Retail / Hospitality
Longdown|EIC has worked with numerous clients in a wide spectrum of retail and hospitality sector businesses, assisting clients with risk management/insurance program issues and claims.
We have dealt with many risk and claim issues, some of which we know commonly create potential problems for companies when it comes to insurance buying are:-
- Multiple locations;
- Local and Regional interdependencies;
- Contingent supplier and customer risks;
- Rebuild options;
- Accurate Property and Business Interruption insurance values.
We offer a wide range of services including:-
- Insurance Program Review and/or creation
- Contract review and insurance program coordination
- Risk Identification and Mitigation
- We have experience in the following classes of insurance:-
- Property All Risks & Machinery Breakdown
- Business Interruption
- Third Party Liabilities including Pollution risks
- Directors & Officers Liability
- Errors & Omissions/Professional Liability
From a Claim Management perspective:-
Whether you are a restaurant, hotel, large or small retailer when you suffer a claim event it affects your current operations but also affects your business long after you have reopened. We provide:-
- Coverage Advice and Advocacy
- Cost analysis and Validation
- Proactive Claims Oversight & Management
- Claim Cost Organization & Submission
- Cash Flow/Interim Payment Coordination
- Establishment of workable Claim Timelines and Milestones
Ensuring your claim is handled promptly so you can get back in to operation and reduce your revenue impact is vitally important. We deal with common issues such as:-
- Upgrades and changes in design and services
- Managing and prioritizing adjuster demands against your own
- How to use the various “buckets” of coverage under your policy to maximise recovery.
- Impact of operating multiple locations with inter-dependencies.
- Use of important policy cover extensions such as Extra Expense & Expediting which are especially important to industries focused on customer service and experience.
If you have suffered a major loss and need advice on what to do next, or you are uncertain about the adequacy of your insurance program, please give us a call or email us and we will be pleased to give you some initial advice, as well as see whether we can be of help.
- A large high end furniture manufacturer suffered a significant water damage claim. There were issues with valuation of their stock, as well as how to handle salvage and several coverage issues including a potentially large co-insurance penalty. We were able to resolve the issues without the need for the client to litigate the claim. We worked with the insurer and their representative addressing the issues resulting in a reasonable resolution of the claim in a cost effective and timely manner.
- A large downtown Calgary hotel suffered severe damage during the 2013 Calgary flooding and had numerous issues with respect to repair costs, upgrades and Business Interruption loss evaluation, as well as coverage issues. They had initially contemplated litigation however we were able to successfully work with the insurer and their adjuster to resolve all the issues without the claim needing to be litigated.
- We also assist a large hotel in Vancouver on an ongoing basis with their insurance program – acting as their outsourced risk and claims manager. We have worked with them to identify exposures and insurance solutions while making sure the insurance broker has sourced the best coverage available with their insurers.
- We also worked with a restaurant that suffered significant damages in the Calgary 2013 floods. There were issues with respect to valuation of their equipment, what items required repairs vs replacement and calculation of their BI claim.
If you have suffered a significant loss and need advice on what to do next, or you are uncertain about your insurance program please contact us and we will be pleased to assist you.