Stean Shaw LLP
Stean Shaw LLP
 

When a Loss Occurs



When an incident occurs causing loss or damage to the goods or property of a company due to the actions of a third party, in order to minimise the loss and maximise the recovery prospects, it is imperative that the company implements appropriate steps as quickly as possible. Irrespective of the nature of the claim and the type of goods or property involved, these steps are as follows:
  1. The company should immediately contact any third party involved in a loss formally holding them responsible in writing for the incident.
  2. The company should immediately notify any party used to provide assistance in the dealing with claims.
  3. The company should immediately notify any party used to assist with the recovery of third party losses.
  4. The company should try to source and save all relevant paperwork and evidence surrounding the loss.

The quantum of a loss will have a fundamental impact on the subsequent handling of a case, as smaller claims will not justify the same measures being implemented as more significant claims. On more significant claims, it will probably be prudent for the company to involve independent surveyors/ experts to investigate and report on the circumstances and quantum of the loss. It is also important for any necessary steps to be immediately implemented in order to maximise the possibility of obtaining a recovery from any third party responsible for a loss. For example, it might be necessary to try to obtain security from any third party, in order to ensure that a recovery claim is protected. In addition, it is prudent to try to liase as closely as possible with the third party responsible for a loss with respect to developments on the claim. This will hopefully minimise subsequent disputes with the third party when a recovery claim is pursued, particularly on quantum.

Unless a company has general arrangements in place, we believe that claims for losses below say USD 5,000 would probably not justify specifically involving independent surveyors / experts. However, we still believe that it is prudent for a company to take the above basic steps on all claims and for recovery to be attempted even with smaller losses. In this regard, obtaining a large number of small recoveries will equate to a significant amount of money over time. Since Stean Shaw LLP act on a “no win – no fee” basis, we are able to pursue recoveries on such smaller claims as well as more significant losses. Implementing these basic steps and providing the basic documents / evidence outlined, will ensure that third party recoveries are maximised.

In summary, we encourage our clients to contact us as quickly as possible when a loss occurs in order that we may ensure that their interests are fully protected, the claim minimised and the recovery prospect maximised. Since we act on a “no win – no fee” basis, this input and assistance does not involve any cost from Stean Shaw LLP “upfront” to our clients and a charge will only be made by Stean Shaw LLP when we succeed in obtaining a recovery for our clients. If such steps are not made, then a claim can escalate and the recovery prospects can be prejudiced or lost.

  If you have any enquiries about Stean Shaw LLP, our services and fees, or claims/recovery procedures, our team would be happy to hear from you through our listed contact details. Alternatively, use our contact page.