Image courtesy of Turner Construction Company
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.
Document scope of damage and repairs, cost estimating, quantify direct costs
Loss measurement including extra expense, expediting expense, business interruption, soft costs, etc.
Delay quantification to support time element costs, resolve claim issues caused by concurrent delays, and help manage forecasts for project completion
Procedures to track and document costs, communication protocols for project managers, and insurance company representatives, among others
Validate and assemble cost and project documents in a format to support the claim
of procedures at the project level to specifically document default costs
of the available subcontract balance
from the base contract and non-default scope of work
replacement contractors’ and vendors’ costs
and builder’s risk claims from the SDI claim
performed to support indirect costs
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
Construction and capital project claims
Claim preparation on behalf of corporate policyholders
Insurance loss project management
Soft Costs and Business Interruption values studies for insurance
Arbitrators, Appraisers, dispute resolution, litigation, and expert witness testimony