Businesses “underestimate the true financial cost of a major claim”

The true financial cost of major property claims are underestimated due to the lack of understanding surrounding the range of uninsured costs and management time wasted.
 
Robin Darby, Claims Management Executive and Head of Heath Lambert’s Retail Office, Manchester said: "In the immediate aftermath of a serious property loss the focus is often on dealing with the tangible physical issues. While these are vital, understanding the financial impact that goes beyond repair or reinstatement costs is just as critical for the strong survival of any business, whatever size.”
 
Darby was speaking at this year’s Airmic conference at the workshop entitled Don’t forget the accountants – the real life cycle and financial implications of a major property loss will consider the post-loss challenges commonly faced by businesses, highlighting the pure financial issues, the related insurance considerations and the important financial procedures to be incorporated into a comprehensive Disaster Recovery Plan.

He added: “A well managed process can mean a company comes out of a potentially catastrophic loss stronger than before."
 
The workshop covered:

• Pitching the balance of the claims process  - physical reinstatement vs. preparation of financial data
• Planning and securing support from all parties
• Ramifications for investment and development
• Knowing what financial information is required and where to get it
• Hidden losses
• Hidden benefits

Airmic represents UK risk managers and insurance buyers, including 70% of FTSE 100 companies. Their annual conference, Embracing New Horizons, takes place in Bournemouth from June 6-8.

For further information contact Mark Baylis, Complete Communications, +44(0)7775 693994, mark.baylis@airmic.co.uk

Or Elliott Lane (Heath Lambert) +44(0) 20 7234 4622,  elane@heathlambert.com