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Glossary of Terms

TermDefinition
Claims Preparation Cost / FeesWhen a loss occurs, the Insured often needs help in other classes besides business interruption. Loss Management International can assist the Insured in the event of business property, theft, and money and, in fact, all classes, including business interruption. Some package policies, however, only provide cover for one or two classes, while others limit the cover to providing financial records required by the Insurer.A good claims preparer tends to spend more time with the Insured than a loss adjuster, not only calculating the Insureds loss, but also assisting them in returning to normal operation as quickly as possible, thereby minimising the loss for both the Insured and the Insurer. For small businesses, this typically costs somewhere between $10,000 and $25,000. For medium-sized and large businesses, the figure can be significantly higher. Package policies tend to only have a small limit, sometimes as low as $5,000. Although the more enlightened insurers have higher figures. The Insurers permission is required before a claims preparer can be appointed and in most cases, permission for a qualified expert is not withheld.