Catastrophe Response

Baker Tilly’s skilled professionals have assisted insurers in the accounting review of losses following many of the world’s largest catastrophes.

Baker Tilly’s skilled professionals have assisted insurers in the accounting review of losses following many of the largest catastrophes in recent years – the New Zealand earthquakes, the earthquake and tsunami in Japan, the Chile earthquake, Hurricanes Katrina, Harvey, Irma and Maria, the floods in Thailand, Superstorm Sandy and the wildfires in California.

We work closely with loss adjusters to undertake accounting investigations in a wide range of industries and catastrophic conditions. An investigation typically includes:

  • Quantification of economic losses suffered by the insured
  • Assistance to the insurers in allocating losses per the terms of the policies (extensions, time periods, etc.)
  • Wide-area damage considerations
  • Review of the sub-limits and sums insured

Our assistance on claims from catastrophes extends across many industries including electronics/semiconductors, technology, food & beverage processing, hospitality, leisure & tourism, manufacturing, pharmaceuticals, shipping, mining and retail, among others.

Included in our analysis is also a review of the causations of the loss, including:

  • Business Interruption / Gross Profits Loss
  • Contingent Time Element / Dependent Property Coverage
  • Contingent Extra Expenses / Increased Cost of Working
  • Extra Expenses / Increased Cost of Working
  • Civil Authority
  • Service / Utility Interruption
  • Rental Value and Rental Income
  • Out of Site Inventory Valuation at Cost and Net Selling Price

Baker Tilly puts together its own internal team to handle each particular assignment, selecting members on the basis of expertise required. It is not unusual for team members to be located in different offices. Communication is kept informal but frequent. Each team is partner-led and the partner takes a hands-on role in each assignment.