Morrison insurance Solutions

Loss Recovery Cover


Whilst most brokers will have the knowledge and expertise to deal with day to day claims, a large loss or more complicated claim could lead to you requiring further expertise.  

What is Loss Recovery? 
This cover provides the services and pays for a qualified independent claims expert to help you prepare, present and deal with claims in respect of Material Damage losses in excess of £5,000. 

What are the benefits of the cover? 
The cover provides you with:

• Personal attendance by a Loss Adjuster as soon as practicable after the loss to ascertain the extent of the loss or damage and to liaise with Insurers and Morrison Insurance Solutions in all matters concerning the loss

• Dedicated Claims Expert to prepare and negotiate your claims

• Liaison with architects, builders, surveyors, engineers in the reinstatement of buildings

• Preparation of business interruption claims, loss of rent claims and liaison with accountants & auditors

• Negotiation of interim payments

• Negotiation of best practicable settlement within the limitations of the relevant policies

• Expedition of claims with a view to swiftest settlement and return to “business as normal” for you

• Arrangement of Remedial works and surveyors if required  

Do I need Loss Recovery cover? 

What if, as a business owner, production was stopped following material damage to machinery? 

The productivity at a laser cutting and fabrication business was seriously affected when a fork lift truck ran into a press-break machine and production stopped.

Although replacement parts for the machine were available at lower cost, the lead time was up to 12 weeks and this meant that crucial orders for the business were in jeopardy.

Fortunately the client had Loss Recovery Insurance and a Chartered Loss Adjuster was on site the next day to help sort out the claim.  

He was able to demonstrate that the loss of profits from the inactivity of the machine, which would have been covered by the Business Interruption clause of the policy, was far in excess of the cost of buying a new machine. 

The insurance company agreed and a new machine was ordered and installed within seven days minimising the size of the potential claim and ensuring that the business was able to meet its scheduled orders. 

As demonstrated above, at the time of a claim there are many things to consider and invariably you will want to spend as much time as possible looking after your business, a loss recovery policy will provide you with the peace of mind of having a Claims Expert handling the loss on your behalf, giving advice, guidance and support.  

Want to know more? 
Give one of our experts a call on 01789 766888

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