Case Overview

In October 2022, a several batches of terminal equipment transported by a Chinese famous communication company was stolen in a warehouse in Madrid, Spain. Frad was assigned by the insurer of the communication company to conduct a survey on-site and investigate the case to determine the nature, origin and extent of the loss.

Process

1. Frad risk management engineer went to accident location in the warehouse located in Madrid, Spain to conduct a survey on-site, and contact all concerned parties of the case to discuss the case. Tracing the accident over a period of 13 months.

2. Estimate the nature and extent of loss. Analyze the origin of the loss.

3. Finalized the findings to a report and concluded that the subject cargo was temporarily stored in the warehouse and stolen by unknown personnel on the evening of the local time 29 October 2022, during the temporary storage period in the warehouse. The cargo was insured by the communication company for 90 days of temporary storage insurance. According to the Insurance Policy, it was determined that a part of the loss was within the coverage of the policy.

4. Confirm the claim amount.

Result

The communication company claimed EUR 517,661.97. Eventually, the insurer compensated the communication company EUR 438,450.21. The insurer can seek recourse from the warehouse its insurer.

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