Major incidents in business, whether they are fire, flood or other unexpected interruption, threaten not only short term profitability but potentially the survival of the business itself.
Problems experienced when preparing an insurance claim are often a reflection of the structure and content of the insurance program. This applies to corporations in all industry sectors from local operations to large multinational operators.
Ensuring your insurance program is able to adequately respond to a major loss incident will mimise the risk of the business not fully recovering from such an incident.
How PwC can help you
Our dedicated Insurance Advisory team combines the experience of specialist claims managers, loss adjusters and brokers with Accounting, Legal, Engineering and Quality Surveying background with an in-depth expertise across all industry sectors. Our consultants are located in the Asia Pacific region and around the world.
Our Business Interruption policy review service is designed to assist policyholders, as well as brokers and insurers, in a variety of business interruption matters. Elements of this review can include:
- An assessment of the adequacy or appropriateness of the declared values
- An evaluation of the limits of liability having assessed worst-case loss scenarios, including sub-limits for suppliers extension, prevention of access and loss of public utilities
- An assessment of the appropriateness of deductibles including consideration of policyholder’s appetite for risk.
The benefits of this service include:
Policyholders:
- Comfort that insurance policy responds adequately to various loss scenarios
- Paying the correct premium for the transfer of the risk to insurers (current and future financial periods)
- Better understanding of business interruption exposures and policy response
Brokers:
- Report from a credible firm to support negotiation for change in premium based on exposures identified
- Comfort that level of cover is appropriate.
Insurers:
- Greater knowledge of the risks and exposures being insured
- Earning the correct level of premium for the risk.
Our reviews have been utilised by organisations in many industry sectors and turnover ranges (companies with five million dollars turnover to companies with multi-billion dollar turnovers).
