Has a fire, explosion or structural collapse disrupted your business? Les Expertises LMS helps businesses in Quebec organize their claim and present losses for review by the insurer. Physical damage and financial consequences need to be distinguished according to the policy coverage.
Separate the parts of the claim
- The affected building and improvements;
- equipment, furniture and stock;
- expenses incurred following the loss;
- the effects of the interruption on business activity.
These categories help organize information. They do not mean that every amount is covered. Depending on the circumstances, different documents and professionals may be needed to examine the claim.
What does business interruption loss mean?
In an insurance claim, this refers to the financial consequences of interrupted or disrupted operations. It is not automatically the same as all lost sales revenue. The coverage purchased, calculation methods and conditions need to be reviewed for each claim.
LMS can help organize the information to present within the agreed mandate. Specific accounting or legal questions may require the appropriate professional. A general example cannot establish your business’s settlement amount.
What information should you prepare?
- The business insurance policy and endorsements;
- a timeline of the loss, closure and reopening periods;
- building and equipment assessments;
- inventories and records concerning affected stock;
- available accounting records and expense receipts;
- correspondence with the insurer and offers received.
Keep information that distinguishes normal operations from activities affected by the loss. Identify provisional estimates so they are not confused with established amounts.
How is the claim prepared?
Policy analysis helps identify coverage questions to examine. Damage assessment and claim preparation gather the information supporting the request. Settlement negotiation then addresses differences and proposals within the agreed mandate.
Questions from business owners
Is a partial reopening useful information?
Yes. Record dates, activities that have resumed and those still disrupted. This helps describe the actual situation and the issues to examine under your policy.
Should I incur expenses to speed up reopening?
Before making a significant commitment, discuss the applicable arrangements with the relevant professionals and your insurer. This page does not recommend any particular expense or confirm reimbursement.
Can the process start if some accounting records are missing?
You can get in touch with the information available. The initial discussion helps identify records to gather and consider what assistance may be appropriate.
Example
A shop has to close after a fire. Accounting records may help examine lost income under the policy coverage.
Also explore our pages on fire, explosion and structural collapse claims.
Free consultation and fees
The initial consultation is free. If you retain us, LMS’s fees are deducted from the insurance settlement paid at the end of the settlement process, as set out in the written engagement agreement. You are responsible for these fees. Take time to understand the services included and the payment terms before signing.
In past claims handled by LMS, additional settlement amounts obtained have offset our fees. Results vary from case to case; this outcome is not a guarantee for your claim.