Developments in the field of risk management have caused phenomenal growth in multi-peril and specialist insurance policies for commercial organisations. The proliferation of policies available - along with an awareness of their value - means up-to-date, comprehensive knowledge of insurance matters and forensic accounting is required to ensure the right coverage.
Quantifying the value of an organisation's business interruption exposures can be quite complex, complicated further by the variety of methods available to insure them. The challenge is finding the best approach and fit for your business.
Benefits of Risk Accounting
Good corporate governance and the protection of shareholder wealth demand that an auditable process is in place to support the determination of the correct type and amount of cover relevant to your unique business interruption exposures. Our specialist Risk Accounting team uses forensic accounting techniques to conduct a thorough review of your risk profile to enable you to:
- Identify and quantify potential exposures present in daily business operations;
- Make informed decisions on the appropriate limits of risk transfer for their exposure;
- Tailor the business interruption program to address the unique needs of each activity and ensure that risk is transferred to underwriters where intended;
- Eliminate under-insurance and the need to fund any business interruption claim shortfall via internal capital;
- Eliminate over-insurance and excessive premium payments;
- Create leverage to negotiate in the insurance market through better understanding of business interruption exposures;
- Gain a model that can be used to accurately calculate the appropriate business interruption declared values in future years.
- Provide a benchmark for claim methodology that will expedite the settlement of any claim.
Aon's Risk Accounting services
Aon's experienced team of qualified chartered and forensic accountants and insurance professionals can conduct a review that will determine the adequacy/appropriateness of insurance cover in light of actual business interruption exposures, and periodically review business interruption insurance coverage to determine whether all insurable risks are transferred efficiently where intended.
To find out how Aon can help you quantify and mitigate your organisation's business interruption exposures, contact us today.