In this episode, of PRIMA's 2023 podcast series, Frank Russo explains the importance of clean prep for risk managers or policyholders following a large catastrophic property loss. Clean prep involves providing the insured or policyholder with experts who can help quantify, prepare and present the overall loss, damages, delays, and other excess costs related to the disaster.
Frank emphasizes the importance of providing a rough estimate of the loss to the insurance adjuster as early as possible. He also suggests building a team of claim prep and FEMA experts before a loss happens to expedite the recovery process. Frank advises risk managers to approach insurance and FEMA claims as a cash flow process and strive to reach an undisputed amount as quickly as possible. He recommends being prepared for unexpected curveballs, no matter how well-situated the risk management program is.
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Managing Director, Imperium Consulting Group
Summary of Qualifications
Frank is a founder of Procor Solutions and Consulting, a leading specialty consulting firm offering expertise in the areas of insurance risk management, disaster planning, claim preparation, construction claims, insurance appraisals and dispute resolutions.
Frank is a recognized global thought leader on the topic of business resiliency having spoken and written many times throughout his career about business risk preparation and recovery strategies from major income-impacting disasters, losses or disputes.
Over his career, Frank has helped collect over $10 billion in loss recovery for his clients. He has actively guided clients through all the major large-scale disasters over the last twenty years including the terrorist acts of 9/11/01, 2017 Hurricane Season, Hurricane Katrina, the Gulf Oil Disaster and the Japan Earthquake/Tsunami to name a few. He also is involved in major construction and development projects when there is a need to professionally quantify, support and present incremental costs and schedule delays.
Frank has his Construction Risk Insurance Specialist (CRIS) designation from the International Risk Management Institute, an Associate in Risk Management designation from the Insurance Institute of America and is a verified Cyber Insurance Risk Manager (CyRM).
Frank was recently honored as a recipient of the “Innovator in Finance” Award from FiNext acknowledging the efforts of FinTech thought leaders and torchbearers of the industry.
Frank is an alumnus of Rutgers University and holds an Executive MBA from the Lubin School of Business at Pace University.