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Managing Risk of Business Interruption
Managing Risk of Business Interruption Cushion the blow, manage the pain and get back into business quickly
A catastrophe is everyone’s worst nightmare, but proper disaster planning helps companies come out the other side faster and better positioned to resume operations and maintain customer relationships. AccuVal has the SingleSourceSolution® to cushon the blow, manage the pain and get you back in business – quickly.
AccuVal Assists During All Phases
Planning
- Review the terms and coverage of existing insurance policies
- Right-size insurance premiums by accurately identifying risks
- Update property records with a complete descriptive listing of assets and their replacement costs
- Create procedures for communicating with customers following a disaster
- Identify the personnel key in disaster recovery, and define their roles
- Determine whether existing materials suppliers can substantially increase shipments to replenish lost materials so customer orders can be shipped
- Qualify several geographically diverse raw materials and components suppliers and assess their capacity
- Determine whether other owned operations can be expanded rapidly to facilitate production requirements
- Identify outsourcing alternatives with contract manufacturers that have the necessary production capabilities
- Put in place systems and records management procedures so business information is protected and can be easily replicated
- Identify contractors qualified to make immediate repairs to plant, property and equipment
- Locate available real estate that could accommodate operations
- Identify transportation and rigging companies capable of rapidly redeploying machinery, inventory and resources
Catastrophe
- Contact customers to begin routine communications and manage expectations
- Assess the condition of machinery and usability of inventory to determine what, if any, products can be completed and shipped to customers
- Move to immediately protect and secure assets from further damage
- Help quantify loss and accelerate preliminary claims adjustment so capital can be made available to help fund a swift recovery
- Prepare a written and visual record of all damages
Recovery
- Execute the comprehensive disaster recovery plan
- Procure assets to replace property that was destroyed
- Estimate the business interruption loss and negotiate insurance settlements
- Reach amicable settlements with support from valuation professionals experienced in dispute resolution
- Negotiate tax abatement from local taxing authorities
- Maximize recovery and/or salvage value of damaged property by partnering with LiquiTec to handle the disposition
