Vantis has an Insurance Services Team able to deliver Material Damage - Stock Claims support to Insurers and their advisors.
Stock Claims can represent a substantial proportion of commercial property and liability insurance claims. But stock is notoriously difficult to value under normal conditions, and after a major incident, with stocks destroyed or heavily damaged, the valuation task can become extremely complex.
To achieve an expeditious and reliable stock valuation, you need an effective system of physical stock verification (if possible) combined with a paper based analysis of stock records.
We offer a stock valuation approach which can include:
- Emergency site attendance for the quantification and assessment of damaged stock prior to demolition and site clearance activities
- Alternate validation methodologies where stock is destroyed or physical validation not feasible (e.g. utilising volumetirc analysis)
- Bespoke stock valuation work programmes, highlighting information requirements and valuation methods for all parties
- Efficient assessment of critical stock valuation issues such as; obsolescence, delivery & despatch cut-off, variable manufacturing cost, global replacement pricing and material damage overlap
- Direct liaison with Insured or Claimants auditors to secure and analyse historic stock audit evidence
- Delivery of tailored stock valuation report with related evidence to support recovery actions
- Participation within claim negotiations leading to efficient settlement of each stock claim
At Vantis we are able to offer a Stock Valuation Team with extensive experience of major stock insurance claims accumulated from loss adjusting and forensic accountancy backgrounds.
For larger and more complex engagements we benefit from an international network with over 1,000 Vantis UK employees and 11,500 HLB overseas employees providing a presence in over 100 countries. Our London offices alone are able to offer our clients fluency in 20 world languages.
Our primary focus is to fully protect Insurer's financial interests and reputation, and this persists through all that we do. Our approach is professional and non-confrontational, which we believe is especially suited to the negotiation process often required to reach stock settlements.
The Vantis forensic team also have extensive experience of dispute resolution, and the provision of expert witness services; broadening the spectrum of support we are able to offer our clients.
We are determined to ensure our engagement adds value and helps achieve an acceptable settlement of each claim, as expeditiously as practicable.
Claims handled by team members
Examples cases include:
- Instructed by Insurers to value in excess of £15mn of stock destroyed by fire within the central distribution warehouse of a high street retailer
- Instructed to quantify and value stock held within a major clothing warehouse following extensive flooding, including detailed obsolescence review
- Instructed to quantify and value damaged rolled steel stock, following a heating failure leading to temperature fall in warehouse and condensation damage
- Instructed to value work in progress on industrial patterns and mould business following fire within workshop area
- Instructed to assess work in progress destroyed and damaged by fire within a luxury leisure craft manufacturer
Contact
If you wish to know more or would like to discuss how our Stock Claims service can be tailored to your requirements, please contact biclaims@vantisplc.com.