Imagine an insured’s commercial vehicle is damaged and needs repair, putting it out of service for some time. While a carrier adjuster handles the physical property damage expenses to repair the vehicle to pre-loss condition, who can calculate the loss of business income derived from the commercial vehicle being out of service?
Or imagine a self-employed, independent contractor who runs their own business is injured on a job. Who will calculate their lost wages or lost business income resulting from the insured’s commercial business closure?
Would you have thought to turn to Broadspire for help? Through our parent company, Crawford Forensic Accounting Services (CFAS), Broadspire can connect you to some of the industry’s most well-qualified forensic accountants to meet these unique needs.
While the general liability or health insurance may cover the property damage or health care claim, calculating losses of business interruption or business income related to these and other events increasingly falls to forensic accounting. Our experts work closely with adjusters behind the scenes to support the business interruption loss of use (commercial vehicle) demands and loss-of-wages resolution process.
Some know very well the skills investigative accountants bring to quantify economic damages matters related to first- or third-party losses. To others, however, it’s like some well-kept secret among our many lines of business beyond worker compensation and liability.
Forensic and investigative accounting presents account executives and other client-facing professionals with a unique opportunity to help their customers recover proceeds that might otherwise have been overlooked during the claims resolution process. In fact, carriers, brokers and attorneys regularly hire forensic accountants to provide fair and objective assessments for all interested parties, especially in matters of business interruption.
Accountants with CFAS assist adjusters and examiners in claims related to business interruption; extra expense; property damage; inventory/stock/contents; cybersecurity or hacking; event cancellation; sports, entertainment and the arts; builders risk / soft costs; fidelity and employee dishonesty; theft; product liability/product recall; loss of wages; third-party liability claims; loss of use/vehicle claims; personal injury and wrongful death; as well as COVID-19 related matters impacting commercial businesses.
Clients range across key sectors, including such industries as healthcare; hotels/hospitality; rental properties; pharmaceutical; professional services; retail and wholesale; sports, entertainment and the arts; maritime; manufacturing; food services; aviation; automotive; agriculture; utilities/cogeneration; pulp and paper; and nonprofits.
What benefits does the Crawford Forensic Accounting Service team of forensic and investigative accountants bring to your clients?
Industry expertise and accountability. Forensic accountants work with adjusters to read between the lines of policy language, to see through the “gray areas” where others might miss opportunities and apply industry knowledge and insurance expertise to every encounter. By seamlessly collaborating with adjusters, medical experts, engineers, and other technical experts, we stay attuned to the situation, even providing 30-day status reports directly to the adjuster.
Technical solutions. Any given claim could have hundreds, even thousands of related invoices, and countless touchpoints that must be tracked throughout the claims process. Using artificial intelligence and machine learning, CFAS can quickly identify and address issues to speed claim closure. CFAS deploys the industry’s most comprehensive integrated platform of claim analyses, technology, and forensic accounting services, enabling it to input and organize claims data, create pivot tables, and simplify other data that might be confounding or arduous - all customizable for any new or existing need.
A team approach that saves time and money. Think of CFAS as your teammate in the claims process - guided by leadership team members with 20 to nearly 40 years in the industry. Streamlined, direct communications and clear, comprehensive, and incisive reports shared across the Crawford network can shorten to minutes what otherwise may require days spent chasing responses from external partners. This single point of contact removes the hassle - and the marked-up costs consultants and third-party middlemen bring to an engagement. Additionally, our clients receive preferred vendor accounting rates and single invoicing simplicity.
Global reach close to home. A recent claim by a U.S. company with operations abroad was handled deftly by one of CFAS’s almost 80 accountants across its global network. This multilingual staff has scalability and a competitive rate structure that opens doors for clients with needs in 70 countries, including offices in the U.K., Canada, Europe, Australia, Asia and Latin America.
Combating cybercrime claims. One of the fastest-rising culprits behind business interruption is hacking, ransomware/data denial, denial of service (DoS) attacks and other cybercrime. The CFAS team stays versed in the latest industry trends and client needs.
No longer a secret to a growing number of clients and account representatives, Crawford Forensic Accounting Services (CFAS) brings a standardized, streamlined, and strategic process designed to shorten claim duration and reduce overall claims costs, while maintaining a compassionate touch as companies and employees get back to work.
To learn more about Crawford Forensic Accounting Services (CFAS), visit https://www.crawco.com/services/forensic-accounting.