Our Pre-Loss Expertise
Through the experience of our clients, we know that nearly one in five organisations will suffer a major interruption of their business operations every year.
Continuing or rapidly recovering the day-to-day delivery of essential services is a fundamental challenge for all businesses following an insurable incident. The timeliness and effectiveness of our clients’ corporate and operational response to, and recovery from, an adverse business disruption is also crucial.
Insurance remains a key risk transfer tool to most organisations in mitigating or minimising the impact of business interruption events. Tailored coverage and regular policy reviews demonstrate best practice corporate governance ensuring shareholder and directorial peace of mind.
Business Interruption exposures and the calculation of business interruption values are inherently complex issues. Any uncertainty as to whether the cover currently in place would adequately transfer risk to underwriters can be addressed by Aon Risk Accounting professionals who assist in the pre- and post-loss design and implementation of strategies that mitigate the risks associated with insurable events.
A summary of the key benefits to be achieved by conducting a business interruption review include:
- Enable the quantification of potential business interruption exposures eliminating the potential for under or over insurance
- Provide additional leverage to negotiate better renewal terms in regard to price and extent of cover
- Protect shareholder wealth by ensuring the assets and ongoing operations of the company are adequately safeguarded
- Ensure directors and management are provided with an auditable, independent, decision making tool for the appropriate transfer of risk in their desired business interruption programme
- Creation of business interruption models and transfer knowledge which can be used by our clients’ to accurately calculate the appropriate business interruption declared values in future years
- In the event of a claim occurring, provide a benchmark for the claim methodology that will ensure our clients’ receive full indemnity and expedient settlement.
Our Post-Loss Expertise
With expertise the preparation, negotiation and settlement of property and business interruption insurance claims resulting from damage as a result of large disasters Aon Risk Accounting is able to represent our clients as claim preparation experts.
Aon Risk Accounting acting as claims preparers ensure that any claim is quantified accurately, utilising the full extent of the insurance coverage, and negotiating a final settlement with insurers ensuring that our client is not left to fund cash flow shortages.
Often when an insured suffers a loss, financial and operational personnel are not sufficiently familiar with the contractual technicalities contained within their insurance coverage to adequately quantify and present an accurate claim. Aon can draw upon its knowledge of insurance contracts and extensive claims experience to ensure that any claim is accurately quantified and presented in a format that is acceptable to insurers.
To ensure the timely settlement of claims, it is essential to establish regular and effective communication with insurers and their representatives. Aon Risk Accounting personnel speak the language of adjusters and forensic accountants, as all members of the risk accounting team are all qualified accountants and have global experience in insurance, ensuring the early communication and resolution of any potentially contentious issues.
Aon Risk Accounting has a proven track record in the successful settlement of major property damage and business interruption claims with all major loss adjusters globally.