Insured Property Losses
There’s a level of complexity to property losses that can be hard to see on the surface. What may seem like a simple damages calculation is actually informed by a far more complex understanding of an insured's business and the industry in which it operates.
The investigation and quantification process requires the kind of deep experience of property insurance and the claims process that our skilled team possesses. Decades of experience investigating and evaluating insurance claims covered under property policies enable Baker Tilly’s forensic accountants to provide independent analyses and quantification of the financial impact of the loss that withstand the closest scrutiny.
Business interruption insurance (also known as time element insurance) protects a business owner against financial losses that result from an interruption of business operations due to fire, flood or any other insured peril. When claims are made, we assist in the measurement of insured losses. In forming the basis for our projections, our specialists carefully review financial performance, market data, constraints and other business and economic factors to arrive at a determination of the financial losses suffered.
Insurers and loss adjusters routinely engage us to quantify various elements of a property loss from a financial perspective. This often involves reviewing the volume of stock lost and the impact of accounting issues, including cut-off, obsolescence and shrinkage. Quantifying stock value may also involve a detailed review of the insured’s standard cost system and its cost allocation processes.
Property claims resulting from widespread disaster, natural or man-made, frequently involve many different insurers, commercial policies and policyholders. Claims management can be further complicated in these situations by the loss or devastation of property and financial records.
Our knowledgeable catastrophe response team has a proven record of meeting the challenges presented in catastrophic scenarios. We provide complex claims analysis under the tightest deadlines for a wide range of international insurance companies, working on-site following catastrophic events such as major earthquakes, floods, fires, tornadoes, hurricanes and tsunamis.
In the case of an extra expense claim, our clients count on Baker Tilly to evaluate the costs involved in continuing operations following an insured event. We have deep experience and knowledge of how to apply these costs within insurance definitions and specific coverage, including normal continuing costs, expense to reduce loss, expediting expense and extra expense.
When contingent business interruption property claims arise, such as losses flowing from an event at either a customer’s or supplier’s premises, we provide a detailed analysis in conjunction with the adjustment team to quantify the financial losses suffered.
Insurers, insured parties and third-party defendants engage our experienced team to assist in property-related subrogation actions. We examine the differences between the contractual amounts paid under the insurance policy and those which may be recoverable by the insured in an action against the third party. Our analysis and reporting involve the thorough quantification of the claim and the detailed review of relevant financial documentation and evidence.
We work in industries across the world, including but not limited to: