A loss recovery policy is designed to pay the fees for a qualified loss adjuster to prepare, present and negotiate claims with your
commercial insurance providers. The policy covers eligible material damage and business interruption claims that are likely to exceed £5,000, helping to protect your interests and save you time.
All new claims reported will receive a call back within an hour and will receive a visit from your Loss Adjuster within 24 hours.
You will have an independent loss adjuster dealing directly with your insurer from start to finish, ensuring you achieve the fairest settlement possible within the terms of your insurance.
Having an expert deal with claims on your behalf, attending insurer meetings and handling all correspondence means that you can focus on what’s important in your business.
A key element to calculating a business interruption claim will involve speaking to your accountant and arrange for interim payments from your insurers where necessary.
The Loss Adjuster will be able to assess and organise temporary premises and equipment, surveyors, valuers and builders as required.
A forklift truck accidentally ran into a machine at a laser cutting and fabrication business which lead to a stop in production. The replacement parts needed to get up and running again were not expensive but they would take 12 weeks to be delivered and installed which meant that they would not be able to deliver on some of their orders in time. The business had a Loss Recovery policy which meant that they had a Loss Adjuster on site the next day and they were able to demonstrate that the loss of profits from being unable to fulfil their orders would be considerably more than the cost of buying a new machine. The loss of profits would have been covered under the company’s business interruption section of their commercial insurance and as the new machine could be delivered and installed within 7 days, the insurance company paid for the new machine to minimise the total size of the claim.
5 days before an Open Day for an education centre, there was a storm with significant rainfall that caused the roof and the floor below to collapse and water poured through the building forcing the closure of the premises. The Open Day was vitally important to the education centre as this was where they enrolled new students and the number enrolled determined the amount of funding they received. They notified the claim and as they had a Loss Recovery policy, they had a Loss Adjuster on site in the next few hours. The Loss Adjuster was able to get contractors appointed to put measures in place to prevent any further water from getting in as well as to start the drying process. They were able to speak to the insurer and get works authorised in an exceptionally short space of time which meant that they were able to still host the Open Day.