| At Brickerhaven, we feel it is imperative to stay in tune with our client's changing
business needs. During the past few years, we have found that one topic repeatedly rises
to the surface: The difficulty in striking a balance between indemnity dollars paid and
controlling loss adjustment expenses. In exploring this situation several issues arise
with regard to business income losses, especially the small risks. Unfortunately, insureds
(and often adjusters and brokers) are unclear how to efficiently present and evaluate this
type of claim. It is not uncommon, particularly with smaller business income claims, for
the file handling process to more closely resemble that of a liability claim. The insured
will present their claim, often based on misinformation. From this the insured has
established the loss value- at least in their own mind. The adjuster then attempts to use
his or her own resources to settle the matter. Many times, the loss is settled at some
middle ground.
Simply stated, too often these losses are not settled on facts. This is both costly and
inefficient for the insurance carrier. While large business income losses are staffed with
heavily experienced adjusters and loss consultants, the smaller losses are many times
overlooked. We feel our loss management program addresses your need to both settle these
smaller claims professionally and fairly, while at the same time controlling your loss
adjustment expenses. Our flat fees are tailored to meet your specific needs. We will work
with you to design a program that addresses those dynamic issues specific to your company
and your insureds. Together, we will weigh such issues as loss size, industry, geographic
location of loss site, and client reporting needs.
Flat Fee Program for Mercantile Losses |
