Following early reports that the 2020 hurricane season will be active, Hays is standing by to assist clients who have been affected; including those with facilities that have been directly impacted or are experiencing supply chain disruptions.
If this is an emergency, please contact our Emergency Claims Hotline at 1-844-239-4937 or via email at email@example.com
Hays has the expertise to support you with navigating the complicated claims process, which allows you to focus more of your time and energy on assisting employees, mitigating losses and restoring business operations.
We suggest the following approach to facilitate an efficient and successful recovery.
1. Notify Hays and your insurer of the loss as soon as possible.
2. Coordinate your loss response team and direct responsibilities for each individual in the loss response team. Typical parties which may be involved include the following: Risk Management, Finance, Operations, Supply Chain, Logistics, Third-Party Vendors, and your Hays Claims Consultant. We suggest appointing a singular direct point of contact with the adjuster (often the risk manager).
3. Establish accounting procedures for capturing loss activity (typically a separate accounting string to which all loss-related expenses are tracked).
4. Contact remediation contractor(s) to complete emergency repairs (water extraction/drying equipment). Protect buildings and equipment from additional damage by making temporary repairs. Restore service to fire protection systems as quickly as possible. Document conditions with photographs. Reasonable emergency/mitigation response is typically a policyholder’s required duty in a property policy.
5. Evaluate and separate damaged from undamaged stock. Document with photos and retain all property for the adjuster to inspect. Create an itemized inventory of the property including type (SKU, make/model, S/N, etc.), description, quantity, disposition (undamaged, reprocess, dispose of) and price.
6. Create a recovery plan for re-establishing operations and mitigating business interruption. Typical options include the use of undamaged inventory on hand, outsourcing to sister facilities, implementation of additional shifts or overtime, and rental of temporary alternate locations.
7. Review applicable leases (Landlord/tenant, leased machinery/equipment, etc.) for insurance requirements and notify third parties who may have an additional interest.
Recovery and Claim Preparation
1. Review of policy jointly with Hays to identify policy provisions and deductibles which may be relevant. Frequently there are special coverages, sublimits or deductibles that apply to hurricane-related losses.
Consider retaining a Claim Preparation Consultant/forensic accountant to assist with calculating and presenting the claim to the insurance adjuster and their team of experts, on your behalf. The consultant’s fees may be recoverable as part of the claim. Hays can provide vendor recommendations.
2. Commence with reconstruction. This should be coordinated with the adjuster to ensure agreement on the scope of work and how invoices will be issued (competitive bid, agreed lump sum, or time & materials basis).
3. Track and document all loss-related repair expenses (emergency response, temporary repairs, reconstruction, inventories, etc.).
4. Identify and document loss-related issues that impair operations, which may include: direct physical damage at your location(s), infrastructure damage (bridges, roadways, etc.), utility interruption (sewer, power, gas, etc.), damaged facilities of customers/suppliers and orders issued by civil/governmental entities. For issues that do not originate at your location, confirm the specific cause and site where the damage occurred.
5. Provide claim submissions to the adjuster, including: itemized calculations, supporting documentation (proposals, invoices, purchase orders, etc.) and narratives of costs incurred.
6. Prepare overall damage estimates and communicate potential loss exposures with the adjuster to ensure they understand the total impact to your business.
7. Request advance payments from your insurer as necessary. It is essential to communicate timelines for payment expectation with the adjuster well in advance, to allow adequate time for evaluation and processing.
8. Review insurer’s inquiries to claim submissions and collaborate with Hays on strategic response.
9. Prepare for final claim settlement negotiations with the adjuster/insurer.
Please contact your Property marketing representative or the claims team at any time to discuss your claim and how Hays may be of assistance.
Emergency Claims Hotline