Although it is rare, firms may occasionally encounter coverage issues with their insurers. In such instances, dedicated energy claims teams work cooperatively with clients, insurers or insurers' monitoring counsel and, when necessary, serve as advocates. With deep and longstanding relationships with insurers, claims advocates with an energy industry focus maintain an active role throughout the claims negotiation and resolution process.
Claim preparation helps risk managers recover property damage and business interruption losses with integrity and objectivity. This approach helps simplify the process of quantifying and documenting losses, so energy firms can effectively manage loss resolution. The objective is to share in a firm’s goal of getting their business operational after a loss, with minimum disruption.
Reporting accurate asset values is critical to managing total cost of risk and will lead to expedited claims payments following a loss. Asset valuation experts provide a unique and cost-effective methodology for valuing assets for insurance purposes.
Business interruption/contingent business interruption valuation
Quantifying and declaring values for business interruption (BI) and contingent business interruption (CBI) risk can be difficult and time-consuming. Energy companies should carefully consider using a broker with experts that can assist with the quantification of BI and CBI values, allowing them to efficiently and accurately report these values to underwriters.
Cyber evaluation and risk quantification
Using broker expertise in technology risk assessment and loss/exposure valuation, firms can receive the information required to establish a baseline assessment of cyber exposures and vulnerabilities, together with a comprehensive analysis and quantification of the financial consequences of first-party and third-party loss exposures.
Claims consulting professionals can assist in the pre- and post-loss design and implementation of strategies that can reduce the financial impact of events. Extending significantly beyond the traditional scope of broker claims support, energy firms can benefit from a range of solutions that contribute to effective casualty and property risk management programs.
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When operating in diverse and remote regions, clients should expect an approach to risk management that is truly global and delivers collaborative solutions across the full risk profile.
At Aon, we deliver localised expertise on a global scale. Our market share and global footprint enable our teams to monitor market trends through sophisticated data and analytics, and develop models to forecast how these trends affect our clients. Our energy hubs operate in many regions, providing direct access to our global industry specialists, risk engineers, consultants and local and international insurance markets.