1st Party Insurance Recovery

The client.

A major power and energy company.

The business issue.

This client, with considerable offshore assets in Gulf of Mexico, suffered major rig losses in two recent hurricanes. Due to significant property damage and production delays, the company's losses have been among the largest business interruption claims in the London market history.

The solution.

The Claro Group assisted the company with claim preparation, coverage analysis, strategy and settlement negotiations. To assist the company in preparing a business interruption calculation and resolving disputes associated with policy terms, our professionals incorporated numerous well-sequencing scenarios.

The results.

This approach enabled the company to:

• Develop and present an integrated, compelling business case based on financial, legal, technical and risk management expertise.
• Settle the claims in less than 10 months and in a manner consistent with The Claro Group's initial valuations, despite the challenging nature of the business interruption calculations and the magnitude of loss.