Case Studies

Accord were appointed following a serious fire at the Clients Nilai plant, Malaysia. Issues raised related to the extent of damage to textile machinery and the ability to maintain production and mitigate business interruption losses. Accord worked with the client’s production planning and accounting departments in order to maximise utilisation of remaining capacity and to adjust sales plans and orders to increase gross profit from revenues received. The eventual settlement was negotiated and amicably achieved inside the maximum indemnity period, providing the client with flexibility in terms of reinstatement of production machinery. Accord worked closely with both loss adjusters and forensic accountants instructed by the insurers and presented fully substantiated claims for both property damage and business interruption, so avoiding any disputes.

Peter Salt and Theresia Candra led a team validating quantum on a huge financial damages case which went to arbitration at the Singapore International Arbitration Centre (SIAC). Appointed by the plaintiff in the case and working with their Singapore lawyers, WongPartnership, the quantum review team produced an expert report and supporting documents which was unchallenged by the defendant and accepted by the panel without question or amendment.

In 2001 Peter Salt was instructed directly by the Ericsson Risk Manager to review matters on a global suppliers extension business interruption claim estimated to be several hundred million dollars. Insurers had reserved their rights and were conducting enquiries on a without prejudice basis alleging none disclosure. Peter worked tirelessly travelling to all of the Ericsson operating regions globally to investigate the loss and its impact. Working with a claims team comprising carefully selected insurance litigation lawyers, accountants and claims consultants appointed by Peter, a fully supported claim was submitted to Insurers of approximately US$220 million. Following a series of global audits of markets and examination of data support, the claim went into formal mediation where Peter presented the quantum report and dealt with all quantum enquiries before it was settled for US$195 million.

Accord Solution ran a tender for insurance broking services to a Malaysian subsidiary of an Indian based MNC. We designed and distributed a Request For Particulars (RFP) and reviewed the written proposals from 4 competing brokers. We managed face to face client presentations and then presented the client with a score card which assisted them in making an appropriate selection.

With our business partners Commercial Intelligence Funds Group (CI) we advised an African based operator of sugar plantations and agricultural producer on their insurance program and assisted in the appointment of an insurance broker to improve the risk placement. With CI we formed a JV called Simba Management Services (SMS) and we are currently negotiating to provide totally outsourced risk and insurance management services to the client for a defined period.

We are in the process of managing broker selection for a Singapore based MNC through an RFP process. We have also carried out a detailed electronic survey of all client locations through completion of risk and insurance focussed questionnaires and then analysed the results. This process will enable the client to make value judgements on their current insurance programme as well as making decisions about improvements and extensions to coverage. We will be working with the chosen broker to ensure that an effective global programme is put in place and that policy wordings suit the risk and the clients risk appetite.