Catastrophe Response
Helping insurers put the pieces back together for catastrophic claims
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Catastrophe Response
Our experienced forensic accountants stand ready to support in a crisis. We swiftly provide investigative expertise, reviewing the extent of damage and quantifying associated losses so our insurance clients are free to focus on delivering prompt service and caring support.
In the aftermath of a catastrophic event, the need to resolve claims is critical to moving forward. As individuals and businesses await insurance decisions to help them put their lives back together, insurers must rapidly assess losses that aren’t always straightforward. Our experienced forensic accountants stand ready to support in a crisis. We swiftly provide investigative expertise, reviewing the extent of damage and quantifying associated losses so our insurance clients are free to focus on delivering prompt service and caring support.
Baker Tilly’s skilled professionals have assisted insurers in the accounting review of losses following many of the largest catastrophes in recent years – the New Zealand earthquakes, the earthquake and tsunami in Japan, the Chile earthquake, Hurricanes Katrina, Harvey, Irma and Maria, the floods in Thailand, Superstorm Sandy and the wildfires in California.
We work closely with loss adjusters to undertake accounting investigations in a wide range of industries and catastrophic conditions. Internal teams are assembled to handle each particular assignment, with members selected on the basis of expertise required. It is not unusual for team members to be located in different offices. Each team is partner-led and the partner takes a hands-on role in each assignment.
Quantum, Baker Tilly’s business interruption claims processing platform, accelerates the calculations that drive our process, ensuring a modernized approach that delivers speed and volume. Our automated processes paired with hands-on personalized service enable us to seamlessly reduce costs, eliminate redundancies, accelerate claim management, and bring maximum transparency to our clients.
Our assistance on claims from catastrophes extends across many industries, including electronics/semiconductors, technology, food & beverage processing, hospitality, leisure & tourism, manufacturing, pharmaceuticals, shipping, mining and retail, among others.
Our catastrophe response services
An investigation typically includes:
- Quantification of economic losses suffered by the insured
- Assistance to the insurers in allocating losses per the terms of the policies (extensions, time periods, etc.)
- Wide-area damage considerations
- Review of the sub-limits and sums insured
Included in our analysis is also a review of the causations of the loss, including:
- Business interruption/gross profits loss
- Contingent time element/dependent property coverage
- Contingent extra expenses/increased cost of working
- Extra expenses/increased cost of working
- Civil authority
- Service/utility interruption
- Rental value and rental income
- Out of site inventory valuation at cost and net selling price
Baker Tilly puts together its own internal team to handle each particular assignment, selecting members on the basis of expertise required. It is not unusual for team members to be located in different offices. Communication is kept informal but frequent. Each team is partner-led and the partner takes a hands-on role in each assignment.
Our professionals
