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Top 5 Tips for Filing a Post-Disaster

Insurance Claim

When disaster strikes, sales or suppliers/customers
organizations can face being impacted is critical to
significant losses—not preserve as it is extremely
only from damage to valuable to a business inter-
physical property, but ruption claim.
also from the business 4. Get the right team on
interruption caused by your side. A major property
the event. As companies claim can take several
take steps to recover and months to resolve, and the
rebuild, BDO's Forensic complexity of the issues
Insurance & Recovery that may arise requires
Practice helps those external experts to look out
impacted navigate the for a business’s interests
insurance claim process. BY CLARK SCHWEERS while management focuses
Here are five key tips to on what is important—
keep in mind when fil- rebuilding and recovering.
ing an insurance claim after a disaster: Additionally, the fees paid surrounding
disaster recovery services are often reim-
Disaster Response Checklist bursable by the insurance carrier, there-
1. Communicate with employees and fore, result in no out-of-pocket costs to
external stakeholders. Following the the impacted business.
activation of an emergency preparedness 5. Establish milestones for claim
program, it is critical to communicate recovery. Following a major catastrophe,
with employees and business partners resources are often stretched thin. It is
about their well-being, as everyone will important to create milestones and hold
be dealing with potentially significant, or all members — from the adjusting team
even devastating, personal and profes- to internal stakeholders — accountable
sional issues. for achieving those goals.
2. Review your insurance policy. Even
if an organization does not suffer physi- BDO Disaster Response
cal damage, it may have coverage for In an effort to help those impacted,
business interruption losses. For exam- government agencies have announced
ple, if a business’s customers or suppliers relief measures, from tax extensions and
have been flooded and cannot receive the hardship distributions to tax-exempt
business’s goods or services, the insur- employer assistance, and even guidance
e
ance policy may include what is referred on cyber threats related to hurricane D elr a y Beach • J ackson ville • M iami • Or lando • P anama C it y
wwww•
am•
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to as “Contingent Time Element cover- relief. 8 0 9 . 0 6 2 2 0 t t @ d a n n a c a r g ey ey o c . y. m www d . w. a n n a c a r g ey ey o c . y. m
age.” Non-physical damage coverage for
business interruption losses can also To learn more about what a business can
include lack of access to facilities (road do to recover after a disaster, please con-
closures), government declarations of tact Clark Schweers, Principal at BDO and
emergency, cancellation of events or loss head of the Forensic Insurance & Recovery
of utilities, among others. (FI&R) practice, at cschweers@bdo.com.
3. Maintain contemporaneous docu-
mentation. To say that the hours and Our South Florida healthcare leaders are
days after a disaster are hectic is an ready to address your complex and unique
understatement. This is a trying time for needs:
businesses as they try to rebuild and Alfredo Cepero, Managing Partner
recover. However, keeping careful 305-420-8006/ acepero@bdo.com
records even during this time of disrup- Angelo Pirozzi, Partner
tion is critical. Email traffic around cur- 646-520-2870 / apirozzi@bdo.com
rent market conditions, cancellations of

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