1 REDUCING COSTS FOR THE INDUSTRY
This case study involves the examination of multi-channel production facilities and the impact of earning potential when part of a production facility is out if service.
An insured had damaged a concrete mixing plant and their production capacity was reduced by 70%. A property loss adjuster was engaged to assess the property damage and provided an estimate of the loss of income as a result of the incident based on capacity.
The XClaim team examined the actual production history of the facility and found that production volumes had been declining and the plant was operating at approximately 50% of capacity.
The loss was calculated at $110,00 by the original assessor but they had failed to take into consideration the excess period and business performance trends. After examination of actual production trends, variable production costs and efforts to mitigate loss - the claim was settled by XClaim for $38,250. The assessment fee was $800 and resulted in a saving of over $71,000.
2 IMMEDIATE TURNAROUND & FAST PROCESSING
This case study centres on a major weather event and the ability of XClaim to quickly process claims and explain the subtleties of insurance policies - specifically prevention of access and power outage claims and periods of non-indemnity.
On 20 April 2015 a large storm cell passed over Newcastle, Australia and surrounding areas causing widespread damage, flooding and power outages.
Many businesses were impacted by power outages ranging from 2 to 7 days.
On receipt of financial information from client. XClaim quickly processed all claims, turning around assessments in an average of 1.2 days with assessment fees averaging of $225.
3 TRUCK FLEETS & CAPACITY
This case study involves loss of income due to the damage of a freight truck and the analysis of fleet utilisation and capacity.
A tow truck was damaged in a motor vehicle accident and was off-road for a period of 10 days. The subject truck was one of 10 tow trucks in the fleet operated by the third-party company.
The third-party claimed 10 days of disruption based on the average daily income generated by the truck for the previous 2 weeks.
On review of the utilisation of the remaining 9 trucks in the third-party fleet it was evident that they had capacity to absorb part of the work normally completed by the damaged truck. A 32% reduction in the economic loss was negotiated resulting in a saving of $5,760 at a cost of $550.