Post-Loss Steps
We follow a widely accepted process preferred by carriers. While the ultimate plan may change depending upon your circumstances, the following is a general outline of the process steps involved in post-loss services.
1. Establishment of Loss Accounting System 
We design a system to make claim compilation easier, quicker and more complete.
2. Preparation of Preliminary Estimates
We assist management in analyzing impact across all functions and develop a basis for insurers to set a loss reserve.
3. Securing Cash Advances/Interim Payments
We provide insurers with a solid understanding of the impact of the loss on the insured’s operations and prepare easily audited estimates to secure timely interim payments.
4. Preparation of Claims for Property Damage
We calculate and document all claims for buildings, equipment, inventory, valuable papers including documentation of improvements, code upgrades and other non-like-kind expenditures.
Also, we calculate actual cash value depreciation rates, salvage values and internal payroll costs if applicable. Finally, we can calculate “theoretical replacement cost” when the insured elects to replace the damaged property with assets of non-like-kind or not replace the loss.
5. Preparation of Claims for Business Interruption and Extra Expenses
We identify and create methodologies to estimate the value of business interruption losses, determine expected revenue had a loss not occurred, as well as calculation of the operating expenses related to the loss.
6. Interface with Insurer's Accountants
We manage the document flow between the insured and the carrier and minimize the possibility for misinterpretation of claims information.
7. Negotiation and Settlement
We provide advice to the insured regarding claim agreements and settlements and provide rebuttal of insurer denials or reductions to the claimed amount.
Why should I engage Brown Smith Wallace?
As one of the few accounting firms that specialize in insurance and reinsurance services, Brown Smith Wallace has an impeccable industry track record.
Our full-time, dedicated staff has more than 50 years of combined expertise and constantly monitors new industry developments to deliver cutting-edge programs and industry best practices.
Our geographic reach and unique approach to cross-specialization and collaboration fosters a more comprehensive, seamless, efficient and cost-effective set of services to our clients.
What else should I consider?
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