Business Interruption Reviews
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01.
Business Interruption Cover Review
Using our decades of claims experience, we assist both brokers and businesses to establish the appropriate and adequate BI Cover required specific to the business to ensure the policy correctly responds to the loss.
We address the pertinent issues needed to refine the cover, including:
- Trends and future sales;
- Uninsured Working expenses (directly variable costs);
- Separate Payroll Cover;
- Adequacy of the Indemnity Period;
- Additional Increased Cost of Working;
- Loss of Rent.
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02.
Gross Profit Review for Manufacturing Businesses
Insurance Gross Profit is not the same as Accounting Gross Profit.
Does your client know and understand the difference from an insurance perspective?
How does your client account for direct manufacturing wages and on-costs?
Does your know who are their valuable employees that need to be retained in case of a loss?
Has your client adopted a Standard Costing product valuation method? Every how often is this updated? What is it based on - budgeted forecast numbers?
How does your client account for imported goods that form part of the Finished Goods? How is it valued?
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03.
Insurance review of the accounting system
We review your client’s accounting system and confirm whether it provides the information needed to support a claim.
We identify any improvements that may be required.
It regularly happens in claims that additional support may be required of how and when sales losses have occurred. This provides additional context to claims and provides additional proof of losses. Knowing what data to record via the sales/accounting system prepares the client to support their claim.