Economic Damage Quantification
Business Disputes
Business disputes, sometimes referred to as a “business divorce”, are typically centered around money and quite often involve the need for economic damage quantification. Such disputes can have devastating impacts on the business, its owners, customers and employees. It is important to address and attempt to resolve business disputes in an equitable and expeditious manner to give the business its best chance of survival. Our business dispute services include the ability to provide assistance in the following areas:
Meet with interested parties to determine nature of dispute, economic significance of dispute, desired outcomes, etc.
Quantification of economic damages related to actions stemming from breach of contract, breach of fiduciary duties, improper actions that are harmful to the business, etc.
Court-appointed neutral to provide financial and economic analysis designed to help the interested parties reach an amicable settlement
Business Interruption / Insurance Claim Services
Due to the number of nuances in business interruption insurance policies, this coverage is one of the most misunderstood types of insurance. Whether it be from a natural disaster, fire, equipment breakdown, etc., it is critical to act quickly in order to maximize the chance that the business can survive the catastrophe. Depending on the type of business interruption policy in force, items that may be covered include business income and extra expenses. There are many necessary events that must occur to trigger business interruption coverage. Whether assistance is needed to evaluate the appropriate type and levels of coverage that a business needs, or your business has been impacted by a catastrophic event that results in the interruption of your business, RAL Forensics is ready and able to assist you. Our business interruption services include the ability to provide assistance in the following areas:
Review the company’s financial records to determine the levels of coverage that may be necessary
Perform an analysis of the business activities before and after the loss event to utilize in connection with the claims process to calculate the economic damages sustained
Prepare any required forms or schedules to be submitted in connection with the Proof of Loss
Meet with insurance adjusters, attorneys and other professionals to streamline the claims resolution process
Provide expert witness testimony, as requested
Lost Profits Analysis
A business can sustain economic damages in the form of lost profits for a number of reasons, including, but not limited to a contract dispute, fraud, embezzlement, negligence, product liability, expropriation, etc. Our lost profits analysis services include the ability to provide assistance in the following areas:
Review the company’s financial records to determine the overall operations of the business
Interview key management, suppliers and customers to get an understanding of the potential impact of the triggering event
Perform an analysis of the business activities before and after the loss event to utilize in connection with the calculation of economic damages
Provide expert witness testimony, as requested
Marital Disputes / Property Partitions
Identifying and resolving financial disputes related to a divorce or marital dispute typically requires a forensic accountant to determine the joint assets and liabilities as well as the income sources of each spouse. Besides the emotional stress typically experienced by each spouse as a result of the marital dispute, the last remaining issue to be resolved in a divorce proceeding is often the division of marital assets. Our marital dispute / property partition services include the ability to provide assistance in the following areas:
Identification of all marital assets and liabilities, typically in the form of a Descriptive List
Valuation of marital assets and liabilities. Quite often, a business is involved resulting in the need for a business valuation
Analyze the flow of personal and business funds to determine if any improper transactions may have occurred in an attempt to conceal assets and/or minimize the value of assets
Asset tracing services in the event marital assets were “re-directed” prior to or shortly after filing for divorce
Determination of personal versus professional goodwill
Serve as Court-appointed neutral to provide financial and economic analysis designed to help the interested parties reach an amicable settlement
Provide expert witness testimony, as requested
Personal Injury and Wrongful Death
When an unfortunate event such as a personal injury or wrongful death occurs, a significant part of the resolution process typically involves the work of a forensic accountant. RAL Forensics has extensive experience in providing economic loss calculations regarding personal injury and wrongful death matters. Our personal injury and wrongful death services include the ability to provide assistance in the following areas:
Perform an analysis of the income / earnings trends before and after the incident date
Calculation of past economic damages as well as future economic damages to be sustained
Work in conjunction with vocational rehabilitation specialists to determine the present value of future medical care that the injured party may need to undergo post-incident, and/or possibly for the remainder of their life expectancy
Estimate the value of lost employer-sponsored benefits, pension losses, etc.
Provide expert witness testimony, as requested