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December 2008 "Business Interruption Claims: Should a Forensic Accountant be Retained?In simple terms, an insurance claim for business interruption is an attempt by the insurance company to replace “what would have been” but for the disaster. There is a period for which business is interrupted (usually limited in the contract to a number of months). For that period the insurance company is theoretically to replace the profits that would have been earned. If there is a disagreement between the insured and the insurance company it is usually in how that lost profit number is calculated. Before a lawyer is hired, consideration should be given to retaining a forensic accountant who has experience in such matters. Forensic accountants are accustomed to reading insurance contracts, understanding the definitions in the contract, and applying them to the facts of the case. This is almost always money well-spent because the insurance companies usually hire CPAs to do the damage calculations – or effectively be the insurance adjustor. The following is an example of the benefit of this type of process. (click here for complete article) Practice Profile:Forensic Accounting Services for Business InterruptionArxis Financial’s “Forensic Accounting” practice offers a particular focus on quantifying the financial and economic issues in “business interruption” matters. Business interruption refers to loss of income resulting from a temporary shutdown, destruction of property, fire or other peril. Typically insurance coverage is purchased to protect against such business expenses and loss of income. Since insurance policies differ significantly as to their terms and conditions, a forensic accountant is often asked to assist either the insured or insurer in the appropriate method of calculating the loss. Arxis Financial’s professionals apply detailed investigation and analysis that is necessary to uncover essential facts and provide meaningful insights. Expert analysis and conclusions are presented in depositions and trial at local, state and federal court levels as well as mediation and arbitration. We assist attorneys in interpreting the data and help counsel to understand and analyze events or issues. The Business Valuation practice is headed by partner Chris L. Hamilton, CPA, CFE, CVA, DABFA. Mr. Hamilton is a Certified Public Accountant, Certified Fraud Examiner, Certified Valuation Analyst, and a Diplomate with the American Board of Forensic Accounting. He is a licensed life and disability insurance agent and a General Securities Representative. Mr. Hamilton has published articles in several publications, and has made presentations at national conferences, training institutes and seminars on topics including forensic accounting, fraud and business appraisal. Arxis Financial respects your time and your privacy. If you no longer want to receive e-mails such as this one, please click here or respond to this e-mail and type "Unsubscribe" in the subject or message box. Copyright 2008 Arxis Financial. Articles may not be reprinted without permission. |
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