Documenting the Loss

When a loss occurs, it is important to keep accurate records before, during and after a loss. Timely and proper assessment of any claim depends upon the availability of complete documentation. This may include:

• Invoices / purchase orders / repair quotations
• Time and material contracts with expenditures
• Inventory quantities with pricings (purchase and sales costs)
• Complete copies of contracts/ leases and other relevant documentation
• Photographs of the damage
• Details of any contractors involved
• Police and emergency services details
• Letters or communications from any third party involved

If your claim also has a business interruption element the following documentation should be recorded and supplied to insurers:

• Past experience of business
• Actual experience of business during the period of indemnity
• Sales/production records and forecasts during the period of indemnity
• Additional expenses incurred to reduce the period of indemnity or reduce the loss of production/sales
• Profit and loss statements and balance sheets
• Inventory records, quantities and values
• Scheduled maintenance during the period of indemnity
• Production records if applicable