property damage and business interruption insurance claims. ... help you navigate and achieve financial recovery. ... Co
Insurance & Federal Claims Services (IFCS) Overview
Sample experience
The EY Insurance & Federal Claims Services (IFCS) practice assists clients to measure, document and prepare complex property damage and business interruption insurance claims. We help clients expedite insurance recoveries, largely by helping them anticipate challenges they will face during the claims process.
• We assisted one of the world’s largest automotive manufacturers with the preparation of its contingent business interruption claim after an earthquake in Asia caused significant damage to several dozen suppliers and ultimately impacted production in several countries.
• Floods. Tornados. Hurricanes. Fires. Cyber losses. Supply chain disruptions. Operating a business can entail unpredictable risks. A single event can wreak havoc. But such events each have unique challenges and attributes that our IFCS practice can help you navigate and achieve financial recovery. • Regardless of the size of the loss, IFCS is prepared to help clients with the following throughout the claims process: • Focusing on getting cash advances as quickly as possible • Developing strategic claim recovery plans • Utilizing a structured approach • Collecting and managing voluminous data • Measuring the quantum of the claim • Developing a good working relationship with the carriers • Educating internal/external stakeholders on the claims process and the company’s business, respectively • Sharing risk management and claims development best practices • Creating multidisciplinary teams • We have a claims team that can respond to any size claim anywhere in the world.
• EY assisted one of the world’s largest heavy equipment manufacturers with the preparation and presentation of its property damage and time element claim following tornado damage at a hydraulic coupling manufacturing plant in Mississippi. This nine-figure claim was resolved in less than 10 months. • Following a cyber breach, we assisted our client to capture and support all facets of the loss, including damaged equipment, lost information, lost revenues, third-party liability claims and remediation efforts. • We assisted a northeastern wholesale retailer with property damage and business interruption losses resulting from wind and flood damage at 12 warehouse stores and a distribution center. • EY assisted one of the world’s largest chemical manufacturers with the preparation and presentation of multiple property damage and time element claims following back-to-back damages from two hurricanes and an explosion at one of the client’s plants in Louisiana. The complexity of these nine-figure claims was increased because all damages were incurred within a six-week period. • When a local government revoked a permit two days into a three-day music festival, the event was shut down, and our client incurred a significant event cancellation loss. We assisted our client in assembling the data and presenting a claim for expenses they could not recover through ticket sales. • We helped one of the State of Missouri’s renowned healthcare facilities in the preparation of its insurance and Federal Emergency Management Agency (FEMA) claims. The engagement involved the recovery of damages involving the building, medical equipment, lost revenue and the increased costs of opening a temporary hospital. The opening and operating of a temporary hospital of this size were unprecedented. • We helped prepare and present a business interruption and extra expense claim due to damage caused by extensive flooding from broken pipes of a metropolitan based property for the largest hotel and resort company in North America.
Types of claim assistance We have assisted clients with many types of claims, including: • Business interruption
• Cyber risk
• Property damage
• Special event
• Extra expense
• Boiler and machinery
• Contingent time element
• Crime and fidelity
• Transportation and supply chain losses
• Theft
• Builders risk • Stock loss • Environmental • Liability • Political risk
• FEMA public assistance grants • FEMA hazard mitigation grants • US Department of Housing and Urban Development (HUD) Community Development Block Grant program disaster recovery grants
Dedicated professionals We provide a deep bench of in-house resources to address any claim issue: • Former insurance industry forensic claim auditors
• Professionals with deep experience in a variety of industries
• Former insurance adjusters and claims managers
• Engineers
• Certified Public Accountants (CPAs)
• Former FEMA executives • Former HUD executives
Differentiators • Global capabilities: We have assisted with claims on six continents. Our team of globally staffed professionals can help you respond immediately to any challenge presented. We have the ability to integrate an appropriate mix of resources and skill sets to meet the critical needs presented by the issues most commonly faced, on a global basis. • Insight: Our team includes former claims auditors and insurance adjusters hired by the insurance carriers. This allows us to anticipate questions that will be asked as the claim is being prepared and helps to expedite the claims process. • Scalable approach: We are an advisor with the flexibility to employ claim approaches to handle claims of all sizes and complexities. • Objectivity and fresh perspective: A trusted and objective advisor in the claims process that understands our client’s business, educates internal/ external stakeholders and uses knowledge learned on other claims to increase the efficiency with which the claims management process occurs. • High-touch, relevant service: Our team provides objective analysis and apprises the risk management group of current trends and new ideas that will enhance the strategic nature of the risk management department. • Fee neutral: Unlike some of our competitors, fees for services provided by EY may fall within the scope of professional fee coverage within the terms of a client’s policy. Our fees are based on the quality and depth of our services and are not contingent on the outcome of the settlement. • Thought leadership: Our practice routinely develops and presents thought leadership materials to risk professionals on a variety of topics ranging from best practices in claims handling to business interruption. We authored The Business Interruption Book — Coverage, Claims, and Recovery, which was the first comprehensive book written about business interruption in the last 20 years.
Team contact information Allen Melton Partner and Americas Practice Leader
[email protected] +1 817 706 7108 Bradley (BJ) Nichols Partner
[email protected] +1 202 327 8719
Robert M. Reeves Partner
[email protected] +1 212 773 1332 Nigel Henley Executive Director
[email protected] +1 214 969 8627
Jill E. Powell Senior Manager
[email protected] +1 312 879 4683
Brad McCloskey Senior Manager
[email protected] +214 969 9563
Joe Alonso Senior Manager
[email protected] +1 713 750 4940
Michael Speer Senior Manager
[email protected] +1 312 879 3782
EY | Assurance | Tax | Transactions | Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. © 2014 Ernst & Young LLP. All Rights Reserved. SCORE no. WW0354 1407-1292444 ED none This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice.
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