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Because business interruption claims involve financial calculations and projections, accountants often play an important supporting role during the appraisal process for these types of losses.
An accountant can help organize and present financial documentation, such as profit and loss statements, tax returns, and payroll records, in a format that clearly supports the business’s claimed loss.
Accountants can also assist in building realistic projections of what the business would have earned without the interruption, using historical data and reasonable adjustments for known trends or seasonal patterns.
In more complex claims, a forensic accountant with specific experience in business interruption calculations may be brought in to provide detailed analysis and documentation supporting the claimed amount.
Working closely with an accountant alongside your appraiser can help ensure the financial side of a business interruption claim is well supported and clearly presented throughout the appraisal process.
The material above is general education about how property insurance appraisal commonly works, not legal advice; specific procedures differ by state and policy. If you have questions about your own claim, review your policy language and talk with the insurance company, agent, or an attorney familiar with your state’s laws.
Russ Lis works nationwide as a property insurance appraiser and umpire, based in Minnesota. Have a question about your own claim? Contact Appraisal Resolution.
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