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Claims Analysis

Our experienced team can help identify financial concerns in regard to a loss claim, qualify the legal issues and present conclusions through clearly written reports and effective expert testimony.

The key to accurately evaluating a loss claim is the ability to obtain complete financial information regarding the claimant/insured’s occupation or business. The mutual goals of the insured and the insurer are to mitigate loss, return to normal operations as quickly as possible and resolve the claim in a reasonable period of time. All this should be done while maintaining positive professional relationships with all who are involved.

In business interruption claims analyses, the question is not what the enterprise earned but how much it would have earned had the insured event not occurred. Clearly, there is no one correct answer to such a question but rather a varying degree of plausibility among competing theories. The accountant must go beyond historical company data to tap additional industry and general information.

Whether it’s damage calculations or determining economic losses from business interruptions related to water, flood, wind, fire, hurricanes, tornadoes or any other kind of natural catastrophe, accurately projecting the profits that would have been earned outside a particular insured event requires an understanding of both the insured’s financial reporting and managing of its affairs before and after the loss.

The Ericksen Krentel team’s experience reviewing claims involving a variety of industries affords us the skills and depth of experience to provide you with a realistic and effective valuation of a business interruptions claim. That includes helping to obtain documents to support or refute a claim, reviewing the relevant documentation to form an initial assessment of the case and identify areas of loss.

In addition to understanding the principle governing business interruption insurance claims, there are other concepts with which our experienced accountants are familiar with, such as coinsurance valuations, reporting forms, blanket coverage and contingent coverage.

We are available on a moment’s notice to assist in situations involving business interruption, helping adjusters and insurance representatives with:

  • Determining the period over which the damage is suffered
  • Analysis of insurance adjusters’ loss calculations
  • Analysis of costs to be used in calculating the loss
  • Lost profits pro-formas and projections
  • Evaluation of insurance coverage to determine amount of recoverable loss
  • Analysis of opposing experts’ reports and testimony
  • Expert witness services

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Hurricane Ida Update

Our thoughts and prayers are with all of the people affected by Hurricane Ida. Ericksen Krentel team members have spent this week checking in on each other, our families, and our clients to ensure that everyone is in a safe position. Our New Orleans and Mandeville offices are currently closed due to power outages. We expect our Mandeville office to re-open shortly and will post the status updates of both offices on our website and social media as we know more details. We will do our best to assess the situation of our clients and people, and intend to return to each office as quickly as possible.
We have learned through our experience with past disasters and the ongoing pandemic to be adaptive to new technologies and have implemented cloud-based applications that allow us to efficiently operate remotely. In the interim, we are available to the extent that is possible in working remotely with our many affected clients and their personnel.
As recovery operations begin to take shape and progress, please do not hesitate to call on us to assist in your financial, tax, and other needs. You can reach your Ericksen Krentel professional directly through their normal email address or if you need immediate assistance, send a message through communications@ericksenkrentel.com to receive a return call from one of our professional team members. We look forward to a complete recovery and once again working directly with our clients.

What to Know About Restaurant Revitalization Grants in the Rescue Plan Act

As the COVID-19 pandemic and its economic devastation continues, the $1.9 trillion American Rescue Plan Act of 2021 (ARPA), which was signed into law March 11, 2021, expands relief provisions first introduced in the Coronavirus Aid, Relief and Economic Security (CARES) Act from March 2020 and introduces new measures to help businesses and individuals.