Risk & Business Magazine Capri Insurance Fall 2015 | Page 6

Maximizing Your Recovery
How to Get Back to Business After a Claim
BY: ROBIN DURRANT, CCIB, CO-CHAIRMAN, CAPRI INSURANCE

A

s a business owner, it is easy to be
consumed with the daily operations
that directly affect your revenue. It can
be hard to imagine the circumstances
out of your control that could bring these
activities to a halt. The truth is that at
any given time, you could encounter one
of these incidents. Your ability to recover
will depend on how prepared you are to
handle the aftermath.
It could be a fire, damage from extreme
weather or receiving notice of a lawsuit.
Having insurance for these events is
only the beginning. You may run into a
number of challenges once you have filed
a claim to recuperate the costs. Opposing
interests between you and the insurer
could bring about disputes that cause
delays, making it even more difficult for
you to resume your normal business
activities.

Management
Your insurance broker should provide
oversight, coordination and monitoring
of claims activities. In particular, if you
are carrying a high deductible, the broker
should be able to act as a third party
administrator.

to work on a client’s behalf in a timely
manner so they receive a fair settlement.
A claims advocate understands and
interprets coverage and liaises with
adjusters and insurers on behalf of the
client, negotiating to ensure timely
resolution and fair valuation.

Advocacy
Insurance claims can be complex and
present challenges that are not part
of a company’s everyday operations
or activities. The claims process
can be lengthy, time consuming,
complicated and even adversarial at
times. Although the title may suggest
otherwise, independent adjusters are
paid by insurers and work on their
behalf. Decisions regarding coverage
and valuation are often made based on
the insurer’s best interest. The role of a
claims advocate, on the other hand, is

Capri Insurance is an independent
insurance and risk management firm
that serves businesses and individuals
throughout British Columbia. Our
dedicated claims team is comprised of
experienced advocates who represent the
interests of our clients in a professional
and responsive manner, an