When a company suffers financial loss stemming from an insured event, evaluation can be difficult. Getting the right help immediately is critical to that organization’s livelihood.
Regardless of the size of the business or complexity of the loss, Crawford Forensic Accounting Services (CFAS) possesses the right expertise and depth of knowledge to provide an effective response to the settlement of the financial elements of a claim.
Losses often require input from a range of experts, including seasoned accountants that possess strong analytical skills, commercial knowledge and insurance understanding. This is why the Crawford Global Technical Services® CFAS team includes dedicated forensic accountants with experience in the practical adjustment of insurance claims.
Offering Real-World Experience
CFAS team members work on many of the world’s largest major losses. The team manages losses by control, analysis and verification of evidence and data, ascertaining the losses solely attributable to a particular incident and resolving contentious issues. From first notification, CFAS members work seamlessly with Crawford & Company®’s global network of property and liability adjusters to provide immediate assistance in developing claims mitigation and settlement strategies.
The team works with the insured, liaising with relevant parties to minimize the impact of the incident. Determination of the extent of the physical losses, and the ramifications this will have on the insured’s business is key to providing accurate and timely information and in setting initial reserves, monitoring progress and controlling costs.
CFAS Provides Workable, Money-Saving Solutions
Business Interruption—includes advanced loss of profits, public utilities, denial of access, and customer and supplier extension claims. A key component of the day-to-day activities of the team revolves around the quantification of business interruption losses that flow from large and/or complex matters.
Arbitration/Litigation/Mediation Support—CFAS’ financial specialists provide expert support and guidance. They focus on facilitating highly professional, commercially sensitive and proactive investigation for analysis and reporting. The CFAS team’s experience in quantifying economic loss across a variety of industries adds value to litigation procedures. It also identifies the key issues, analyzes and compiles data so that it is readily understood; and prepares reports that are clear, comprehensive and incisive. CFAS assists with pre-trial conferences and provides and prepares expert witness reports as well as live testimony.
Fidelity Guarantee & Fraud—CFAS has the ability to undertake a full investigation into policy or legal liability and quantum by offering a tailored solution to identify the extent of employee fraud or dishonesty. With a comprehensive array of investigation techniques covering intelligence gathering to analysis, team members deliver an effective investigation and early settlement.
Financial Loss—The group of specialists offers a fully managed service that embraces risk analysis and incident planning with an investigative approach.
Stock Losses—Examination of stock losses is routinely undertaking using the team’s accountancy skills to identify the existence, accuracy and value to be admitted to a claim. Through site visits and data collection, CFAS confirms correct cut-off procedures, review standard costing systems, eliminate fixed costs and appropriate adjustments for obsolescence.
Other key areas of expertise provided by CFAS include:
- Advanced loss of profits/delayed start-up
- Bankers bond
- Credit guarantee
- Financial liability
- Malicious product tampering and extortion
- Mediation support
- Product guarantee
- Product liability
- Product recall
- Recovery actions