216-642-1425
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Business interruption loss, also known as business income loss, is a complex area where expert witnesses often appear for both sides and arrive at wildly divergent opinions about the amount of the loss. Insurance companies have specialized forensic accountants on staff or rely on outside experts who work exclusively in this field. Policyholders who rely on themselves or their personal accountants to compute a business interruption claim are usually outmanned and outmaneuvered.
Rutter & Russin can help your business stay afloat during the difficult time following a catastrophic fire, windstorm loss, or coronavirus / COVID-19 closure by properly investigating and coordinating the presentation of your business interruption claim.
Following a loss, the insurance company hired a forensic accountant to pour over the insured's books and records. This "hired gun" issued a report setting the insured's business income loss at just over $60,000. The insured knew that it had sustained a much more significant loss, but was in a quandary as to how to prove the actual amount. Rutter & Russin, with the help of an experienced forensic accountant, effectively countered all of the arguments raised by the insurance's company expert, and the appraisal panel returned a verdict for the exact amount suggested by Rutter & Russin—just over $2.2 million.
Water from a neighboring building damaged the insured's sensitive computer-operated assembly line of equipment. They immediately dried the equipment and resumed operations within a few days, but were plagued by glitches for that resulted in several shutdowns, late deliveries, and lost orders. The insured sued the admittedly negligent neighbor, who balked at paying anything for the insured's business income loss since the computer equipment was totally inoperable for only a few days and nobody could pinpoint the exact cause of the subsequent "ghost issues." Rutter & Russin hired a forensic accountant who was able to establish the drastic downturn in sales and profits after the loss. The case went to trial, but a favorable settlement resulted before the jury returned its verdict.
Policyholders making a business interruption claim due to property damage often face an uphill battle with their insurance company. The attorneys of Rutter & Russin are experienced in representing policyholders in this complex area of insurance law. Contact us today for a free consultation.
Rutter & Russin has helped individuals and businesses with the wrongful denial of insurance claims in Ohio for almost 30 years.
From our office in Cleveland we represent clients throughout Ohio, including Columbus, Cincinnati, Toledo, Dayton, Akron, Canton and Youngstown.
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