Companies suffer losses every day from equipment failure, energy releases, fires, explosions and motor vehicle accidents—just to name a few. Too often these companies, big and small, decide not to pursue recovery from the parties responsible for the loss. These decisions are unnecessarily costing companies millions of dollars every year.
While it’s surprising that companies would allow recoverable losses to go unclaimed, there are many reasons behind the decision. But often those reasons are based on misconceptions on how recovery is accomplished, uncertainty as to the cost of recovery or concerns over the company’s image. Here are some of those misguided assumptions, and the reality that many companies experience when they proceed.
