Claims arising in respect of Business Interruption stem from an event or action (often an insurable event) that results in a business suffering a cessation or reduction in trade with a resultant reduction in net profits.
Business Interruption claims can be relatively small in nature, for example the closure of a small cafe for a period of a couple of weeks as a result of a burst pipe, or indeed much more substantial, for example the total destruction of a factory as a result of a major fire.
Regardless of the size of claim, our experienced team of Forensic Accountants are able to provide a range of cost effective services to parties involved in Business Interruption claims, assisting both with the presentation of claims and also the detailed consideration of claims presented.
We are able to work on one off discrete instructions and also on a volume basis to assist on events that result in a quantity of claims (such as floods).
We work on both a formal Expert basis and also on an Advisory footing, providing more informal advice to businesses and claims teams.
The situation regarding Business Interruption claims resulting from the measures implemented to suppress the coronavirus pandemic remains ever changing, almost on a daily basis.
The key current issues revolve around coverage points rather than necessarily the calculations themselves and we, along with other interested parties, watch with interest to see what transpires with the FCA and the Courts, and indeed the proposed arbitration by the Hiscox Claimants.
We have been approached by a number of interested parties to assist them, if required, as and when the coverage points get resolved.
In the event that you have a case (or cases) where coverage is not an issue and you require assistance then please do not hesitate to contact us.