The severe fire damage to buildings, stock and machinery had a major impact on the operation of PPR Wipag's automotive plastics recycling facility, causing a total loss in excess of £500,000.
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| Post Fire |
Immediate Actions
Thompson & Bryan secured instructions and attended the site the same day to meet the insured, gain an initial appraisal of the nature of their business and the extent of damage caused by the fire.Immediate discussions focussed on loss mitigation and the nature of their manufacturing processes to identify how the business could be maintained to service its customer base.
Our team of qualified and experienced staff worked continuously with the insured and their staff from day one to ensure the business continued as far as was practically and economically possible during the indemnity period through to agreement of the final claim circa 15 months later.
Settlement
The claim was ultimately settled on an overall negotiated basis to the benefit of the policy holder enabling them the flexibility and control to finalise the reinstatement of the affected property and their manufacturing processes.Buildings - The insured was able to invest their insurance settlement in not only rebuilding but re-designing the layout of their manufacturing facility to improve efficiency for longer term benefit.
Plant and Machinery - The insured’s innovative bespoke process plant was reinstated to current specification and standards on a new for old basis as per the policy coverage. The insured was able to review and improve on their operational efficiencies as part of the reinstatement process for the longer term benefit and improved profitability.
Stock - Extensive analysis was required in order to ascertain the true cost value of the stock given that the manufacturing process entailed low cost raw material supply and extensive resource input in the manufacturing process.
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| The reinstated premises |
Business Interruption - Critically, the loss mitigation measures employed enabled the majority of customer orders to be processed during the indemnity period, albeit at a substantial incremental cost. Detailed calculations and analysis were undertaken to ensure the optimum recovery was achieved under the policy given the presence of both increased costs of working and additional costs of working cover.
Detailed analysis and calculations were performed in light of the apparent significant growth trend in the business. A forecast of the sales was built up throughout the 12 month indemnity period to ensure the optimum recovery was achieved under the policy.
The Thompson & Bryan team involved in the PPR Wipag claim comprised:
- Simon Jenkinson, ACII Chartered Insurance Practitioner
- Frank Hughes, FCII Chartered Insurance Practitioner
- Rajen Rajput, BA (Hons) Financial Analyst.
Client comment
"The best decision we have ever made (post fire) in our business, was to engage the services of Thompson & Bryan! We are certain, that without their expertise and in depth knowledge of the insurance industry, including the mine field of pitfalls and complications that come with any substantial claim, we would never have reached the level of recovery achieved by T&B!"We were especially impressed by Simon Jenkinson, whose “attention to detail” in every aspect of the claim was nothing less than astounding! This, combined with his ability to very quickly, fully understand, the incredibly complicated way in which our recycling business functions, made Simon the perfect Practitioner for this claim."
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