Image courtesy of Turner Construction Company
Claim Preparation
For even the most sophisticated contractors and owners, preparing Builder’s Risk/Large Property Loss and Subcontractor Default claims can be among the most complex and least-understood processes in the construction industry. Challenges can arise related to defining the scope of loss and documenting costs to help substantiate coverage. In addition, insurance companies hire adjusters, accountants, and engineers to review an insured’s claim to decide what amounts are proven. Given these challenges, a successful financial recovery requires coverage and expertise in claim preparation, as well as dedicated time and resources.
We alleviate the unplanned claim preparation burdens typically placed on a project team after a loss.
Builder’s Risk/Delay Claims
Physical Damage Assessment
Document scope of damage and repairs, cost estimating, quantify direct costs
Forensic Accounting
Loss measurement including extra expense, expediting expense, business interruption, soft costs, etc.
Schedule Analysis
Delay quantification to support time element costs, resolve claim issues caused by concurrent delays, and help manage forecasts for project completion
Claim Processes
Procedures to track and document costs, communication protocols for project managers, and insurance company representatives, among others
Claim Documentation
Validate and assemble cost and project documents in a format to support the claim
Subcontractor Default Claims
Implementation
of procedures at the project level to specifically document default costs
Reconciliation
of the available subcontract balance
Separating Default Costs
from the base contract and non-default scope of work
Documenting
replacement contractors’ and vendors’ costs
Reconciling Owner Changes
and builder’s risk claims from the SDI claim
Forensic Schedule Analysis
performed to support indirect costs
Proof of payments
reconciled and documented to a contractor’s general conditions
Assist in the review, adjustment, and payment process on behalf of the insured with the carrier
Other Claim Support
Contract Claims
Construction and capital project claims
Business Interruption/ Property Damage
Claim preparation on behalf of corporate policyholders
Onsite Project Management
Insurance loss project management
FEMA Claims
Values
Soft Costs and Business Interruption values studies for insurance
Dispute Resolution
Arbitrators, Appraisers, dispute resolution, litigation, and expert witness testimony