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COVID-19 (formerly known as Coronavirus nCOV-19) has caused widespread disruption in businesses, markets, and communities. You need answers to lead your business through this period, but anticipating impacts on your company is difficult. What can you do? Can you trust the information you receive? Is it possible to recoup costs and losses?
You now face the challenge of responding to this unexpected situation while simultaneously running your business. BDO can help successfully navigate the uncertainty that a crisis brings. We work with you to frame the problem and assess the situation, build a plan with defined action steps across the organization that considers all relevant potential scenarios, and support your teams in identifying effective mitigation strategies.
Our experience and objectivity enable us to provide solid, strategic guidance to help you understand the crisis situation from a different perspective. By facilitating an evolved decision-making framework, informed by proven best practices and international standards, our team helps to establish thoughtful and effective responses to difficult situations.
How do we do this? We have forensic investigators, insurance specialists, accountants, crisis management & business continuity/resilience professionals, specialized attorneys, and real estate and construction experts (among others) as part of our team. Their collective experience provides the right resources and solutions at the right time.
Effective crisis management involves techniques such as detection, notification, escalation, information sharing, collective crisis decision-making and debriefing mechanisms.
This is what BDO brings.
BDO’s Crisis Management & Forensic Insurance Claims Team brings the experience you need to successfully navigate this crisis
Forensic insurance claims
With growing quarantines, travel restrictions, and factory shutdowns, companies are struggling to quantify potential exposure and attempting to mitigate losses in a complex and continuously evolving environment is difficult. Affected business owners and risk managers will face not only tactical execution and recovery challenges but also the prospect of navigating the insurance claim process.
BDO is experienced in the losses that arise with this unique type of insurance claim resulting from infectious disease. Understanding how to identify and quantify lost revenues and income as a result an outbreak with global impact is critical in minimizing the financial implications.
Notably, the Insurance Services Office (ISO) has announced new endorsements for business interruption policies in response to Covid-19. BDO is working with our clients’ insurance brokers and coverage counsel to evaluate business interruption policies in order to determine what coverage is available and whether it is advantageous to accept a new endorsement with a specific carve- out or limitation on coverage.
As one of the world’s largest accounting and consulting networks, BDO has substantiated and prepared some of the most complex property and business interruption insurance BDO’s Forensic Insurance Loss Advisory professionals work on behalf of policyholders, providing an independent and objective perspective.
We are ready to assist policyholder clients in their recovery.
- Currently retained as the preferred crisis management service provider for major multi-national firms globally
- Leading provider of forensic insurance claims advisory services to policyholders, having assisted in the settlement and recovery of billions of dollars for thousands of property and business interruption claims
- Past and ongoing experience serving Canadian and international policyholders, from startup businesses to industry-leading brand name companies
- Responsive and tailored turnkey approach to claims including those from infectious diseases, earthquakes, hurricanes, and terrorist attacks
- Worldwide resources, offering claims-handling services where you do business
Insurance claim considerations for policyholders
- Impact from Civil Authority and Ingress/Egress
- Service interruption (gas, electricity, fuel, water)
- Supply chain interruptions
- Loss mitigation and extra expenses such as increased logistics and redistribution costs, increased costs related to workforce disruption (e.g. telecommuting, mandatory days off), and increased costs related to shifting production to higher cost locations
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