Professional lines insurance claims can be very complex. This class will focus on best practices in thoroughly investigating claims (using a variety of resources) and using that information to accurately evaluate a claim's ultimate cost. Participants will also explore the importance of various policy provisions in formulating an accurate coverage analysis. In addition, the reserving process will be explained in depth with a discussion of various reserving practices and philosophies.
A number of stakeholders are involved in virtually every professional lines insurance claim. This segment will focus on how a claims professional can best coordinate the claims process among the various interested parties, including the insured, the insured's counsel, coverage counsel, other insurers, reinsurers and co-defendants' counsel. This course will also give claims professionals guidance and advice on how to successfully manage a claims desk, by specifically addressing the material difference between professional lines and other lines of business, including the management of a professional insured. Finally, this course will explore strategies for resolving a claim as early as possible in the claims process.