Procor Solutions + ConsultingIndustries We Serve
PROCOR was engaged to support one of the world’s largest multinational dairy products corporations during a multimillion dollar dispute the client had with a long-term equipment vendor who had installed a key piece of manufacturing equipment that had failed and was inoperable. Procor analyzed and presented the financial impact, including the expected loss of production that would take place during the forty-five day plant shutdown to make the equipment correction. Procor’s report was used by the CFO to come to an amicable settlement during final negotiations with this vendor.
PROCOR was engaged to support a Fortune 500 entertainment company in the determination of its business interruption risk across its diversified global portfolio of assets and business units. The Risk Management team for the client was looking for a more efficient and accurate process to collect annual business interruption values from each profit center. Procor created a custom template for this client for internal distribution to each business unit and created a pilot program with two business units to garner and apply feedback. The ultimate custom solution was used by the client to enhance and improve this annual risk management process.
PROCOR was engaged to quantify and present $5M dollar business interruption and property claim that occurred as result of a power interruption and corresponding loss to a glass manufacturing furnace. Procor worked with client insurance broker to quantify loss based on coverage for net sales value of production.
PROCOR was engaged to manage over 100 Catholic parishes including churches and schools that sustained hurricane damage. Procor’s expert team of analysts successfully documented the claim resulting in an increased payment by Insurer of approximately $7M dollars.
PROCOR was engaged by one of the world’s largest motorcycle brands to assist with a business interruption insurance claim as a result of a major hurricane. This particular dealer operations realized a major dip in sales following the storm. Aside from quantifying the direct damages to this client, Procor performed a market analysis to demonstrate the pre-loss demand in the area to solidify a baseline to measure the loss against. The combination of severe damage to signage along major thoroughfares and a customer base preoccupied with their own hurricane damages proved to be a large loss of income for this client. Procor worked closely with the insurance broker and adjuster to find the best route to cover items through the insurance policy and presented the claim accordingly.
PROCOR was engaged to assist one of New York City’s oldest family-owned Italian restaurants after water damage forced the restaurant to close. Although the interruption was only for a short period of time, the shutdown cost the business thousands of dollars. Procor was able to quickly document, quantify and present the loss of income claim to the insurer and secure payment for the financial losses within 90 days of being engaged. The client also was reimbursed fully for Procor’s services under the terms of their insurance policy.
PROCOR was engaged to prepare a business interruption claim for a major Nutraceutical Manufacturer after an explosion occurred at two separate plants. Procor quantified the loss of income related to the event, taking into account all of the ancillary expenses and extra expenses.
PROCOR was engaged by a leading apparel retailer with 150+ stores to evaluate the business interruption losses that were sustained at 120 of their locations. Three of their locations sustained property damage, 117 were closed due to Power Interruption for various periods of time and their Distribution Center that provided goods for all 150+ stores was without power for 2 weeks. All of this, especially the interruption at the Distribution Center, occurred while the insured was gearing up and stocking their stores for the busy Holiday Season. The interdependency between the Distribution Center and affected and unaffected stores, Service Interruption, closure by Civil Authority and Ingress and Egress were all contributing factors for consideration in calculating the losses that were sustained.
- PROCOR was engaged to support a construction partnership on one the largest subway construction development projects in NYC. The Procor team analyzed a construction defect matter and helped support the financial implications of the issue and its direct effect on the construction timeline.
- PROCOR leaders supported one of the largest Builder’s Risk and Delay in Opening Claims in NYC in 2003. Procor leaders were included in the team that presented the delay in construction timelines by trade, soft cost analysis, and compiled direct property damages to the machinery and equipment.
- PROCOR was chosen to review and analyze business interruption impact of construction defect claim brought by a hotel/residential condo in Miami, Florida.
PROCOR was engaged by a Fortune 100 global provider of building efficiencies and power solutions businesses worldwide to track, audit and confirm invoices for a contract the client had with a major NYC Hospital Consortium. Procor was the lead forensic accounting team on the $100M repair contract that was written as a result of major property damage at three main hospitals. Procor created a team that worked at the client’s site to build a complete package of information to support the reimbursement of the $100M recovery. Activities included: analyzing subcontractor invoices, verifying timesheets, categorizing prevailing wages, monitoring completion targets, and processing change orders. Part of Procor’s role was to segregate costs in accordance to FEMA guidelines, as the hospitals submitted Procor’s detail for FEMA reimbursement.
PROCOR was engaged to quantify and present $30 million hurricane claim for one of the largest school districts in country. The School District needed a complex analysis of costs to be allocated across hundreds of individual building and campuses through the district. Procor set up an efficient data collection process and claim presentation format that allowed for multiple views of loss quantification allowing the district to analyze the loss as required. In addition to the insurance claim presentation, Procor also assisted in the determination and segregation of costs that could be eligible through FEMA reimbursement.
PROCOR was engaged to prepare a business interruption claim for a major Nutraceutical manufacture after an explosion occurred at two separate plants. Procor quantified the loss of income related to the event, taking into account all of the ancillary expenses and extra expenses.
PROCOR was engaged to present a large business interruption and extra expense loss resulting from a mechanical failure for industrial gas company. Procor calculated and presented the direct and indirect costs that resulted from the event, including demonstrating how the client mitigated the loss through shifting production to other facilities.
PROCOR was engaged by a hotel and resorts company that suffered a business interruption loss due to Hurricane Sandy at two of its key locations in the Northeast. Procor quantified the lost income at each of the locations by reviewing historical sales, lost conference revenue, and general guest cancellations. In addition, our team analyzed the direct loss, and reviewed opportunity costs considered at nearby locations where some of the customers were rerouted. Procor’s Fees were approximately $50K, ALL of which were reimbursed to the insured via the claim preparation coverage in their property policy.
PROCOR was appointed insurance appraiser for a large Real Estate Investment Trust that was mired in a dispute with their insurance company over the quantification and application of financing costs for a $100 million residential development project. The main issue was whether the increased financing costs caused by a major fire and extended the project beyond the original date of completion could be collected via the insurance policy. Through detailed analysis and professional presentation of its clients case, Procor was able to help the client successfully win the dispute and avoid any ongoing litigation.
PROCOR was part of the team supporting the risk management team of one of the world’s largest Terminal Operators and Stevedore. From a pre-loss perspective, Procor has supported this client with valuing physical assets and equipment for annual insurance program renewals. Procor has also supported this client with valuing interruption to operations following a construction defect at a major port facility on the gulf coast. In addition to quantifying the lost revenue from impaired operations, Procor also quantified incremental costs and inefficiencies of operations caused by adjusting sequencing as repairs were made during the period of restoration.
Above are just some of the many industries that we have served.
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