If you or your client's business has sustained damage as a consequence of the earthquake the following checklist may be useful: -
Property Damage
- Photograph the damage.
- Arrange Scope of Works, quotations and invoices for building reinstatement.
- Prepare a detailed list of all contents and other property damaged in the earthquake.
- Obtain quotations and invoices for contents replacement as necessary.
- Prepare stock take sheets recording stock volumes damaged and rendered unsaleable as a consequence of the earthquake.
- If stock cannot be physically counted it may be necessary to reconstruct stock balances from accounting records.
- Retain receipts to confirm the salvage value obtained for any damaged property.
- Collate invoices, receipts or other documents to record the costs to remove debris and/or dump damaged property.
Business Interruption – Loss of Profit & Increased Costs
- Prepare a written explanation describing why the business has been interrupted e.g. as a result of physical damage to your property, your customers' or suppliers' property, interruption to public utilities such as power or water, prevention of access to your property.
- Collate historical records or budgets to determine the revenues which should have been achieved if the earthquake did not occur.
- Prepare records demonstrating the actual revenues obtained after the earthquake.
- Maintain a diary of all actions taken to minimise the loss.
- Collate documents proving all costs incurred to minimise a reduction in revenue e.g. relocation, signwriting, mail diversion, additional communication costs such as use of mobile telephones instead of landlines, additional rent, temporary generators, etc.
- Collate payroll records to support additional payments to existing or extra employees.
Detail any reduction in costs such as rent, casual wages, electricity, etc.
Author
Published with permission of Claim Solutions Pty Ltd.
Insurance Policy
Country: - Australia.
Policy Description: - Mark IV Industrial Special Risks (ISR) policy.
Insurer: - Not specified.
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