Pre-Loss Business Interruption Reviews
We have a team of experienced insurance professionals partnering with insurance companies, underwriting agencies, insurance brokers and businesses.
Fires, cyclones, earthquakes, floods, and other significant events can have a catastrophic impact on a business. Many businesses never recover from these types of events, due to being underinsured. Undertaking a Pre-loss Business Interruption (BI) Review enables business owners and managers to better understand and quantify potential loss exposures.
Prudent managers and boards, usually acting on the advice of their insurance brokers, often engage us to conduct BI Reviews. Conducting a comprehensive BI Review allows us to gain a detailed understanding of the business, its key drivers, and major risks.
We have a team of independent claims specialists to assist brokers and their clients understand their maximum probable losses, how their policy may respond in certain scenarios, and provide advice on how best to structure their Business Interruption policies.
Why Engage PCR to Conduct a BI Review?
- Ensure your business or your client’s business is correctly insured, avoiding underinsurance/over insurance
- Armed with our review, you can potentially negotiate better terms and/or reduced premiums with underwriters:
- This can result in eliminating the ‘average’ or under-insurance clause from the policy &
- Where we find the client is over-insured, this is an opportunity to use the premium savings to increase cover elsewhere, for example, increase AICOW or their Indemnity Period.
What We Do
We will establish/quantify a client’s potential risk exposures and recommend amendments/endorsements (where necessary); by reviewing:
- Policy wording(s);
- Indemnity periods;
- Limits and sub-limits;
- Gross Profit Declared values;
- Coverage of payroll/staffing costs;
- Uninsured Working Expenses;
- Additional Increased Costs;
- Claim Preparation Costs; &
- Extensions to the policy, particularly for key customers, suppliers, and utilities.
We help you better understand your risk exposures and avoid significant losses that may impact your business.
We achieve results by leveraging our extensive claims management experience in both high severity and high volume lines of business.
