EXAMPLES
1 GETTING THE NUMBERS RIGHT
Background
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.
Case Details
The insured, an electrical contractor, damaged a concrete mixing plant and the third party 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.
Xcelerate was engaged for a second opinion. Examination of the actual production history of the facility found that production volumes had been declining and the plant was operating at approximately 50% of capacity.
Outcomes
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 for $38,250. The assessment fee was $800 and resulted in a saving of over $71,000 - a significant benefit to the loss ratio.
2 IMMEDIATE TURNAROUND & FAST PROCESSING
Background
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.
Case Details
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.
Outcomes
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
Background
This case study involves loss of income due to the damage of a freight truck and the analysis of fleet utilisation and capacity. Our client was uninsured and the third party was claiming direct.
Case Details
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.
Outcomes
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.