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Dealing with Catastrophic Losses from the Insurer's Perspective

1h

Created on May 02, 2017

Intermediate

$89

Overview

Catastrophic losses, whether sudden and without warning such as earthquakes, tsunamis and tornadoes or with some lead time, such as hurricanes, a tidal wave, or floods, create unique problems for insurers. These issues occur not only with respect to the handling of claims, but also regarding coordination with other risk insurers dealing with a labyrinth of legal issues, including coordinating adjusters, possible media considerations, and cost management and control.  

Having well thought-out claim protocols in place and being proactive can make the difference between a chaotic and haphazard response or a smooth one, making for happy insureds and insurers. This seminar, presented by Cozen O'Connor Member Christopher Kende, is intended to set forth steps that insurers can take to maximize organized and reasoned responses to a catastrophic loss and avoid bad faith claims.

Learning Objectives: 

  1. Summarize legal issues which are frequently encountered in catastrophic losses
  2. Review guidelines for proper claims handling procedures
  3. Discuss protecting privileged communications
  4. Identify recommendations for coordination with co-insurers or reinsurers who may also be on the risk
  5. Understand the importance of an early response and a proactive approach

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