Forensic Accounting and Claims Services
Published: 12-Dec- 2010 | Product Category: Claims
, Risk Consulting
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For businesses today, losses and damages are all too prevalent given the increased frequency of potentially catastrophic bottom-line impacting events such as disputes, product recalls, weather-related disasters, earthquakes, and terrorist attacks. Even if your company has prepared and planned for such occurrences, they can still result in significant economic and workforce disruptions.
Successfully managing and recovering from an incident is a business essential, but assessing and valuing the damage, as well as preparing and negotiating claims with insurers, often demands excessive time from business leaders and other important staff.
Marsh’s Forensic Accounting and Claims Services (FACS) Practice can help with your global and complex risks. Our team of professionals provides you with proactive, on-the-ground support through a wide range of expert services designed to help you to minimize and mitigate damages before a loss event and to calculate, defend against, and analyze damages after one—allowing you to stay focused on your employees, operations, and customers.
The FACS Practice’s multi-disciplinary team provides expert assistance in the quantification and measurement of damages, economic claims, and losses that can help you achieve a superior recovery and/or minimize losses resulting from catastrophic events, litigation, or disputes. Our experts deliver world-class forensic accounting , investigative, construction, product recall and liability, dispute advisory, and insurance claim preparation and advisory services. We are able to respond and react anywhere in the world, providing assistance with large and complex investigations and damage assessments, as well as advisory services to minimize the impact of claims on your business.
Large casualty and property losses following a catastrophic event or dispute can be extremely complex from a data as well as a stakeholder standpoint. Complex management issues may exceed the scope of your resources and capabilities, particularly in situations where you are not familiar with local regulations, procedures, and customs. We provide comprehensive support worldwide to help guide you through an event.
Our services include:
- post-Loss Measurement and Claim Preparation – swift delivery of assistance in quantifying losses and presenting insurance claims for all types of losses worldwide;
- claims project management and claims engineering – managing your claims process to enable you to concentrate on on-going business matters, while helping you to maximize a fair and reasonable recovery;
- fidelity and liability claims – assistance with preserving and recovering evidence and interviewing employees to measure economic damages that can help to increase the likelihood of a full insurance recovery, while minimizing investigative costs;
- dispute resolution – assistance with dispute advisory, expert witness testimony, and litigation support throughout the dispute resolution process designed to help you resolve issues in an expeditious and cost-effective manner;
- uninsured loss recovery – assistance to pursue your recovery rights against responsible third parties for uninsured first-party property and marine claims; and
- product risk – best-practice assistance in conducting a product recall, reintroducing a product into the marketplace, and preparing liability claims arising from an alleged product defect.
In addition to assisting you after a loss event, our FACS team can help you prepare for an unforeseen incident or crisis, which can mean the difference between success and lost profits. Our services can help you guard against damage, protect stakeholders, and gain competitive advantage should the unexpected occur.
- insurance valuation – proactive property valuation and business interruption calculations to help identify appropriate levels of coverage to maximize financial stability;
- project governance and risk assessment – proprietary processes to assist organizations with capital projects identify existing and potential areas of exposure during the construction project lifecycle;
- project performance review – Construction auditing and project review processes to provide the project management team with the tools and data needed to minimize schedule delays and cost overruns, helping to keep a project on track; and
- product risk prevention and preparation – a Six Sigma approach to performing an on-site evaluation of your organization’s product manufacturing/production process to develop strategies that comply with national and international regulatory requirements, as well as procedures for conducting a recall.
FACS supports its work with a powerful database tool that greatly facilitates the claim management and recovery process. Our FACSdb allows you and your FACS team to effectively compile, manage, and distribute large amounts of claims data, especially for claims with multiple locations, damage categories, and submissions. FACSdb is a highly customizable, easy-to-use system that provides quick and secure online access to claims information—including control over data-specific access privileges—allowing database entry, updates, and data manipulation from multiple locations.
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