Loss Recovery Insurance: helping your business recover after a crisis

Making an insurance claim for material damage or business interruption can be a complex process. Commercial Loss Recovery Insurance offers unlimited support from an independent loss adjuster on material damage and business interruption claims exceeding £5,000.

What is Loss Recovery Insurance?

Loss recovery insurance (LRI) is designed to cover the costs of appointing a qualified independent claims expert to act on your behalf to prepare, negotiate and settle claims with your insurer. The policy includes eligible material damage and business interruption claims that will likely exceed £5,000, helping protect your interests and save you time. Loss of business revenue due to various unforeseen circumstances can be detrimental. Loss Recovery Insurance can help minimise the financial impact on a business and enable normal service to resume as quickly as possible.

What are the benefits of the cover?

LRI is designed to help businesses mitigate losses in the event of property or material damage that causes an interruption to their typical working practice. Here are some of the main benefits of a loss recovery insurance policy:

A loss adjuster will attend in person as soon as possible after the loss to determine its extent and share his observations relating to the matter with your insurer and broker
A dedicated claims specialist will be assigned to prepare and negotiate your claim
The loss adjuster will liaise with architects, builders, surveyors and engineers on the reinstatement of buildings
The loss adjuster will also prepare a business interruption claim/loss of rent claim and communicate with accountants/auditors
Interim payments will be negotiated and arranged
The best practicable settlement within the limitations of the relevant policies will be negotiated
Claims will be expedited with a view to the swiftest settlement and return to ‘business as usual’ for you
Remedial works will be arranged, and surveyors will be appointed if required.

Why you need Loss Recovery Insurance

Insurance claims can be intricate, especially when significant losses are involved. With LRI, a chartered loss adjuster will be assigned to guide you through the process with their extensive expertise. Instead of dealing with paperwork and negotiations, you can focus on rebuilding your business and livelihood. LRI also expedites the claims process, minimising downtime and allowing you to resume operations promptly.