Claims professionals are charged with making complex decisions on a daily basis, some of which have huge financial implications. Understanding the way decisions are made, authority structure and who the real decision makers are can help the claims professional in both properly analyzing options and in persuading others regarding suggested actions. Decision making, therefore, is one of the most important skills a claims professional can possess. The application of a structured decision making process can bring discipline and increased rationality and decreased error due to either personal or group bias.
More than 95% of construction defect claims are resolved by settlement. These claims and cases present unique negotiation challenges which need to be anticipated early in the handling of the claim, recognized when they arise, documented and timely resolved. Construction defect claims may be handled in a variety of ways depending on the nature of the claim, the profile of the policyholder, the procedural posture of the matter, the jurisdiction(s) in which the the claim is pending and the policy(ies) issued.
Coverage analysis and ability to recognize the potential consequences of coverage issues (lack of coverage, limited coverage, other coverage, etc.) are the cornerstone of any construction defect claim. Construction defect claims are almost unique in that there are inherent coverage issues almost every time a suit is filed.
This course will provide an overview of various types of risk transfer. The course will focus on contractual indemnity and to a lesser extent on additional insured issues. This course will discuss the primary types of indemnity agreements and will examine several real agreements to illustrate the differences. We will discuss what constitutes proper tender under an indemnity agreement and how to properly respond to requests for defense and indemnity by a third party. We will examine what rights and responsibilities pertain to each party in securing indemnity. We will also discuss the potential effects on available coverage under insurance policies as a result of in-place indemnity agreements.
Jane Young, McElroy Deutsch Mulvaney & Carpenter LLP
September 16, 2020 3:15 PM
This course is a deep-dive expansion of the survey course provided in Level 1, specific to the three “other insurance” policies that most prevalently interact with construction defect claims: Builder’s Risk, Subcontractor Default Insurance, and Professional Liability. We explore the nuances, trip-hazards, and intricacies of “other insurance” claims. We discuss some one-off type claims that require a more advanced approach to the way various policies and coverages interact on a construction project, such as the potential for conflicting / duplicate coverage and how it may impact a construction defect claims adjuster.
This course provides property and casualty claims adjusters with an insight to reinsurance concepts and reserving purposes. Even though reinsurance is an integral part of the risk transfer industry and reserving is critical in the day to day functions of an insurance company, both are often misunderstood by claim professionals. This course will address the significant role the claim professionals can play in facilitating the reinsurance relationship and the purpose behind reserving beyond passing an audit.
This course will cover the core purpose of reinsurance, its types, and the perspectives of both the reinsured and the reinsurer from the claims standpoint. This course will also address the role of the reinsurance intermediary, and the unique and important process of reinsurance dispute resolution.
This course will discuss reserving as it impacts accounting, investments/investment income, policyholder surplus, asset valuation, liabilities, revenues and underwriting profit. This course will also cover Allocated/Unallocated expenses (ALAE / ULAE), Incurred but Not Reported (IBNR) and reserving triangles.