Insurance Claims 2017-01-31T17:44:06+00:00

Insurance Claims

LitCon Group has extensive experience with the unique challenges that insurance claims can present. Our experts in accounting and finance calculate the losses and help guide the claim adjustment and settlement processes.

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It’s a Process

LitCon Group provides our clients with a platform for efficient and expeditious settlement.
Our unique skills and consistent approach to complex claims issues enables us to assist policy holders equitably resolve insurance claims. We utilize our specialized forensic accounting and loss computation skills to assist policy holders in their efforts to value and submit claims. We have significant experience assisting policy holders through the three main phases of the insurance claims process.

Phase 1: Claim Planning and Strategy

We view each insurance claim engagement as a collaborative effort among policy holders, insurance companies, accounting and finance professionals, legal representatives, and risk managers. In our experience, effective planning includes:

  • Establishing communication protocols
  • Developing claim documentation systems
  • Advancing a claim resolution timeline
  • Preparing an initial loss estimate to assist the insurance company in setting appropriate reserve amounts

Our involvement in claim planning and strategy can start the process for an equitable recovery and enables management to focus on business recovery and daily operations.

Phase 2: Claim Preparation and Submittal

During the claim preparation and submittal phase, we develop our loss claims in a clear and concise manner, taking into account all direct and indirect events impacting the loss. We utilize the best available valuation methods to accurately quantify the true nature and impact on the policy holder’s business.

To resolve claims in an expeditious manner, the policy holder should provide the insurance carrier with a well reasoned proof of loss complete with the appropriate level of supporting documentation in accordance with its policy. In many cases, LitCon Group professionals work directly with insurance company representatives to quantify components of the claim, prepare interim claim submissions, and provide analyses to support advance payment requests.

Phase 3: Claim Adjustment and Settlement

After the claim has been submitted, we respond to inquires from the insurance carrier’s representatives and provide justification of our loss calculation. During this phase we are sometimes requested to prepare additional analyses in response to positions taken by the insurance carrier or its representatives. Ultimately, we assist the policy holder in claim negotiation and settlement discussions.

Standing by You

Throughout the insurance claims  process, LitCon Group professionals are with you every step of the way.
At LitCon Group, we efficiently analyze complex issues and explain our conclusions in a manner that everyone can understand. This high level of expertise allows our clients to effectively evaluate the strength of their case and make educated business decisions. When necessary, LitCon Group has seasoned testifiers who have provided both written and oral expert witness testimony in many judicial venues.