When your organization faces catastrophic events and significant losses, it’s a time of vulnerability and stress. WTW’s FACC team is an integral part of a complete claims function designed to lighten the burden of navigating complicated claims processes, optimize your recovery and get you back in business quickly.
We quantify loss amounts, gather supporting documents, prepare and submit the claim on your behalf, supporting you throughout the entire loss measurement process.
Get the reassurance of working with specialists in quantifying your losses and total insured values. With WTW’s FACC team, you’re working with certified public accountants, chartered accountants and forensic accountants, certified fraud examiners, project managers, engineering and construction consultants. Certified public accountants and chartered accountants are professional designations.
We engage early and proactively with insurers. We call on years’ of experience, diverse sector knowledge and our robust procedures to help quantify loss amounts, manage your cash flow and support your people. Our claims experts are with you from the moment catastrophe strikes – whether that’s a natural event, terror attack, a fire or machinery breakdown – through to the resolution of the claim.
Post-loss recovery support for your complex claim
Maximize the value of your claim and benefit from a claims experience that lets you focus on your business by minimizing disruption.
WTW’s FACC specialists can:
- Simplify the claims process so you can focus on returning to normal day-to-day business
- Quantify the loss amounts and gather supporting documents
- Minimize the overall disruption to business operations by obtaining cash advances
- Prepare and submit the claim on your behalf in a format familiar to insurers
- Participate in meetings, explaining methodology on loss calculations
- Respond to requests for additional documentation
- Provide expert witness testimony.
Expert claims experience with your insurer
Our experts have a deep understanding of how insurers review and audit claims across diverse sectors. We understand the red flags and gray areas we need to address to make sure you maximize recovery within the parameters of your policy.
Our specialists won’t unduly inflate your claim settlement expectations in ways that could cause issues for stakeholders. We avoid presenting items we know won’t be recoverable and focus on substantiating the financial impact of aspects in the gray areas where we know we can make the most impact on your settlement.
For a more certain claims outcome, include your own experienced forensic accountant in your claims team. Our specialists anticipate the challenges presented by the insurer’s appointed adjusting team and the areas insurers will scrutinize most closely. They’ll also pre-empt documentation requests.
Explore WTW Forensic Accounting and Complex Claims services
Do you have too much or too little property damage and business interruption cover? Where you should you apply your resources in disaster recovery and business continuity planning?
Our experts give you answers.
Accurately measuring and presenting insured values is a critical part of pre-loss planning, improving the post-loss process and making your renewal process more manageable and competitive.
We work with you to develop a pre-loss plan that includes the calculation of property values, business interruption values and contingent business interruption values.
WTW FACC team’s pre-event planning can:
- Accelerate the loss measurement process by developing a post-loss claim management plan to ensure easy access to the preliminary information you need in a consistent format
- Allow for significant and immediate support post-loss by establishing a claims team and putting agreements in place
- Let you focus on your core business and resuming operations after an event by establishing procedures to best deal with suppliers and customers affected by an event
- Establish processes and procedures to track the data required after an event, including setting-up temporary general ledger accounts to track all loss-related costs.
Our forensic accounting and complex claims experts can help you:
- Identify your business interruption loss exposures
- Accurately measure and present business interruption and property damage values so you avoid being over or under-insured
- Assess economic damage from contingent business interruption claims, extra expense claims and stock losses
- Evaluate the cost/benefit of alternative ways to mitigate your damages, for example, through using alternative facilities.
To achieve the maximum possible recovery under the available product policy coverages, work with our specialists with expertise in product recall claims across all key industries, including food and beverage, automotive, pharmaceutical and medical devices.
We can facilitate recovery of direct costs, review claims made by third parties, ensuring these claims are supported and directly related to the recall event.
We can also help your operational and financial personnel in efficiently identifying and documenting the contamination and the scale of the recall required.
To ensure your claim is fully substantiated, we identify the recall at its source and combine this with a complete understanding of your business operations.
Our construction specialists can support you at all levels and phases of construction — from preplanning and development to budget management and risk mitigation, to project construction and closeout.
Our consultants prepare and analyze claims and disputes for construction projects throughout the world, proactively identifying, analyzing, quantifying and presenting any contractual claims, such as cost overruns and delay claims, or insurance-related claims, such as subcontractor default insurance (SDI), builders’ risk or delayed start-up, that may arise should your project not go as planned.
Our consultants provide ongoing support in assessing, validating and quantifying damages. By analyzing the construction contract and the parties’ performance throughout the construction duration, our consultants can provide comprehensive and cost-effective assistance in resolving the dispute in a timely way.
Our end-to-end solutions throughout the life cycle of a construction project help avoid, mitigate and manage all varieties of claims and disputes.
Working closely with your organization’s financial, operational, legal and IT teams, our cyber claim experts can identify and quantify all financial impacts resulting from a cyber event.
Complementing our cyber claim preparation team is WTW’s group of dedicated cyber claim advocates specializing in interpreting cyber policies. Aggressively advocating for your organization’s position, our combined team ensures maximum financial recovery available under the terms of your cyber policy.
Our team can manage the entire claim quantification, preparation and settlement process with your insurer, allowing you to focus on recovering from the event and restoring operations.
In the U.S., with any Presidential declaration of a national disaster or emergency, government assistance through Federal Emergency Management Agency (FEMA) Public Assistance program is made available for qualifying entities to seek reimbursement under Section 501(b) of the Stafford Act.
Once a disaster declaration is made, our team can work with you to work with you to submit your FEMA eligible costs via FEMA’s Grants Portal. We can also assist with preparation of any applicable insurance claims which have resulted from the disaster.
We can support recovery from available FEMA assistance and any applicable insurance policies by helping you prepare and quantify evidence of economic damages in a declared emergency. We help you gather the necessary supporting documents, prepare and submit your FEMA request for reimbursement and insurance claim on your behalf and work to resolve your claim as quickly as possible.
Our FACC experts can:
- Advise you if you may be FEMA eligible and assist with the application process
- Track and support costs incurred to maximize recovery through all available funding sources
- Prepare projects in FEMA’s Grant Portal to secure funding from FEMA
- Work with you and FEMA’s representatives to answer any request for information resulting from submitted projects
- Assist with FEMA’s closeout audit
- Assist in providing insurance adjusters’ property claim estimates and business income loss estimates to secure cash advance funding.
How can WTW achieve a better outcome on your complex claim?
Greater certainty through precision on your complex claim
To avoid your stakeholders working to unrealistic expectations for your claim, we don’t simply promise you the highest number. Neither do we over-promise what you’ll be able to claim. Our experience of working with, and for, insurers tells us what will, and won’t, be recoverable.
Our approach is about deploying our insight to maximize the elements of your claim we know to be recoverable and giving insurers what they need to settle on gray areas.
Complex claims and forensic accounting tailored to your industry
When you sustain a loss, we believe you need a forensic accountant with experience in quantifying economic damages with deep knowledge of your sector.
To achieve a maximized outcome, we give you access to qualified professionals who understand the investigative techniques and financial analysis methods specific to complex cases.
With WTW’s FACC team, you get the best of both worlds — certified experts in supporting businesses like yours to a speedy, maximized recovery from business interruption or catastrophic loss, with years’ of experience working on complex claims for different sectors. Our forensic accounting and complex claims specialists work in aerospace, hospitality, public entities, energy, construction, financial services, technology and more.
Global insurance claims expertise across industries and size of organization
Our team works across all geographic locations, industries and specialties in the quantification of economic damages. We successfully resolve both large and small claims important to your business. We’ve also managed quantification for some of the largest and most complex claims in recent corporate history.
How WTW Forensic Accounting and Complex Claims delivers better outcomes
Our team members have quantified and recovered billions of dollars for our clients and many attritional business interruption claims.
For a smarter way to maximize your recovery from property damage and business interruption, contact our proactive and experienced forensic accounting and complex claims experts.
Disclaimer
Willis Towers Watson hopes you found the general information provided in this publication informative and helpful. The information contained herein is not intended to constitute legal or other professional advice and should not be relied upon in lieu of consultation with your own legal advisors. In the event you would like more information regarding your insurance coverage, please do not hesitate to reach out to us. In North America, Willis Towers Watson offers insurance products through licensed entities, including Willis Towers Watson Northeast, Inc. (in the United States) and Willis Canada Inc. (in Canada).
