Unexpected events can negatively impact company operations and earnings in nearly any industry on any given day. When these events occur, risk managers and other insurance professionals are immediately called to action to ensure that claims are handled appropriately and monetary recoveries are commensurate with the applicable insurance policies.
Navigant’s Insurance Claims Accounting and Consulting team provides the guidance and expertise necessary to account for all possible types of losses. We combine unmatched depth of expertise and capacity with the latest in technology (both proprietary and off-the-shelf data warehousing solutions) to ensure better client service.
Our team delivers proven expertise, quality and results helping clients expedite the loss determination, claim adjustment and settlement process Our consultants have experience in the following areas:
- Property damage and business interruption
- Product recall, product integrity, product liability
- Subrogation claims
- Fraud and fidelity
- Construction (builders risk, surety, wrap programs)
- Environmental contamination
- Marine claims
- Political risk
- Insurable values
- Arbitration and expert witness services
In the wake of Hurricane Katrina in 2005, Navigant clients from multiple industries suffered more than 100 losses. Our Insurance Claims & Accounting consultants helped by preparing business interruption, extra expense, property damage, and contingent business interruption claims. Our team also addressed a range of complex issues, including multiple potential trigger events, windstorm v. flood determinations, overlapping losses, market conditions, calculation of multiple deductibles, and permanent changes to business operations and customer bases. Thanks to our experience, depth and dedication, the Navigant team successfully handled the myriad of issues created by this large-scale disaster and recovered more than $2 billion for our clients.
Insurable Values Assessment
Navigant assisted a cash derivatives broker-dealer with the assessment of insurable values for the purpose of insurance coverage and limits decisions. An initial analysis of over $1 billion in exposure was further reduced through review of business continuity plans and built in redundancy that would allow for mitigation through use of alternative facilities that could not face the same loss exposure. We further categorized and analyzed the revenue and profitability by type on behalf of the client to provide to their Insurer during the underwriting process. Our analysis resulted in a reduction in exposure by over 50%, resulting in a significant reduction in property insurance premium.