NEW YORK--(BUSINESS WIRE)--As has been widely reported, Thailand has faced unprecedented flooding over two-thirds of the country since early October. With floodwaters beginning to recede, people returning to the ravaged area are finding heavily damaged homes and businesses.
The floods have had a tremendous effect on many organizations, which may face significant losses driven by damage to their own property, damage to customers and suppliers, and supply chain disruptions. Lack of access to facilities, damage to roads and bridges, interruption of utilities, and environmental contamination will also play a role in determining how significantly businesses are impacted by this disaster.
When catastrophic events like this occur, employee safety and well-being should be the first priority in any disaster recovery plan. Once these needs are met, business owners and risk managers then turn to economic recovery, which includes the challenge of dealing with complex property and business interruption insurance claims.
To serve Thailand-based businesses affected by the flooding, BDO Consulting is working with a joint team from BDO USA and BDO Thailand that specializes in management and support of first-party property damage and business interruption insurance claims. This team is currently assisting several companies with Thailand insurance claims, helping them quantify the financial impact of the flooding and recover their losses.
“We are ready and willing to help companies in affected areas that need assistance navigating the complexities of insurance claims,” says Clark Schweers, Managing Director at BDO Consulting and head of the Insurance Claim Services practice.
In the wake of this devastation, BDO Consulting can advise on all aspects of economic recovery, including:
- The insurance claims process: what to expect, who should be involved, duration, common roadblocks, cash advances, and settlement
- Documentation generally required from insurance carriers in connection with catastrophic property and business interruption losses
- Attribution of lost income to physical and non-physical causes: For example, damage to customers and suppliers can be recoverable under contingent time element coverage
- Re-creation of books and records under worst-case scenarios
- Determination of the indemnity period
- How to identify lost sales and customers
- Establishing historical budget trends and analyzing economic factors
Building on lessons learned in Japan
Earlier this year, BDO Consulting worked with global clients that incurred losses in the Japanese earthquake and tsunami, including contingent time element losses resulting from damage to suppliers and customers. This experience contributed to BDO Consulting’s understanding of how insurance companies evaluate first and sub-tiered suppliers’ damage, and positions the firm to help organizations with suppliers, customers or physical property in Thailand obtain a comprehensive settlement through an expedited claims process.
“If any businesses in Thailand have suffered physical damage or supply chain interruption due to the flooding, please reach out to BDO Consulting,” says Schweers. “We are happy to discuss our services and walk executives through the whole recovery process. Fees paid to companies that assist in claim preparation are often recoverable under insurance policies, resulting in no out-of-pocket expenses.”
For more information, please contact Clark Schweers at 301-634-0281 or cschweers@bdo.com.
About BDO Consulting
BDO Consulting, a division of BDO USA, LLP, provides litigation, investigation, insurance claims, business restructuring and risk advisory services to clients in the United States and internationally. Our highly experienced and well-credentialed professionals leverage the global industry and accounting knowledge of the BDO international network, providing rapid, strategic advice to assist our clients.
About BDO USA, LLP
BDO is the brand name for BDO USA, LLP, a U.S. professional services firm providing assurance, tax, financial advisory and consulting services to a wide range of publicly traded and privately held companies. For 100 years, BDO has provided quality service through the active involvement of experienced and committed professionals. The firm serves clients through more than 40 offices and more than 400 independent alliance firm locations nationwide. As an independent Member Firm of BDO International Limited, BDO serves multinational clients through a global network of 1,082 offices in 119 countries.
BDO Consulting is a division BDO USA, LLP, a Delaware limited liability partnership, is the U.S. member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. BDO is the brand name for the BDO network and for each of the BDO Member Firms. For more information, please visit: www.bdo.com.