Business Interruption Claims: What You Need to Know in 2018
Business Interruption insurance provides essential protection to businesses for loss of income sustained from a covered peril. Most business insurance policies indemnify insureds for a reduction in turnover and the associated loss of profit during a restoration period. While it sounds simple, it has been a cause of confusion and dispute between policyholders and insurers. Disputes usually arise when the parties disagree over the scope of coverage or amount of a covered loss. Understanding the limits of a business insurance coverage is important to identify any gaps early on and avoid disputes hereafter.
Listen as a panel of distinguished professionals and thought leaders organized by The Knowledge Group provide the audience with an in-depth discussion of Business Interruption insurance claims. Speakers, among other things, will also offer helpful insights on what to expect in a claims scenario.
Key topics include:
- Business Interruption Insurance Defined
- Calculating Covered Loss
- Policy Coverage and Indemnity Period
- Additional Coverage and Extensions of Coverage
- BI Policy Complexities and Confusions
- Common Issues in an Event of Loss
Edward B. McKenna, CPA, CFF, Managing Director
- Overview of Business Interruption
- Business Interruption Values
- Policy coverage – gross earnings vs. gross profits
- Establishing the Proper Team
Robert Glasser CPA, CFE, CFF, CIRA, Managing Director
Berkeley Research Group, LLC
- The BI Claim Preparation Process
- Typical Grey and Contentious Areas
- BI Claim Resolution
- Next Steps
Marc Eric Rosenthal, Partner
Proskauer Rose LLP
- Key Coverages and Provision: Property/Business Interruption Insurance
- Next Steps
Who Should Attend:
- Insurance Companies
- Insurance Lawyers
- Insurance Brokers
- Insurers’ Counsel
- Policyholders’ Counsel
- Business Executives and Owners
- In-House Counsel for Insurers
- Corporate Risk Managers
- Insurance Claims Professionals
- Risk Managers
Robert Glasser is a Managing Director in BRG's Consulting’s Business Insurance Claims practice and is based in New York. He is a Certified Public Accountant, Certified Fraud Examiner, Certified in Financial Forensics, a Certified Insolvency and Reorganization Accountant and a Chartered Global Management Accountant, with more than 35 years of diverse financial management, insurance claims and accounting and forensic fraud investigation experience at public and private companies.
Mr. Glasser helps insured businesses prepare and substantiate business interruption and property damage claims resulting from physical damage due to hurricanes and other perils. His experience covers a wide range of industries including hospitality, real estate, manufacturing, retail and service organizations.
Mr. Glasser performs and leads domestic and international forensic fraud investigations involving alleged acts of employee dishonesty, embezzlement and corruption involving the preparation of claims with insurance coverage.
He has also participated in financial reporting fraud investigations, including matters relating to revenue recognition, earnings management including stock option backdating. His experience covers a wide range of industries including hospitality, mortgage and real estate, manufacturing and retail. Mr. Glasser has also participated in dispute resolution engagements and has been retained as an appraiser and court appointed umpire.
Previously, Mr. Glasser was a Managing Director at FTI Consulting in their business insurance claims practice helping clients with insurance claims, litigation support and various loss quantification matters. Mr. Glasser was previously the East Coast Regional Director of Aon Risk Solutions’ Property Claims Preparation, Advocacy and Valuation Group where he lead the firm’s U.S. east coast insurance claims practice, which helps policyholders prepare complex business interruption and fidelity claims. Prior to Aon, Mr. Glasser was a Partner in Dempsey Partners’ New York office where he led the firm’s U.S. East Coast Property and Business Interruption Claims practice. Prior to Dempsey Partners, Mr. Glasser was with BDO Consulting, where he led the firm’s Insurance Claim Services practice and performed numerous forensic fraud investigations. He also served as the Chief Financial Officer and Executive Vice President of an international telecommunications firm, as well as Chief Financial Officer of a product manufacturer and distribution company.
Mr. Glasser’s background also includes turnaround financial management assignments and extensive experience in corporate planning and analysis, controller responsibilities and strategic planning. Mr. was also the Vice President of Finance of a company with operations in Russia.
Robert Glasser is a Managing Director in BRG's Consulting’s Business Insurance Claims practice and is based in New York. He …
Marc Eric Rosenthal is the co-head of Proskauer’s Insurance Recovery & Counseling Group. He has significant experience as a litigator and corporate adviser who focuses on issues of insurance and reinsurance. Marc represents policyholders in insurance coverage matters involving first party, third party, D&O, product recall and contamination, environmental, toxic tort, business interruption, advertising injury, general liability, and professional E&O coverage; reinsurance arbitration; commercial litigation; mediation; negotiation; coverage analysis; and claims counsel. Marc's experience includes federal, state and bankruptcy court coverage litigation, multi-party mediation, and various forms of domestic and international arbitration under US, Bermuda, UK and Canadian rules. He has extensive experience in, and is a frequent author concerning, preparation, analysis and resolution of business interruption claims. Over the past 25 years, Marc has been involved in business interruption losses in a variety of industries, including transportation, food/beverage, chemical, and manufacturing; and resulting from man-made and natural disasters across the globe.
Marc Eric Rosenthal is the co-head of Proskauer’s Insurance Recovery & Counseling Group. He has significant experience as a litigator …
Ed McKenna is the US leader of Marsh Risk Consulting’s (MRC) Forensic Accounting and Claims Services (FACS) Practice. The FACS Practice is part of the global Financial Advisory Services (FAS) Practice’s multidisciplinary team of experts that provide financial damages measurement including property, business interruption, and financial crime loss quantification, construction consulting and risk mitigation, and insurance valuations support. Ed’s own expertise encompasses business interruption, extra expense, inventory loss and valuation, employee dishonesty, product recall, third-party liability, and loss of income from personal injury. Ed works with public and private companies across the petrochemical, power and utility, food and beverage, real estate, and many other industries. He also provides deposition and expert witness testimony. Ed joined MRC in 2000 and been involved in forensic accounting consulting and financial analysis since 1991. Ed is a Certified Public Accountant (CPA) and Certified in Financial Forensics (CFF).
Ed McKenna is the US leader of Marsh Risk Consulting’s (MRC) Forensic Accounting and Claims Services (FACS) Practice. The FACS …
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Method Of Presentation:
On-demand Webcast; Group-Internet Based
Basic knowledge of Business Interruption insurance
NY Category of CLE Credit:
Areas of Professional Practice
NASBA Field of Study:
Business Management & Organization
1.5 CLE; 1.5 NASBA-CPE
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About Berkeley Research Group, LLC
BRG is a leading global strategic advisory and expert consulting firm that provides independent advice, data analytics, authoritative studies, expert testimony, investigations, and regulatory and dispute consulting to Fortune 500 corporations, financial institutions, government agencies, major law firms, and regulatory bodies around the world.
BRG experts and consultants combine intellectual rigor with practical, real-world experience and an in-depth understanding of industries and markets. Their expertise spans economics and finance, data analytics and statistics, and public policy in many of the major sectors of our economy, including healthcare, banking, information technology, energy, construction, and real estate.
Named by Forbes as one of America’s Best Management Consulting Firms in 2017, BRG is headquartered in Emeryville, California, with offices across the United States and in Asia, Australia, Canada, Latin America, the Middle East, and the United Kingdom.
About Proskauer Rose LLP
We are 725+ lawyers serving clients from 13 offices located in the leading financial and business centers in North and South America, Europe and Asia. The world’s leading organizations, companies and corporations choose us to be their representatives in their most critical situations. But more, they consider Proskauer a strategic partner to drive their business forward. We work with asset managers, major sports leagues, Fortune 500 companies, entertainment industry legends and other industry-redefining companies.
The Financial Advisory Services (FAS) Practice, which is comprised of forensic accountants, engineers, claims, and other experts, is part of Marsh Risk Consulting (MRC), a specialized consulting unit of Marsh. MRC provides strategic advice and solutions across a comprehensive range of insurable and non-insurable risks. Marsh is a global leader in insurance broking and innovative risk management with 30,000 colleagues advising individual and commercial clients of all sizes in over 130 countries. Marsh is a wholly-owned subsidiary of Marsh & McLennan Companies (MMC), the leading global professional services firm in the areas of risk, strategy, and people with annual revenue over US$13 billion and more than 60,000 colleagues worldwide. MMC helps clients navigate dynamic and complex environments through four brands: Marsh, Mercer, Guy Carpenter, and Oliver Wyman. Learn more about Marsh on www.marsh.com or via our social media feeds.