Simply Tax Episode 103: COVID-19 Business Interruption Claims
Guests Bryan Callahan, Bob Sprague, Will Weltman, and Kevin Dreher join host Damien Martin to have a conversation surrounding business interruption claims, contingent business interruption claims, civil authority claims, and related considerations amid a global pandemic. Here’s what’s covered:
- Take stock and consult a professional @04:11
- Industries impacted fall into two buckets @07:51
- Timeline and what to expect @10:20
- Arbitration @12:07
- Assessing the magnitude and where to start @19:02
- The time is now to start tracking @23:01
- Trigger events under first party policies @27:56
- Exclusions might apply @35:36
- An important question to consider @40:03
- Measuring the period of restoration @44:57
- Claims against proceeds @51:44
- Impact of possible legislation @55:25
- Recoveries from relief and other sources @56:57
- Closing thoughts and considerations @58:28
BIO FOR GUEST
Bryan Callahan is a member of BKD’s Forensics & Valuation Services (FVS) division and leads the Big Data & Analytics practice. He focuses on providing litigation consulting, fraud investigation, and forensic accounting services and has extensive experience in litigation support and forensic services, including calculations of breach of contract damages, lost business value, intellectual property claims, securities litigation, shareholder disputes, post-acquisition disputes, construction claims, lost future earnings, misappropriation of assets, fidelity bond claims, and fraudulent financial reporting. In addition to being a CPA, Bryan holds the Certified in Financial Forensics (CFF) certification from the American Institute of CPAs (AICPA) and is a Certified Valuation Analyst (CVA) and Certified Fraud Examiner (CFE). He participates in more than 60 hours of continuing education each year and has attended numerous valuation, litigation services, damages, and fraud courses offered by AICPA and Association of Certified Fraud Examiners.
Bob Sprague is a member of BKD’s FVS division. He focuses on providing fraud investigation, forensic accounting, and litigation consulting services. His experience encompasses a wide spectrum of financial consulting matters spanning multiple industries and client types. Bob works closely with corporate stakeholders, in-house and outside counsel, auditors, and special committees on forensic and fraud investigations with an emphasis on SEC enforcement matters and fraudulent financial reporting. His experience also includes investigations related to the Foreign Corrupt Practices Act, commercial litigation involving technical accounting issues, assisting clients with post-acquisition accounting disputes, and conducting proactive compliance-related work, such as anti-corruption assessments and broader compliance program related assessments, on behalf of public and private companies.
Will Weltman is a partner at Reed Smith LLP in Chicago. Will’s practice focuses on international arbitration and cross-border disputes on behalf of clients in a diverse group of industries. These international matters range from disputes involving distribution and supply agreements, hospitality agreements, and trade secrets, among others. Since his first international arbitration, Will has continued to represent clients in cross-border disputes and international litigation involving clients and parties from Asia and the European Union. He also continues to work in the hospitality industry on a variety of domestic commercial disputes. Will is a founding member of the organization Chicago Gives a Damn, where members gather quarterly to hear presentations from and contribute to various local charitable organizations.
Kevin Dreher is a partner at Reed Smith LLP in Chicago. He is a commercial litigator and trial lawyer with a practice that includes insurance recovery litigation on behalf of corporate policyholders, complex commercial litigation, and insurance-related counseling. Kevin’s insurance recovery-related litigation experience has involved a broad array of coverage matters, including general liability and business risks, directors’ and officers’ liability, professional liability, cargo and marine, public officials’ liability, first-party property, business and contingent business interruption, product liability, environmental and asbestos liability, and more. He has litigated and negotiated resolution of insurance disputes with all major U.S. insurers and the London and Bermuda markets. Kevin’s insurance coverage practice is nationwide and has involved litigation in jurisdictions throughout the U.S., as well as arbitrations in London and Bermuda. Kevin is a frequent speaker on various insurance and commercial litigation topics, including indemnification, commercial risk transfer, and insurance. Kevin is a leading lawyer in the IRG Risk Transfer Team as well as a member of the firm's China team.
ADDITIONAL RESOURCES MENTIONED IN THE EPISODE
- BKD Thoughtware® article: Navigating a Business Interruption Claim
- BKD archived webinar: Reducing the Impact of COVID-19: An Overview of Business Interruption Claims & Disaster Assistance Loans
- Learn more about BKD Business Interruption Claims Consulting Services
Learn more about ReedSmith:
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