In addition to representing policyholders in litigation and settlement of disputed coverage claims, LRK also performs a range of insurance counseling services for clients, such as:
Insurance Program Review
LRK reviews and analyzes the existing policies maintained by our clients (e.g., general, umbrella and excess liability, EPLI, business interruption, property, D&O, E&O, etc.) and provides advice regarding language present or missing in those policies that may cause difficulties if and when possible claims arise. Additionally, LRK will provide advice regarding alternative coverage or policy provisions that may be available to add to those policies to enhance our client’s insurance program.
Claims Audit
LRK conducts audits of clients’ pending claims to determine if those claims are being handled in a manner so as to maximize insurance recovery. Specifically, LRK will review pending claims and losses in connection with the client’s insurance program to analyze whether the claims are being defended in a manner to promote coverage and to consider whether applicable policy terms and conditions are being satisfied to avoid potential loss of coverage otherwise available to respond to the claims. LRK also reviews claims that have been denied by the insurer to determine if the denials are proper and will devise a plan of action to respond to improper denials of claims.
Transactional Due Diligence
Often, in a company’s purchase or sale of another business, insufficient attention is paid to insurance issues in the transaction. LRK can assist the company’s transaction team by:
- reviewing a target company’s ongoing liabilities and corresponding insurance coverage to determine if coverage is available to respond to those liabilities or whether additional insurance may be necessary to ensure a beneficial transaction; and
- providing advice regarding whether the transaction is structured in a manner to best effectuate the parties’ intent regarding the assignment of insurance rights and proceeds. Most insurance policies contain language addressing how insurance rights may be assigned. LRK will analyze these policy provisions and case law in the context of actual and foreseeable claims situations and advise clients accordingly.
INSURANCE COUNSELING SERVICES
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