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Cover Story: Setting the Stage

for a Successful Claim Recovery –

2019 Hurricane Season

Continued from page 1 Required Actions
Understanding Your Subsequent to a Loss
Company’s Risks Following a catastrophic loss, an
The risks faced by organizations are organization must take actions to protect
constantly changing. As operations and/or replace its property as well as,
change, the risks change and need to be focus on steps to continue or reestablish
evaluated on a regular basis. Similarly, services / operations. Areas to consider in
exposures previously considered low risk this process include the following:
may now be considered high risk. 1. Notify the broker / insurer.
2. Assemble your claim(s) team that
Financial Recovery will oversee the entire claim(s) process
and Disaster Preparedness and should develop a project plan early
Critical steps for incorporating finan- in the process.
cial recovery into your disaster recovery 3. Protect key assets.
plan include the following: 4. React quickly and gather informa-
• Plan for the unexpected. tion related to the loss.
• Understand how, and to what degree, 5. Track and properly classify all costs
your company could deliver services in (property damage, extra expense, etc.).
the event of a major shut-down of opera- 6. Document all substantive meetings
tions. and discussions with the claim(s) team,
• Know your claim(s) team. This team the insurer and its representatives.
should include internal representatives 7. Develop estimates as soon as possi-
from risk management, operations / pro- ble. This will help the insurer set reserves
duction, accounting / finance and other and manage internal expectations.
areas as appropriate. The team may also 8. Request advances from the insurer
include external members such as foren- early and often throughout the claim(s)
sic accountants and coverage counsel. process.
• Assess required cash reserves and/or 9. Take actions where feasible to miti-
access to credit during a major shutdown gate the loss.
while awaiting recovery through insur- a. Temporary locations.
ance. b. Outsourcing / Make-up of lost serv-
• Outline key areas of insurance cover- ices.
age. Knowing what your policy covers c. Reduce continuing costs where pos-
can influence your disaster recovery sible.
plan.
Summary
Insurance Coverage All organizations are constantly
and Your Risks exposed to the potential impacts from
Insurance provides a financial vehicle catastrophic events due to the increased
for the transfer of those risks that cannot frequency of natural disasters. Setting the
be eliminated or fully mitigated. framework for your organization’s disas-
Companies transfer these risks by pur- ter preparedness can significantly miti-
chasing insurance with the expectation gate your overall financial impact. Your
that any related losses will be partially or insurance recovery can be expedited and
fully covered. Some of the key actions to maximized by having a recently tested
take regarding your insurance coverage and functioning disaster recovery plan.
include the following: Integrating financial preparedness into Specializing in Medically
• Review your existing policy to your disaster recovery plan can help
understand types of coverage, limits, ensure the stability of your business – the Complex Patients
sublimits, deductibles, waiting periods, difference between significant financial
co-insurance requirements, etc. loss and significant recovery.
• Windstorm deductibles are often 5% Kindred Hospitals are owned by Kindred
of your insured value. In certain cases, Michael Fazekas is Senior Manager and Healthcare, Inc., a national network of Long Term
this can equate to a shutdown of approx- Kirsten Ambroze is Manager Acute Care Hospitals (LTACH's).

imately 18-20 days before coverage BDO Forensic Insurance and Recovery Kindred Hospitals provide specialized, high quality
responds. care for acutely ill patients. For more than a decade,
• Assess your business interruption Contact: we have fine-tuned the art of medically complex care.
values. Alfredo Cepero, Managing Partner
• Extend your period of indemnity 305-420-8006/ acepero@bdo.com Our services range from complex catastrophic
where appropriate and cost effective. illnesses that require intensive care, post-surgical medical
Angelo Pirozzi, Partner rehabilitation to patients suffering from chronic diseases requiring respiratory and
646-520-2870 / apirozzi@bdo.com rehabilitative therapies. Kindred Hospitals provide outcome-oriented
cost effective care for patients with a wide spectrum of
medical conditions.

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