Insurance claims services

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

Thomas Heck

Thomas Heck

Partner, Forensic Services, KPMG US

+1 213-955-8929

The global impact of the COVID-19 pandemic has and will continue to adversely impact communities and businesses of all sizes.

COVID-19 has placed the safety and financial security of employees and employers at risk, caused vulnerability in financial markets, and disrupted or shut down company operations across industries and geographies.

The first priority in preparing for and responding to a crisis of this nature 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 of COVID-19.

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.

Helping companies in response to COVID-19

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

KPMG in action

Explore how we have helped state, local and federal governments in the wake of a natural disaster.

Insurance and FEMA claims: Superstorm Sandy

KPMG’s 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.

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: Hurricane 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.

Insurance claims services include:

In the wake of COVID-19, KPMG Forensic can advise on all aspects of insurance recovery, including:

—Reviewing insurance coverage and reimbursement policies

—Assisting the company with the insurance / FEMA claims process

—Assisting the company with the determination of the indemnity period

—Assessing the initial loss impact on the business

—Assisting the company with securing timely progress payments

—Assisting the company with aggregating and compiling documentation

—Assisting the company to establish historical budget trends

—Assisting the company to identify and quantify lost sales and customers

—Assisting the company to identify and quantify additional costs incurred

—Evaluating and analyzing industry data, market demand, and trends

—Understanding and quantifying the impact of supply chain interruptions