Every year, businesses are devastated by fires, floods, hurricanes, power disruptions, earthquakes, tornadoes and a multitude of other perils that can create complicated property insurance claims.

The days, weeks and months following a devastating loss can make or break a company. And the way they handle their claim can determine how well they recover.

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While an organization is often consumed with restoration efforts following a loss, the insurance claim process also requires significant attention. Timely filings of interim proofs of loss may greatly reduce cash flow and burden the organization in ways you cannot imagine. Understanding the documentation requirements can also help organizations accelerate the adjustment process. Similarly, a thorough evaluation of an insured organization’s rights and duties under their insurance contract can help establish appropriate expectations for settlement.

Concordia’s Sr. Claims Managers assist business organizations by reducing distractions from the traditional claim adjustment process to produce favorable insurance settlement results. Our approach focuses on helping our clients in the following key areas:

• Understanding the claims process

• Preparing the Preliminary Proof-of-Loss (using flash reports)

• Quantifying and documenting losses (actual Proof-of-Loss)

• Determining obtainable coverages

• Negotiating timely and equitable settlements with insurance carriers

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Post-loss, your company will need to embark on a dual recovery track. First, the primary focus will be to get your company back in business as soon as possible. Secondly, you will need to develop a proof-of-loss for your insurance claim. The burden of proof and the requirement to support a claim falls upon the insured and can be an extremely confusing and complex process.

Concordia Claims Managers will become part of your organization’s disaster recovery team by navigating through the risk management process, helping to prepare, submit and resolve all issues that may arise on behalf of the insured or claimant. Should you choose not to prepare your proof of loss, your insurance carrier will have their adjuster (an employee of the carrier) or an Independent Adjuster on contract with the carrier to complete the proof as they see fit. In our opinion, adjusting a claim this way may expose your company to misrepresentation and disadvantage by not receiving just entitlements and the proper presentation necessary for the recovery dollars required to restore your business.

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With large claims frequently come large problems. Some problems are inevitable, others can be avoided. In recent years, property and business interruption claims both big and small have become increasingly difficult to settle. These challenges, along with the wide variety of personalities involved in a loss adjustment can create a turbulent working environment around a product that was designed to relieve an organization’s risk. Insurance may relieve the risk, but it also may increase the stress for those involved in the claim process. Concordia Claims Managers has documented some of the issues one must consider when faced with a difficult claim. These can be found in CCM’s whitepaper, “Post Claims Management – Preparing for the Challenges”, available from any Concordia Sr. Claims Manager.

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Would you represent yourself in court without an attorney? Would you arrive at an IRS audit without a CPA? No responsible CEO or business owner would ever subject their company to these risks without proper representation.

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