Property and business interruption losses
When disaster strikes, a quick effective response is just what you need to stay in business. This includes providing an independent Loss Adjuster within hours of making a claim.
Insurance to cover an independent loss adjuster
While your Insurers will instruct a Loss Adjuster to represent their best interests, it pays to have an independent loss adjuster on the case to represent yours.
Towergate Assist is an insurance policy that covers the costs of an independent loss adjuster to help with the preparation, negotiation and settlement of your material damage and business interruption claims. It ensures the process is handled quickly, fairly and without unnecessary stress.
Cover for cyber losses and incidents
With cyber attacks more common than ever, we have an innovative service that can support you should your business suffer a cyber related incident.
Towergate Assist: Commercial Claims Service
When disaster strikes, a quick effective response can be vital to keep you in business. Large losses can be complex and need assistance from experts.
In the event of a loss your Insurers will instruct a Loss adjuster; but this individual will work on behalf of and represent the best interests of the Insurer.
Towergate Assist is an insurance policy that covers the costs of an independent loss adjuster to help with the preparation, negotiation and settlement of your material damage and business interruption claims. This helps ensure that the entire process is handled quickly, fairly and without unnecessary stress.
The service is available 24 hours a day /365 days a year and gives you telephone advice and assistance for all claims and a personal visit on all major losses likely to exceed your policy excess, or £5,000, whichever is greater.
Providing support when you need it most
Where the claim is over £5,000* Towergate Assist will:
- Provide a dedicated loss adjuster to deal with both Material Damage and Business Interruption Claims.
- The loss adjuster will personally visit you within 24 hours of your notification of the loss (normally sooner)
- Arrange interim payment from insurers where necessary to maintain the business cash flow
- Arrange temporary premises and equipment to enable trade to continue, subject to insurer approval
- Prepare a fully valued inventory for all correspondence with Insurers
- Coordinate builders, surveyors, decorators etc as required
- Work in conjunction with your own accountants to formulate a loss–of-profit claim for Business Interruption claims
- Negotiate the best possible settlement to which you are entitled under the scope of the underlying insurance policy.
Having a Towergate Assist appointed loss adjuster at your side, when a large claim occurs, will help ensure you are treated fairly and removes the hassle of a major claim.
Independent loss adjuster cover case study: fire
Fire rips though tenanted warehouse: A material damage case study
A major fire, which took the fire brigade over two days to extinguish, destroyed a large warehouse in Gwent, South Wales.
The property was owned by a private property investor and let to two tenants, a flooring specialist and an MOT service centre.
As the investor had taken out Towergate Assist at the same time as his commercial policy, the broker quickly notified Lorega and a Chartered Loss Adjuster was on site the next day to help the investor fight his corner, in what was, a large and complex claim.
The sprinkler system was found to be defective and the insurers initially argued that this was a breach of warranty. The Lorega Adjuster was, however, able to argue that this was not a condition of cover and the claim was subsequently accepted.
Furthermore, the cost of a replacement sprinkler system was also included in the claim.
The Lorega adjuster was also able to achieve a settlement on an indemnity basis, calculated from re-instatement costs, which enabled the investor to reinvest the funds.
“I would like to thank Lorega for their hard work and diligence on this claim . Their technical knowledge was invaluable we were delighted with the settlement achieved.”
Director, Property Investment Company
Foundry fire
Despite this client reviewing their sums insured each year, on intimation of a claim it became apparent that underinsurance might apply to both buildings and machinery. However, through the excellent negotiation of the loss adjuster appointed by Towergate Assist the client obtained settlement in full. The business interruption aspect of the claim also became very complicated with significant Increased cost of working charges incurred, but again the loss adjuster was able to skillfully negotiate with both the Insurer and the Insurer appointed loss adjuster, to deliver settlement in full to the client.
The total claims payment was £3,850,000 for material damage and business interruption and the client was extremely happy with the outcome and professionalism of everyone involved.
Independent loss adjuster cover case studies: flooding
Heavy downpour causes flooding: Water damage to tenanted property case study
Following a period of torrential rain, the ground floor of a rented property was flooded with 30cm of rainwater; a nightmare scenario for both the landlord and tenant.
The landlord had Towergate Assist as part of her property insurance policy. In desperation the landlord called Towergate Insurance, who promptly notified Lorega. An adjuster was on site within hours of the call.
The insured was delighted with the speed of response and the level of support and advice she received at such a traumatic time.
The tenant was re-located to a local hotel as the water level subsided and the drying out process began. Apart from organising the cleaning up operation and repairs, the adjuster was able to liaise with the insurance company to agree the scope of works and the extent of the claim.
The claim was settled for the remedial work and loss of rent. The policyholder was impressed with the way the Lorega adjuster oversaw the claim process to achieve a prompt authorisation of the repairs and speedy settlement of the claim.
Plastic manufacturer - food claim
Disaster struck last year for this client when a flood occurred on Boxing Day when the adjacent river burst its banks and flooded their factory to a depth of approximately 1m. The client contacted the Account Executive on Boxing Day who immediately made contact with Towergate Assist and a loss adjuster met with the client shortly afterwards. This quick reaction allowed dehumidifiers to be utilised straight away to help with the drying out of the building and salvage of machinery which meant that the client could at least continue limited production to satisfy key customers, reducing his business interruption claim.
A significant interim payment was needed for cash flow purposes and £500,000 was paid to the client only two weeks after the date of loss allowing the business to continue its core product lines and retain important members of staff.
Significant exclusions and limitations
Towergate Assist excludes claims in respect of personal injury, liability, marine, aviation, motor, personal property, subsidence, landslip or heave claims , uninsured losses, civil proceedings and any claim outside of the United Kingdom (Including the Isle of Man and Channel Islands.)
Please refer to the policy documentation for full details.
Request a quote for independent loss adjuster cover
Or contact your local Towergate Insurance Brokers office.
*and within the terms and conditions of the Material Damage/Business Interruption policy.
