Following occurrence of a loss
The purpose of business interruption insurance is, following a damage event, to restore the financial situation of a company to the condition it had been in prior to the disruption. To this end, the insurance benefit should cover the running expenses and the profit lost as a result of the damage. Moreover, any increase in labour costs that might be entailed by changed production flows should be covered.
In the event of loss, our two essential tasks are:
- to determine the amount of business interruption loss
- to develop measures to mitigate the loss
- Re a: The prerequisite for the correct determination of the amount of loss is that the business situation of the company that would have been expected had the loss not occurred is depicted comprehensibly, and that any and all factors having an impact on the amount of loss are taken into account. This requires detailed analyses of the sales and client situation, business management data, as well as of the basic conditions of production technology.
- Re b: The purpose of loss mitigation measures is to enable the company to go on supplying their customers with products despite an interruption of operations, or to resume supply capability as fast as possible. This is the best way for a company to quickly regain its original market position after a damage event. This implies that the focus is on the customers of the affected company. This is conditional on the affected company having its focus on its customers.
The amount of indemnity depends on the policy conditions agreed with the insurer concerned. Furthermore, the interdisciplinary exchange with engineers, architects and chemists is indispensable. This is why we work in close cooperation with renowned colleagues from the Bund Technischer Experten (BTE), Germany and certified colleagues in foreign countries.
Consulting services prior to a damage event
The scope of insurance benefits depends on the content of the policy concluded with the insurer. This policy stipulates the extent, amount and period of validity of the insurance cover.
If it turns out in case of a damage event that the policy is not suited for the company, this can put the existence of the company at risk. If in the case of a damage event it transpires that the policy is not suitable for the company, this may jeopardize the existence of the company.
Against this background, we will carry out an analysis of the technical and commercial operations of a company in order to identify any financial risks. This can assist in finding customised insurance solutions. In this connection, we cooperate closely with globally acting insurance brokers.