Loss Recovery Insurance: Expert help when you need it
What is Loss Recovery Insurance?
Loss Recovery Insurance is an insurance policy covering the services of a Chartered Loss Adjuster to provide unlimited on-site support to policyholders in the event of a claim. It is an invaluable service for small business or home owners, getting them back up and running quickly and efficiently when disaster strikes.
Why do I need loss recovery insurance?
Dealing with a large, unexpected loss can be difficult enough for SME owners, without then getting stuck in complex claims negotiations. Most policyholders don’t realise that it is their responsibility to work out the value of their loss and present a claim to their insurers, providing appropriate proof to substantiate their claim. This process can be very time consuming and requires expertise to ensure that the claim is resolved quickly and that settlement is arranged without complication.
Loss recovery is available for both business owners and private individuals, providing expert professional support and advice to assist you with getting back on track after material damage losses such as fires, floods, thefts and other disasters which can severely disrupt your business or lifestyle.
With loss recovery insurance a Chartered Loss Adjuster will be on site within 24 hours and on hand throughout the claims process, so business owners can get back to business rather than getting stuck in complex and frustrating negotiations with insurance providers.
A Lorega claims expert can also give you unlimited practical advice about things you can do to reduce the impact of a loss, or to organise quotes to start remedial work or replace damaged goods.
Loss Recovery Insurance covers Material Damage and Business Interruption losses from £5000 with no upper limit to the size of claims handled, and is provided by A rated insurers.
Who do Mitchell Charlesworth Insurance Solutions use for this service?
Mitchell Charlesworth work with Lorega for loss recovery insurance.
Lorega is the UK’s leading claims expert, Chartered Loss Adjusters, who work independently of your insurance company, to ensure your claim is settled quickly and fairly.
The key benefits to you:
- A quick response at the time of crisis
- 24/7 helpline, with call back within the hour and a guaranteed visit from a Chartered Loss Adjuster within 24 hours
- A dedicated and qualified Loss Adjuster to prepare and negotiate the claim from first notification to final settlement
- Peace of mind
- Saves time and minimises disruption to your life or business.
What assistance can a Chartered Loss Adjuster offer me?
An on site visit within 24 hours to carry out initial assessment of loss, review policy terms and conditions and discuss strategy for the submission of the claim.
- Negotiation of the best available settlement under the terms of your policy
- Management of meetings and correspondence with the underlying insurer
- Arrangement of remedial works and surveyors if required
- Formulation and preparation of business interruption claims
- Arrangement of alternative accommodation
- Negotiation of interim payments (where appropriate) to allow lost or damaged items to be replaced
- Assistance in mitigating the loss and disruption to your business
- Provide advice on emergency repairs and salvage opportunities
- Protection of the environment which may be subject to forensic investigations by the insurer or insurer Third Parties
- Review security measures if breached, in respect of physical building security and employee/customer safety
- Initiate a disaster recovery plan (if applicable) and work with you to restore business including advising on Increased Cost of Working spends and Business Interruption recovery
- Advice regarding the appointment of specialist contractors and professionals including Quantity Surveyors, Architects, Engineers and then project manage the reinstatement process
- Prepare formal statement of claim with quantum breakdown for all aspects of Material Damage/Business Interruption loss
- Assistance in sourcing business equipment and arranging alternative premises.
- Prepare report for interim payment request to insurers
- Initiate/host all meetings with insurers, insurance company representatives and adjusters, and carry out regular reviews meetings to pro actively progress the claim
- Challenge insurers in respect of claims repudiations and reduced claims settlement offers where appropriate, including technical advice on under insurance, breach of warranty/policy conditions and other similar matters
- Work with you and insurer to negotiate and agree the optimum settlement with reinstatement/replacement in a manner best suited to your business or particular circumstances
How much will loss recovery insurance cost me?
Loss recovery policies start from as little as £35.35 per annum, dependant on the insurance policies you have in place.
To finalise a quote for loss recovery insurance please contact us on 0151 423 7500.