Frequently Asked Questions

Q.  Do I have to pay for forensic accounting services?

A.  No, depending on your professional fees coverage.  If you do not have coverage, then we can discuss any fees necessary.

 

Q.  Can I use my own accountant to prepare my loss claim?

A.  This is not recommended, unless your accountant has experience preparing business interruption claims in accordance with your insurance policy.  It is best to engage a forensic accountant.

 

Q.  Is payroll covered during the repair period?

A.  This depends on your policy coverage, which I can review with you to determine.

 

Q.  What documents are needed for an analysis?

A.  This will vary depending on the nature of the loss.  However, I generally rely on documents that you have already prepared in the normal course of your operations, such as annual financial statements, monthly income statements, bank statements, production reports, and monthly sales reports.

 

Q.  When will the insurance company pay for my losses?

A.  The insurance companies generally advance and pay funds on the advice of their own agents.  However, I can work with you to ensure timely advances and reimbursement of your losses from your insurer.

Q.  Will I be reimbursed for the additional costs that I have had to incur?

A.  This depends on the nature of the costs, but generally costs incurred to resume or continue operations (outside of the property repairs) such as rental of a temporary location, clean-up efforts, trailer rentals, sub-contractor costs, advertising, etc. are covered.  

Q.  How long will I be covered for my losses?

A.  This depends on your policy coverage, but most policies cover the period from the date of the loss to the date that your revenues return to their expected levels, even after the repairs are done.

 

Q. How is my claim supported if all my financial records were destroyed in the fire?

A.  We can work together to obtain the necessary records from third parties: your accountant, CRA, bank, suppliers, or other sources.

CONTACT

Email: stephenhillcpa@gmail.com
Phone: 905-243-5272

Burlington, Ontario

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