It is very important and desirable that the information provided by the expert to the Insurance Company and/or the Insured, depending upon who they were contracted by, is well organised and above all, that the Report is clear, concise and verifiable and accompanied by the most relevant documentation used by the expert.
The structure normally used by the different firms is:
- The Insured.
- Description of the Risk.
- Circumstances and discovery.
- Spread and extinguishing (in the case of a fire).
- Nature of the Material Damage.
- Extent of the Consequential Losses.
- Measures adopted following the loss event.
- Cover under the Policy
- Liability on the part of Third Parties (if applicable).
- Other Insurance (if applicable).
- Reserve (in the Preliminary and Interim Reports).
- Appraisal of the Loss and Damage (in the Final Report).
- Indemnity (in the Final Report).
We have highlighted in bold those sections of the Expert Report that we consider to be the most important.
In general terms, the Preliminary Report should be concise and issued as soon as possible, since it is important that the Insurers should know promptly the amount of the Reserve.
On the other hand, the Final Report should be as complete and fully documented as is possible, in such a way that it is verifiable by whoever has to read and approve it.
At VANTEVO CLAIMS ADVISORS, besides striving to reach agreement on a figure that is acceptable to both the Insured and the Insurers, something that we manage to achieve in the vast majority of the claims, we also suggest measures for improving the safety conditions of the risk and so as to prevent any similar losses in the future.
We also try to obtain a “payment on account” early on for the Insureds so that they might defray the costs of the repairs and the measures undertaken to minimise the Consequential Losses.