Tornado at Gibson Fiberglass

LOSS: This major manufacturing plant was impacted by a devastating tornado causing extensive damage to 80% of the structures on site and as a result, 100% of the contents were affected. The situation appeared to be a catastrophic loss. The insured and their insurer anticipated a claim in excess of $12 million.

SOLUTION: BGA worked closely with the policyholder’s representative to capture the majority of the identifiable contents while allowing the insured to recover undamaged items that could be utilized in the manufacturing process.

RESULT: BGA’s involvement helped to control the claimed loss amount by physically inventorying and segregating the damaged from the undamaged product. Further, BGA’s involvement ensured the appropriate valuation of the raw materials, work in process goods, and finished goods.