As any insurer or business owner knows, catastrophes can strike on any front without warning. Marine and inland marine insurers, property and casualty insurers, adjusters, and brokers all have a very specific job to do when disaster strikes, even before claims start pouring in.
When the catastrophe passes, insurers are focused on getting their clients' businesses up and running again as quickly as possible. Unfortunately, relying on traditional techniques for salvage disposal, without structured processes, can leave money on the table — for both insurers and insured companies.
A designated catastrophe (CAT) team, which is typically composed of experts in a variety of fields (engineers, dryers, salvors, forensic accountants, and restoration specialists), facilitates a quick response when disaster strikes. CAT teams have the expertise needed to ensure that expenses are minimized and recoveries maximized, and are practiced at working together to get businesses back on track quickly. After disasters of any kind, be it natural disaster, fire, or flood, specialized CAT teams kick into gear and work with insurers to quickly process claims.
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