FITZGERALD CONSULTING EXTENDS ITS SERVICES TO LATIN AMERICA
Founded over 13 years ago in the UK, FitzGerald Consulting has now established a range of services in Latin America operating through a subsidiary based in Santiago, Chile, ‘FitzGerald Consulting LAT’.
FitzGerald Consulting thus continues its upwards trajectory and adds to its proven experience of dealing with insurance claims following major incidents and CATs throughout the world. This recent development further highlights the company’s outstanding performance in the management of complex insurance claims and loss adjusting following major disasters and catastrophes. In addition, we oversee the handling of insurance claims management programmes including the supervision of locally based loss adjusters and external service providers.
Management of major claims and/or catastrophes
FitzGerald Consulting always works in close co-operation with clients, ensuring high technical standards, managing expectations, and developing solutions to minimise loss and ensure that expenditure is recouped without delay. Our team includes experienced insurance claims consultants and loss adjusting consultants as well as professionals in all the relevant industries such as construction, engineering, mining, agricultural business and legal services. In addition, our international experts provide insurance claims management services.
We pride ourselves on ensuring that all our solutions for disaster-related insurance claims including property damage, business interruption, machinery breakdown and personal accident or Third Party losses are both flexible and constructive.
Elaboration of CAT Contingency Plans
In Latin America we have developed disaster management programmes for insurance companies in areas of high exposure such as Chile, Colombia, Mexico, Argentina and Ecuador. We have transferred the experience gained in the administration of these types of events to the preparation of pre-loss contingency plans which are tailor-made to each client for their particular market. These plans ensure efficient decision-making together with correct management to minimise losses and brand damage.
FitzGerald Consulting LAT also offers auditing services as a vital tool in the management of disasters. We have vast experience in auditing reserves, together with the operational processes required for disaster management. Furthermore, we provide a range of flexible solutions covering technical conduct, financial performance, and the processing and acquiring of information – all of which could be the object of specific audits or comparisons with competitors through a programme of completely integrated auditing.
Technical advice and training
FitzGerald Consulting LAT boasts a unique mix of technical experience and senior management skills. We provide impartial technical advice and support on day-to-day issues concerning the operation of disasters and audit management. As part of this, we are able to review technical information about losses, create reports on trends, errors and omissions, and propose answers and solutions to the problems that we find. Furthermore, we have developed a range of technical training programmes for the application of insurance contracts, reinsurance, and particular covers such as business interruption, and breakdown of machinery.
Review of Insurance Programmes and Risk Analysis
Our team of experts offer reviews of insurance programmes in diverse industries, of varying complexity, assessing their adequacy as well as the level of risk to the Policyholder.
FitzGerald Consulting in Latin America to date
Since its creation in June 2012, Fitzgerald Consulting LAT has overseen a wide range of projects for various different clients throughout the region.
June 2019 WORK IN PROGRESS
HIGHWAY INFRASTRUCTURE DAMAGED BY MAJOR STORM AND FLOOD – BIOBIO, CHILE
Appointed by insurers to support the local Chilean adjuster in gathering and reviewing critical damage information over more than 160 km of highway infrastructure affected by major water storm and local rivers overflow.
DAMAGE TO WIND TURBINE – COQUIMBO, CHILE
Appointed by Spanish-based international reinsurer to support local Chilean adjuster retained by local direct insurer. FC LATAM conducted the adjusting process for major damage on the multiplier and wind turbine. The local team also provided technical advice on multiplier disassembly and the inspection of special parts and PB review.
AMOUNT OF CLAIM: US$ 1,3 MILLION
July 2018 WORK IN PROGRESS
BRENT OIL SPILL – COLOMBIA
Appointed by UK-based international reinsurer to support the local Colombian adjuster retained by the local direct insurer on the Brent oil spill. FC LATAM provided assistance in adjusting civil liability insurance losses, review of invoices, purchase orders, contracts and reports, background check, extent of reported damage, advanced actions to control crude oil spill and mitigate environmental impact.
CHEMICAL INDUSTRY FIRE – QUILICURA, CHILE
Appointed by UK-based international reinsurer to support local Chilean adjuster in handling major damage in a phthalic anhydride reactor. FC LATAM conducted the valuation and depreciation blower engine, blower structure, and reactor. The local team also provided a robust review and validation of replacement/repair budgets of equipment, structures, piping, electrical systems, insulation and assembly among others.
AMOUNT OF CLAIM: US$ 4 MILLION
MAPOCHO RIVER OVERFLOW – SANTIAGO, CHILE
Appointed by insurers to support local Chilean adjuster in a contingency plan generation to allow owners and/or tenants of affected facilities to return to activity as soon as possible. FC LATAM also provided technical inspection, action plans, implementation and decision overseeing, work in progress reports, reserves and payments. Significant reduction in claimed losses with no litigation and/or long tail matter, close field work and management, with co-owner committees to resolve disputes presented, and valuation over more than 8,000 m2 building damage.
AMOUNT OF CLAIM: US$ 14 MILLION
ATACAMA FLOOD – ATACAMA, CHILE
Appointed by insurers to support local adjusters in gathering critical information of damage that severely affected sanitary facilities, collectors and pipes among 8 locations in the north of Chile. FC LATAM also conducted definitions about deductible application per event, or per location, PD due to underinsurance and BI adjustment, reduction due to underinsurance.
AMOUNT OF CLAIM: US$ 44 MILLION
We commenced a project involving the development of ad-hoc disaster management plans for a prestigious insurer in their operations in Chile, Ecuador, Colombia and Mexico.
We conducted a detailed risk analysis of insurance contracts for one of the leading Chilean groups in the production of fishmeal and salmon and sardine oil, exporting to countries such as Japan, Taiwan, Korea, the USA, Brazil, Argentina, and the European Economic Community.
We were appointed to assist one of the world’s largest salmon exporters in the settlement and payment of a claim of approximately US$20 million following a major fire which resulted in the total loss of a fish processing plant in Chile.
We represented the interests of a global insurer in the negotiation and closure of a US$3 million claim for civil responsibility of products in Peru.
We assisted one of Chile’s largest general insurance companies in the negotiation and closure of a major claim (approximately US$4 million) for property damage and business interruption by a chain of hotels in Easter Island, Chile, including its relation with the reinsurance market of Lloyds London.
We were assigned to the administration of the claims department of a general insurance company in Chile – a contract that continues to this day.
FitzGerald Consulting Latin America was set up, based in Santiago, Chile.
Fitzgerald Consulting LAT is based in the heart of Santiago’s commercial centre and its contact details are as follows:
Juan Agustín Alcalde 2225,
+56 9 8748 2772
+56 9 8748 2772