Why Do I Need My Own Expert To Calculate The Value Of A Claim? (Video Content)
Question: Why is it that one income loss report can say an insurance loss claim is worth a million dollars and another one can say it is worth nothing?
Answer: This is a question we hear often.
Let's first assume both sides have access to the exact same information. But what sometimes happens is that the way the information is provided is not telling the whole story. For example, some information that should have been available was not produced. On the other hand, sometimes it seems that there is more information available than should normally have existed, which may indicate some manipulation of documentation to support a claim.
Income loss reports can be prepared by economists, actuaries or accountants.
The Valuations Forensics Litigation group at Crowe Soberman consists of trained forensic accountants, whose job is to notice when information is missing or not telling the real story, and make sure we don't develop calculations based on unreliable documents. Our calculations are always based on reasonable assumptions that are clearly supported with thorough analysis and research, using both financial analysis and an investigative mindset. As experts who are qualified to testify in Court, we owe a duty to the Courts to be impartial. We also owe it to our clients whether plaintiff or defence to produce reports that are going to be accepted...
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