Insurance Bad Faith Issues
Our experts have testified in numerous cases of bad faith involving insurance agents, brokers and insurance companies. The cases have varied from standards such as writing a policy to cover the interests of two separate insureds, to a broker charging both fees and commissions.
Insurance Bidding and Placement
Our expert, Mr. Underdown, developed a systematic method for bidding insurance programs. The method involved selecting competing brokers for each line of coverage and allocating market to each broker to assure the best price.
Insurance Coverage Appropriateness
With experience as Risk Managers, our experts have purchased insurance for a variety of organizations and thus have experience in designing the specifications for and confirming the appropriateness of the policies provided by the selected brokers. The Insurance Archaeologist™ experts subscribe to the theory that the design of an insurance program begins with a survey of top corporate executives to determine the corporate appetite for risk.
Insurance Coverage Opinions
As a result of The Insurance Archaeologist™ experts backgrounds as Claims Managers and Risk Managers they are in a position to provide coverage opinions based on real-world examples and on-the-job experience. They have dealt with a wide variety of coverages, including: property and casualty, vehicle fleet, property, directors’ & officers, and workers compensation, to name a few.
Insurance Excess Coverage
Excess coverage refers to the layers of insurance coverage or insurance policies over what is termed the “underlying” coverage or primary policy. As Risk Managers our experts gained experience in the selection and placement of umbrella insurance policies with up to $100 million in limits. Our opinion is that one of the most important parts of a well-designed insurance plan is the foundational or primary limits over which the umbrella policies are placed.
Insurance Expert Witness
Based on education, experience, and training in the insurance industry, both as Claims Managers and Risk Managers, our experts are qualified to act as Insurance Expert Witnesses in jurisdictions across the United States.
Insurance Industry Standards
As a result of insurance industry experience as Third-Party Administrators, Insurance Company Claims Professionals, Risk Managers and licensed producers, our experts are well-qualified to render opinions on insurance industry standards.
As a Risk Manager, The Insurance Archaeologist™ expert Mr. Underdown developed a system for insurance placement that won critical acclaim from insurance brokers and insurance companies alike. The heart of Mr. Underdown’s system is the detailed review of specifications and then the assignment of specific insurance company markets to one of two select participating brokers.
Insurance Program Design
The first step to any insurance program is to design the program to provide an adequate level of protection relative to the risk tolerance of the insured corporation. Another step is to choose the appropriate brokers to compete for each line of coverage.
Insurance Program Funding
The funding of an insurance program must necessarily come from internal sources; however, premium finance arrangements can be made. Also, there are a number of alternative funding arrangements, such as minimum premium plans for group health insurance and retrospectively rated plans for casualty coverage. No matter what funding arrangement is utilized, it is important for the Risk Manager to maintain a proper reserve for the ultimate payouts for policies, claims, and expenses.
The purchase of insurance can be reasonably straightforward, such as purchasing a fire policy to protect the value of a building. On the other hand, purchasing policies such as Directors and Officers, Professional Liability and Surety policies is more complex because of the necessary disclosure of sensitive financial information. In addition, there are also certain representations and warranties that are required under some of these policies.
Insurance Purchasing Procedures
The Insurance Archaeologist™ expert Mr. Underdown developed a system for insurance placement that won critical acclaim from insurance brokers and insurance companies alike. The heart of Mr. Underdown’s system is the detailed review of specifications and then the assignment of specific insurance company markets to one of two participating brokers. The assignment of markets is an inherently subjective process wherein a determination of the probability of success is factored into each assignment. The entire process is very closely monitored and controlled by the Risk Manager.
As Risk Managers, The Insurance Archaeologist™ experts have experience in the underwriting process and played a role as counterparty to the underwriter. In the purchasing process, the Client/Risk Manager needs to work closely with the underwriter to develop adequate detail about the risk to be assumed by the underwriter. Without adequate information it is difficult for the underwriter to rate the risk and develop a proper premium. If your case requires an expert with actual underwriting and rate making experience we would refer you to an expert in that area. Please call or email for further information.
EXPERT WITNESS REFERRAL
Do you have a need for an expert witness in an area of specialization not listed here?
Please email or call us with whatever specialty you are looking for and we will find you an expert, whether it be in the insurance field or any other field in which a forensic expert is needed.