Fair valuation of all business losses
Legally defined as a loss of income for a company, business interruptions are generally a result of material damage. This material damage can take many different forms: fire, water damage, natural disaster, equipment breakdown, acts of vandalism, etc. Any of these claims, which may be of internal or external origin,…
Legally defined as a loss of income for a company, business interruptions are generally a result of material damage. This material damage can take many different forms: fire, water damage, natural disaster, equipment breakdown, acts of vandalism, etc. Any of these claims, which may be of internal or external origin, will have an impact - large or small - on the company’s turnover. The insurance may, however, be extended to cover business interruption without damage, caused by special events such as strikes, protests, and even pandemics under some insurance contracts.
An ever-present risk for companies
Manufacturers, shopkeepers, independent professionals, farmers, etc. Companies of all sizes and in all sectors are likely to experience interruptions after there is an incident. This means that any unexpected event can, overnight, damage a company’s business or even bring it to a halt completely, threatening its turnover and ability to continue employing its staff.
For example, when a manufacturing company’s equipment is destroyed in a fire, it means future losses. Indeed, the company will be unable to produce anything for a time.
Aware of the challenges inherent in business interruption, the Stelliant group has assembled a team of loss adjusters to meet the expectations of professionals and companies, at the request of their insurers. Our teams act together to offer a complete response to several aspects of the same loss, whether from a material or immaterial point of view.
Minimising the impact of business interruptions
When an incident happens causing a business interruption, the response must be quick to minimise the negative impacts on the insured company. Stelliant Loss Adjusting’s experts rush to the site as quickly as possible.
After determining how the incident impacted the company’s business, the loss adjusters get to work looking for solutions to limit damage and reduce the loss in turnover. They are able to recommend appropriate provisional measures: temporary or permanent repairs, subcontracting, business transfer, equipment rental, etc.
The business interruption loss adjuster, who has a thorough understanding of the sector and the company’s business model, is able to analyse the loss of gross margin and the extra expenses incurred. All of this while taking a practical approach, tailored to the company’s field of business and unique characteristics.
Stelliant Loss Adjusting also offers assistance seeing redress when a third party is liable, taking an educational and fair approach, conducting meetings between the opposing parties whenever possible to, ultimately, get an amicable outcome to the redress seeking process.
Specialised business interruption loss adjusters
With a team of 17 financial loss adjusters handling over 500 cases a year in France, Stelliant Loss Adjusting deploys its business interruption specialists to handle each case effectively.
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Thanks to the pre-qualification of assignments by our claims managers, our loss adjusters understand the problems, issues and specificities of the business sector. And for good reason, intangible losses do not manifest themselves in the same way for all companies. A business whose premises have been damaged by flooding will not be able to welcome customers until the building is restored. On the other hand, a home services business will probably be able to continue its activity, even if only partially, despite the destruction of its premises.
In order to provide our client with the most relevant conclusions, our financial loss adjusters work together with other specialists (automotive, fire, construction, IT, etc.) but also with the other services offered by the Stelliant group.
This is the case with INQUEST’s financial risk consultants, who are able to advise or assist any company in the management of a dispute or claim. These consultants also offer audits to map all financial risks (fraud, loss assessment, etc.)
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