information is overlooked, and just act as an incentive for the insurance companies’ experts to play a little more fairly, because they [...]

Read the full article →

How to Document a Construction Delay in Completion or Soft Cost Claim

by John December 27, 2009

Developers often run into trouble when they make claims for delay in completion or soft cost claims.  These claims are triggered when damage to the construction causes a delay in the planned completion date.  Many of the problems associated with proving these claims can be minimized by meticulously documenting the damage and recovery efforts beginning [...]

Read the full article →

Advances: Real Money, Right Now

by John December 21, 2009
Cash

Cash is King. This is always true and never more so than when a company is losing production and/or sales due to a disruption.  As a general rule, the smaller the business, the more critical the need for cash following a disaster.
So how is a business supposed to operate and replace assets while its cash [...]

Read the full article →

← Previous Entries