Business Interruption Claims After the Toronto Floods

Preparing Accurate Business Interruption Claims After the Toronto Floods

In the wake of the recent catastrophic floods in Toronto, which saw over 100mm of rainfall causing extensive damage, businesses across the city are facing significant disruptions. As a business owner, your primary focus right now is likely on recovery and ensuring the continuity of your operations. However, an essential aspect of this recovery process is preparing a thorough and accurate business interruption claim.

Business interruption insurance is designed to help you navigate the financial setbacks caused by unexpected events, such as these devastating floods. However, preparing a successful claim requires meticulous documentation and a clear understanding of the process. Here's how you can ensure your claim is comprehensive and accurately reflects your losses:

1. Document Everything
Immediately start documenting the impact of the floods on your business. This includes:

Photographs and videos of physical damage.
Detailed records of inventory losses.
Receipts for any emergency repairs or temporary measures taken to mitigate damage.
Communication logs with suppliers, customers, and employees affected by the disruption.

2. Calculate Your Losses
Work closely with your accountant to calculate the financial impact of the interruption. This should include:

Revenue lost during the period of disruption.
Additional expenses incurred to continue operations (e.g., renting temporary office space).
Costs associated with cleanup and restoration.

3. Review Your Policy
Understand the specifics of your business interruption insurance policy. Key aspects to review include:

Coverage limits and exclusions.
The policy's waiting period before coverage kicks in.
Documentation requirements for filing a claim.

4. Consult a Forensic Accountant
A forensic accountant can be invaluable in preparing your claim. They can:

Provide an objective assessment of your losses.
Help compile the necessary documentation.
Ensure that your claim is presented in a way that aligns with insurance requirements.

5. Submit Your Claim Promptly
Time is of the essence. Submit your claim as soon as possible to avoid delays. Make sure all required documents are included and that the claim is comprehensive and well-organized.

6. Follow Up
Stay in regular contact with your insurance provider to track the progress of your claim. Be prepared to provide additional information if requested and address any questions promptly.

At Forensic Restitution, we specialize in assisting businesses with the preparation of business interruption claims. Our experienced team understands the complexities involved and can help you navigate the process with precision. We ensure that your claim is accurately prepared and submitted, maximizing your chances of a swift and fair settlement.

Contact Us
If your business has been affected by the recent Toronto floods, don’t hesitate to reach out. We are here to support you through every step of the claims process, helping you get back on your feet as quickly as possible.

Forensic Restitution Expert Assistance in Business Interruption Claims Phone: 416 525 1510| Email: [email protected]

Remember, accurate and thorough claim preparation is crucial to your recovery. Let us help you navigate this challenging time with expertise and care.