How our no-nonsense approach helped a client to claim their insurance efficiently, effectively, & (almost) effortlessly.
The client suffered a loss due to an outbreak of fire in a Fully Pressed Cotton Bales Go-down.
WHAT WE DISCOVERED
✅ Accounting details.
✅ Closing Stock of FP Cotton Bales in their accounting software.
✅ Go-down Register containing details of the Incoming & the Outflow of FP Cotton Bales.
- The Go-down Register maintained by the insured was destroyed in the fire.
- No records were kept of the waste generated during the spinning process.
- The client was unable to substantiate the quantity of FP Cotton Bales claimed in the formal claim bill they submitted.
- The lack of proper record-keeping made proving the loss difficult.
HOW WE TACKLED THE SITUATION
- We leveraged the “Reverse Material Balance Method” by converting all the various closing stocks of Finished Goods, Work In Process into FP Cotton Bales.
- During this process, we also considered the opening stock of FP Cotton Bales, the work In process, as well as finished goods.
- It was concluded that there was no malafide intention of the insured in regard to the causes of loss, and the loss sustained was real.
- The insurers were convinced by our methodology & appreciated the efforts for finding an amicable and acceptable solution.