Insurance & Federal Claims Services
EY Insurance & Federal Claims Services teams help clients measure, document and prepare complex property damage and business interruption insurance claims. We are well-versed in all major US federal disaster grant programs and assist our clients to meet their financial goals and prevent fraud, waste and abuse.
What EY can do for you
COVID-19 Grant Closeout
Closeout is the final step in completing the FEMA public assistance grant process. It takes place once grant-funded work is finished and involves reconciling all documentation for actual amounts incurred to the federal grant closeout worksheet to confirm compliance. If documentation is incomplete, funds may be deobligated.
Our grants management teams are knowledgeable in the FEMA closeout process and how to mitigate risk throughout the grant cycle. Our core competencies of forensic accounting, financial oversight and complex compliance analysis, along with our deep knowledge of federal grant programs, enable us to assist grant recipients with successful grant closeouts.
Five keys to successful COVID-19 grant closeouts
Federal Emergency Management Agency (FEMA) grants for COVID-19-related costs provided critical lifelines to communities and hospitals that would not have been otherwise able to shoulder the financial burden of pandemic response. However, compounding factors — including nationwide disaster declaration, unique types of costs incurred and a sudden shift to a virtual working world — have also created overwhelming challenges for applicants, states and FEMA. To address the challenges and risk when closing out a COVID-19 grant, read and follow five leading actions.
Averting a second disaster: avoiding grant deobligation
The timing, frequency and destructive forces of disasters are unpredictable, and FEMA’s disaster recovery plans and processes continue to evolve, resulting in legislative changes and disaster program changes. Keeping up with new disaster recovery legislation, policy, guidance and requirements can often be challenging for recipients and subrecipients.
How our disaster assistance teams can help
The EY Insurance & Federal Claims Services team is composed of forensic accountants; CPAs; former local, state and federal emergency management executives; inspectors general; and insurance adjusters who have spent their careers leading and supporting response and recovery to catastrophic disasters.
We bring industry and subject matter resources from our dedicated practice, along with EY professionals across the US and globally to assist clients from small single events to large multi-national disasters.
With decades of experience, our Insurance & Federal Claims Services teams understand the multiple funding options available to prepare for and recover from disasters. We help corporations, governments, communities and nonprofits navigate challenges to recover fully and comply with applicable rules and regulations.
We have successfully assisted in recovering more than $35b in funding through commercial insurance and federal disaster programs for our clients and their communities. This includes working on virtually every major disaster over the past 20 years.
Our teams guide clients in preparing for, responding to and recovering from losses through the following services:
- Commercial insurance claims, including property damage and business interruption insurance claims, extra expense, contingent time element, cyber, product recall, builder’s risk, special event and liability
- Federal disaster grant reimbursement for recipients and subrecipients, including financial documentation support, procurement assistance, risk assessments, strategic funding, grant formulation, mitigation applications, reporting, monitoring, grant closeout, appeals and audits
How EY can help FEMA grant recipients
The Insurance & Federal Claims Services team brings a unique combination of experiences, market-based insights, fresh perspectives and leading practices, plus replicable models for success to support recipients with closeouts.
- We are well-versed in all of the major US federal disaster grant programs, including FEMA’s Public Assistance program, FEMA’s Hazard Mitigation Grant Program, Federal Highway Administration grants, HUD Community Development Block Grant (CDBG) Disaster Recovery, CDBG Mitigation, USDE RESTART grants, FEMA’s Urban Areas Security Initiative
- Multinational disaster funding coordination assistance
- Pre-disaster mitigation, trainings and exercises
- Emergency Operations Center (EOC) activations support
We understand our clients’ needs and leverage our knowledge gained from current and past grant programs to promote economy, efficiency and effectiveness.