Property Damage
Quantify and document property damage and real property losses.
Current User?
OUR SOLUTIONS
FORENSIC ACCOUNTING & CONSULTING
Forensic Expertise for Complex Claims and Litigation
With over 30 years and a wealth of engagement experience, PACE provides a wide variety of forensic accounting expertise and economic damages analyses. PACE’s forensic accounting team provides First & Third-Party Insurance Claim Preparation, Environmental Regulatory & Cost Analysis, and Litigation & Expert Witness Services.
YOUR SERVICE PROFESSIONALS
Experienced Professionals.
Better Claim Outcomes.
Forensic Accounting & Consulting
Claims Preparation Support for Complex Losses
Reusable service content for first party claims, cyber losses, claim preparation, negotiation, and resolution.
PACE supports organizations through complex claim-based insurance matters with forensic accounting expertise, defensible documentation, and practical claim resolution support.
Property Damage, Business Interruption, Cyber, and Other Losses
First Party Insurance Claims – Property Damage, Business Interruption, Cyber, and Other Losses
Support for unexpected business losses caused by natural disaster, fire, flood, mechanical failure, cyber-attack, and other causes.
Business Interruption
Cyber Losses
Fire
Flood
Mechanical Failure
Natural Disaster
Other Losses
Property Damage
Our Experience
Unexpected business losses pose significant risk to shareholder value. Whether stemming from a natural disaster, fire, flood, mechanical failure, cyber-attack, or other cause, a company’s immediate reaction will determine the long-term impact on its operational performance. These events require quick action and professional care to minimize disruption to operations and avoid distraction to management while obtaining vital cash flow through the complex claim process.
While proper claim calculation and documentation is important in any claim, it is even more crucial in claim-based policies. These claims require highly credible and defensible analyses supported by clear and thorough documentation; otherwise, large portions of claimed losses may be rejected by insurers, significantly prolonging the claim process and delaying recovery of the funds needed to facilitate recovery.
PACE professionals have provided the requisite experience, skill, and professional care to guide hundreds of clients through this process, helping them recover and/or save millions of dollars. In many cases, our fees are covered under the policy, eliminating or significantly reducing transaction costs while minimizing operational disruption through the loss event, restoration period, and claim process. Our deep forensic accounting expertise enables us to anticipate and avoid claim disputes, thereby reducing claim friction and efficiently facilitating claim resolution.
Business Interruption
Calculate lost revenues and continuing/non-continuing expenses.
Extra Expense
Track and document additional costs tied to the loss event.
Claim Resolution
Support counter-analysis, negotiations, and final resolution.
Our Services
01
Evaluation and Planning
Policy review, accounting setup, and initial loss estimates for planning and advance requests.
- Review policy to understand coverage, limits/sub-limits, deductibles, exclusions, and other key provisions.
- Establish accounting procedures for accurately tracking losses.
- Prepare initial loss estimates for internal reserving/planning and requests for advances.
02
Claim Preparation and Submission
Business income, extra expense, property damage, and coverage categorization support.
- Calculate lost revenues, continuing and non-continuing expenses to quantify loss of business income.
- Analyze and quantify increased cost of ongoing operations stemming from the Loss Event.
- Track and document all extra expenses related to the Loss Event.
- Quantify and document property damage and real property losses, as appropriate.
- Properly categorize losses to coverages and apply to limits, exclusions, and deductibles.
- Prepare and present claim analysis, summaries, and supporting documentation.
03
Claim Negotiation and Resolution
Support through questions, counter-analysis, settlement negotiations, and final resolution.
- Respond to questions, inquiries, and requests for additional documentation.
- Perform comparative and sensitivity analyses to counter proposals to quantify areas of disagreement.
- Advise on or manage settlement negotiations and assist in final resolution, as requested.
Contacts
Cyber Losses
First Party Insurance Claims – Cyber Losses
Claim preparation and resolution support for ransomware, wiper attacks, DDoS, data breach / targeted theft, email compromise, and related cyber losses.
Cyber Losses
Data Breach / Targeted Theft
Distributed Denial of Service (DDoS)
Email Compromise
Ransomware
Wiper Attacks
Our Experience
In today’s high-tech global economy, cyber risk is a fact of life for businesses and their executives. Cyberattacks take many forms, including ransomware, wiper attacks, distributed denial of service (“DDoS”), data breach / targeted theft, and email compromise. Each can be extremely disruptive to daily business operations and perilous to a company’s bottom line.
Victims face not only immediate, direct out-of-pocket costs, such as ransom payments, IT system restoration, customer and regulatory notification requirements, and legal expense, but also persistent, ongoing impacts such as lost sales, additional labor, and increases in other normal operating expenses, even after direct costs have been expended and systems have been restored.
Cyber insurance contains unique policy provisions, and cyber claims are complex and highly technical. Precise claim preparation, documentation, and measurement against those provisions are critical. PACE professionals have helped hundreds of clients save and/or obtain millions of dollars by providing the experience, skill, and professional care required to guide them through this process.
Ransomware
Direct costs, restoration expense, and business income impacts.
DDoS
Operational disruption and related loss measurement.
Data Breach / Targeted Theft
Notification, legal, and recovery cost documentation.
Email Compromise
Coverage categorization and loss documentation.
Our Services
01
Evaluation and Planning
Cyber policy review, accounting procedures, and early loss estimates for planning and advances.
- Review policy to understand coverage, limits/sub-limits, deductibles, exclusions, and other key provisions.
- Establish accounting procedures for accurately tracking losses.
- Prepare initial loss estimates for internal reserving/planning and requests for advances.
02
Claim Preparation and Submission
Lost business income, direct cyber costs, increased operating expenses, and coverage analysis.
- Quantify lost business income by calculating lost revenues and related saved expenses.
- Track and document all direct expenses related to the loss, such as costs related to incident response, system restoration, required notifications, legal fees, etc.
- Analyze increased operational expenses.
- Properly categorize losses to coverage and appropriately apply limits, exclusions, and deductibles.
- Prepare and present claim analysis, summaries, and supporting documentation.
03
Claim Negotiation and Resolution
Support through carrier requests, opposing analyses, sensitivity analysis, and settlement support.
- Respond to questions, inquiries, and requests for additional documentation.
- Compare opposing analyses and counter proposals, including sensitivity analyses to understand material areas of disagreement.
- Advise on or manage settlement negotiations and assist in final resolution, as requested.
Contacts
Featured Contacts
