Insurance claims services

Post-disaster economic recovery often entails the filing of complex property damage and business interruption insurance claims.

The first priority in preparing for and responding to a crisis should always be the safety and well-being of family members, friends, colleagues, employees, and other members of our communities.

Once these needs are met, business owners and risk managers will turn their focus to economic recovery, which includes the challenge of compiling and dealing with complex insurance claims related to losses sustained at their facilities, extra expenses incurred, and business interruption losses driven by the disruptive and overwhelming impact.

KPMG effectively serves businesses affected by devastating crises with a team of Forensic professionals that have vast experience in the management and support of property damage, extra expense, and business interruption insurance claims. This team is prepared to assist companies by helping them quantify the financial impact of the damage they have suffered and streamline their recovery of losses. Our team includes accountants, economists, attorneys, and industry professionals with years of frontline claims experience. We know how to achieve results in an ethical, efficient, and professional manner.

Insurance and FEMA claims: Superstorm Sandy

The KPMG Insurance Claims Recovery team assisted in providing forensic accounting services to a health care organization to support an insurance claim for damages and losses caused by Superstorm Sandy. Our role included aggregating costs related to physical damages, protection of property, extra expenses incurred and calculating overtime payroll costs related to the Storm. Additionally, KPMG assisted in determining the business interruption loss suffered and assisting the client to present the claim to the insurance company. Lastly, KPMG assisted the client with recovering costs that were reimbursable by FEMA.

Helping companies in response to COVID-19

Thomas Heck, who works in the KPMG Forensic practice, explains how sound loss management practices can significantly benefit organizations in recovering from the impact of COVID-19.

Insurance claims: Hurricane Florence

KPMG provided forensic accounting services for a large hospital network in relation to damages and losses incurred during Hurricane Florence. Our role included aggregating costs incurred as a result of the physical damage, calculating additional payroll costs incurred and calculating lost profits related to business interruption losses suffered.

Insurance Claims: Hurricanes Maria and Irma

Assisted a Fortune 500 biotech pharmaceutical company in Puerto Rico with comprehensive analysis and valuation of losses caused by damages sustained from Hurricane Maria and Hurricane Irma. The storms significantly affected multiple medical facilities owned and operated by the organization. These facilities incurred business interruption losses and considerable costs in excess of $100 million to replace malfunctioned medical equipment and repair damaged infrastructure due to the hurricanes. We served the organization in the aggregation and quantification of costs related to the damages and assisted the organization in presenting their claim to the carrier and negotiating a settlement.