BY: JAMES PAWLISH
Insurance carriers should leverage insurance archaeology services to locate historical general liability policies, and the benefits of doing so are substantial.
As the legacy claims landscape continues to evolve, carriers who embrace these specialized services safeguard their insureds and strengthen their collective positions. By looking to the past, carriers better protect the future—for themselves and their insureds.
Understanding the full picture of an insured’s historical liability insurance coverage program is critical. Historical liability policies carry significant implications for claims management, particularly in an era where environmental liabilities, asbestos and talc exposure claims, and long-tail personal injury claims are increasingly common. Enter insurance archaeology — an invaluable service that helps carriers locate and retrieve additional historical coverage to respond to litigation and demands. Here are a few reasons why embracing this service has been a game-changer for carriers.
UNLOCKS ADDITIONAL COVERAGE FOR COST SHARING
Long-tail claims take decades to surface and often relate to environmental damage, product liability, personal injury, or occupational hazards. Carriers may struggle to provide adequate coverage for these claims without access to historical policies. By utilizing insurance archaeology, carriers can identify other carriers and unlock additional coverage. This knowledge empowers insurers to make better-informed decisions about current and future claims.
PROVES TERMS AND CONDITIONS
Policies contain a framework of language that has shifted over time. PolicyFind’s Specimen Policy Library and its insurance archaeology investigations provide unsurpassed insight into how policy language has evolved, helping carriers best understand their obligations (or lack thereof). This is particularly important when dealing with decades-old coverage or claims spanning multiple policy periods. By thoroughly understanding historical coverage and the regulatory environment at the time, carriers can make informed claims decisions.
MITIGATES RISK FOR CARRIERS
Insurance carriers can face significant risk. For instance, if an insured files a claim and the insurer cannot locate that documentation, it could lead to legal repercussions. By employing insurance archaeology services, carriers ensure they have all the necessary documentation at their fingertips, significantly reducing risk.
PROVIDES COST-EFFECTIVE SOLUTIONS FOR CARRIERS
While it may seem like an added expense, investing in insurance archaeology services can save carriers significant costs in the long run. Locating and accessing historical policies can prevent costly litigation, reduce claims disputes, and enhance overall claims management efficiency.
ENHANCES RELATIONSHIPS
Strong relationships are built on trust and transparency. When carriers take the initiative to locate additional coverage information, they demonstrate a commitment to their insured’s best interests. This proactive approach strengthens relationships and fosters loyalty.
By working with PolicyFind, you are leveraging our expertise and resources. Insurance archaeology is a specialized field that combines expert knowledge with advanced technology to locate evidence of historical insurance documents. Insurance carriers may lack the resources to perform this type of research effectively. Partnering with experts specializing in insurance archaeology ensures that carriers can tap into cutting-edge tools and methodologies, maximizing their chances of success in locating lost or misplaced policies.
CONTACT POLICYFIND
PolicyFind’s expertise operates on two key fronts. First, our team of experts uncovers evidence of historical coverage to tackle long-tail claims through Insurance Archaeology. Then, leveraging our extensive specimen policy library, we can reconstruct these old policies. This powerful approach delivers an impressive ‘one-two punch.’
Schedule a free consultation to determine if PolicyFind’s Specimen Policy Library and Insurance Archaeology services fit. To get started, contact PolicyFind today.