A major loss event occurring in an industrial risk generates an emergency situation that requires emergency solutions. With this type of company, the Consequential Losses arising out of the interruption of the business can be substantial and it is vital not to lose any time and be clear about what must be done after the incident has occurred.
That is the objective of implementing an Incident Action Protocol:
- Recover normal productivity within the shortest time possible.
- Adequately prepare and document the claim to be presented to Insurers.
- Recover as soon as possible the settlement for the loss and damage covered by the insurance policy.
The elaboration and design of an Incident Action Protocol requires the examination of the company’s risks along with their emergency and contingency plans. Thought must be given in the same to:
- Who is going to settle the losses: A list should be drawn up of three firms specialising in industrial risks operating locally that can assist the Insured to undertake measures in order to minimise the Consequential Losses.
- Who is going to repair the damage: A series of firms specialising in the risk should be approved and establish with them what are their rates and work conditions.
- Who is going to control the repairs and document the cost of the same along with the Consequential Losses brought about by the loss event: VANTEVO suggest that this should be done by the Insured’s Maintenance Department using their own management system. That would allow a control to be kept of the quality of the repairs and, without any doubt, would expedite the same.
- An account should be opened in which all the costs associated with the loss event are entered, with some accounting codes for a quick and easy identification and classification of the amounts.
Our experience is that, at the time of the loss event, which is the moment of truth as far as the insurance is concerned, there should be no room for any improvisations or any time wasted, but instead that agreed in the Incident Action Protocol drawn up earlier must be enacted.
We at VANTEVO CLAIMS ADVISORS would be delighted to assist the Policyholders and Brokers to implement an Incident Action Protocol to help them to resume normal productivity as soon as possible and receive from Insurers the settlement for all the losses to which they are entitled on the basis of the insurance Policy that they have contracted.