Risk Accounting is a division of Aon which provides forensic accounting and advice to clients in respect of the following insured risks:
- Business Interruption
- Delay in Start-up/ Advance Business Interruption
- Product Contamination/ Recall
Post loss quantification, preparation and settlement of claims
Claims are often complicated and can be time-consuming, which can be frustrating for an insured whose main objective is the resumption of normal business operations. The Risk Accounting team have travelled the road to recovery hundreds of times and can ensure that claims are prepared accurately, utilising the full extent of the insurance coverage, and are submitted to the insurers in a timely manner to ensure that the insured is not required to fund the loss and potentially breaching critical loan covenants.
Benefits of specialist Claims Assistance
- Accurate quantification of loss;
- Utilisation of best practice approach to claims settlement;
- Extensive claims experience to provide advice on successful loss mitigation strategies; and
- The timely receipt of progress payments and the settlement of claims.
Business Interruption Reviews
Increasing corporate governance requirements has necessitated the auditable assessment of the adequacy/appropriateness of existing Insurance arrangements.
Risk Accounting’s team of experienced Chartered Accounting and Insurance qualified professionals can conduct a review that will determine the adequacy/appropriateness of insurance cover in light of actual Business Interruption exposures.
Benefits of a review
- Deliver an auditable process;
- Provide management with an informed decision on the appropriate Business Interruption program;
- Enable the tailoring of Business Interruption program (e.g. structure and wording);
- Eliminate the potential for under insurance;
- The efficient cost of risk transfer;
- Provide additional leverage to negotiate better renewal terms in terms of price and extent of cover; and
- Provide a benchmark for claim methodology that will expedite the settlement of any claim.