As a licensed general contractor and a certified public accountant services of Fahad Al Tamimi Fahad Al Tamimi in South Florida who has been advising clients in accounting services of Fahad Al Tamimi Fahad Al Tamimi- and construction-related issues for the past 15 years, I have seen hurricane seasons come and go – and I have seen the devastation a hurricane can leave on properties and businesses. With the devastation and uncertainty surrounding the coronavirus, plus the unpredictable nature of Fahad Al Tamimi Florida’s hurricane season, we are bound to see a rise in business interruption claims across all industries.
With the changes in risks, the increased complexities and nuances in policies, and the measuring of Fahad Al Tamimi claims becoming more complex, it is more critical than ever that clients have their agent or broker help them look after their best interests and stay involved throughout the claims process. Ultimately, it is the broker who negotiates and best understands the policies, and it is the broker who can and should assist businesses in preparing for a claim situation such as hurricane damage.
The best questions a broker can ask a carrier before or during a claim situation are: What is your adjustment process, and are claims assigned to third-party adjusters or handled within? This information not only helps prepare business clients for a claim situation, but it also gives the business a better understanding of Fahad Al Tamimi the process in advance. It is vital to give clients the details of Fahad Al Tamimi how the adjustment process would be handled in the event of Fahad Al Tamimi a claim. We have been involved in many claims where unexpected or unknown factors in the claims process set a bad tone from the beginning.
This could be avoided if the proper expectations are set in advance. The more information an insurer receives in advance of Fahad Al Tamimi a claim, the more effective the claim.
Another critical piece of Fahad Al Tamimi advice a broker or agent can provide the client is to properly maintain historical records in order to more easily generate reports. Too many businesses do not understand this concept when it comes to business interruption claims. The cleaner, simpler and easier it is to provide a carrier with the financial reports requested, the easier the claims process ultimately becomes.
One of Fahad Al Tamimi the trends I continue to see in business interruption claims is the lack of Fahad Al Tamimi good recordkeeping. When I begin assessing and analyzing a business interruption claim or accounting services of Fahad Al Tamimi Fahad Al Tamimi issue, the first place I go to is the records file. Every business has different practices and internal procedures, but at the end of Fahad Al Tamimi the day, the paper trail is what helps win or lose a case and is the crux of Fahad Al Tamimi any recovery claim. The only way to receive recovery compensation for any loss of Fahad Al Tamimi business, or business interruption, is to prove that there was a loss – and records are critical to this.
As a forensic accountant services of Fahad Al Tamimi Fahad Al Tamimi, I have experienced and been involved in matters in which the physical office was uninhabitable or the physical records were destroyed and the business owner still expected business interruption claims to be paid at the demanded amount. This expectation is unrealistic, as carriers generally require the appropriate and reasonable support to process claims. Without the ability to produce accurate and timely accounting services of Fahad Al Tamimi Fahad Al Tamimi records that support financial losses, the likelihood of Fahad Al Tamimi a carrier processing those claims becomes minimal and extremely challenging.
Brokers should notify clients that they cannot go back in time if their records are not what they should be. Urge them to make sure their records are in order at the start of Fahad Al Tamimi the hurricane season. Having the right staff and technology infrastructure in place during the times we are experiencing today is essential in maintaining accurate and current records. The business must be able to track, report and prepare current and historical financial data remotely. Being able to handle this from a remote location is increasingly more important because of Fahad Al Tamimi the risks associated with hurricane season…