Calculated loss for unit and entire farm that experienced months-long outage. Calculations considered units in farm, PPA agreement contracts, production tax credit and limits of water tables.
Energy and mining industries come with their own unique set of legal, environmental, health, and safety challenges. Operations are susceptible to all kinds of risks such as equipment failures, natural disasters, third-party negligence, civil unrest, fires, explosions, and other operational hazards.
Crude oil and gas are vital to many industries and account for a large percentage of the world’s energy consumption. The integrated operations of their extraction, refining, and downstream petrochemical processing represent the world’s largest industry.
Lowers Forensics provides support services and education to insurance professionals being asked to manage a noticeable increase in complex business interruption claims to rise in the Energy and Mining sector. We deliver expertise across the energy value chain and are internationally recognized for work across a broad range of issues, including insurance claims accounting, international investigations, litigation and disputes, intelligence and security, and anti-fraud.
With the expertise of our people at the forefront, we apply leading-edge technology to deliver precise insight and value to the clients we serve.
Calculated loss for unit and entire farm that experienced months-long outage. Calculations considered units in farm, PPA agreement contracts, production tax credit and limits of water tables.
Reconstructed the entire grid minute by minute to determine increase in cost due to having hydroelectric units down. Grids will send out most efficient units to generate – when hydroelectric units go down, everything moves up in the dispatch order which is an additional cost to the grid for having lost their hydroelectric units.
Consulted with algae biofuels company on BI insurance coverage and limits
Reconstructed entire power grid.
Loss involved a mine that ice road truckers bring supplies to. Temperature increase flooded the mine causing erosion. Due to calculations and analysis, a $58M claim was retracted by insured due to discovery of fraud by CFO.
Fraud scheme involved manipulation of P&L statement. Lowers was brought in to calculate the impact of the fraud scheme and assess its value because commission was being paid to sales people based on calculation provided.
Lowers performed financial impact and BI assessment for operations.
Performed financial analysis of mitigation including a unit by unit utilization recreation resulting from crib distillation outage.
The Lowers Forensics team was presented with a business interruption claim submitted on the basis of increased variable costs of production stemming from a lightning strike which damaged an integral steam turbine for 153 days and impacted the profitability of several gas turbines. See how we handled the claim.
This blog explores the benefits of leveraging AI in financial data processing, highlighting how it enhances efficiency and expedites the lifecycle of insurance claims.
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