Many organizations have been through a rough patch in the last few years due to litigation resulting from policy documents issued years ago. However, since this is in the past, these documents bearing information about brokers and policies are not available. The unavailability of the documents may cost the company millions in litigation fees. The only way to avoid this is insurance archaeology.
These litigations are from products designed many years back which have now caused harm. For instance, asbestos products manufacturing companies have been subject to these suits. This is because of the wide use of asbestos in the past as there was no prior knowledge of their effects. In light of new scientific evidence to show that asbestos has been harmful these companies are sued.
Only insurance archaeologists are able to unearth these policy documents. They work is to leave no stone unturned as they investigate, examine, interview and locate. However, despite all the effort this is not always possible. Maintaining the past insurance policies over the years has been increasingly difficult for varied reasons.
Mergers and acquisitions have characterized the last few decades. The incorporated companies may lose most of their documents during this process. Relocation and downsizing also cost the companies these files. In addition, restructuring and file purging has also contributed. Another blame factor is the 1999 Millennium bomb where organizations sought to erase all their old documents.
When faced with a probable expensive claim, the insurer will wan to see the policy documents. These documents when available are a sure way to avoid long costly litigation. For this reason companies need to locate and organize them and also secondary evidence coverage of the insurer. If there are not suits likely to face your company then you may relax. However when you have the documents they will give you preparedness for any claims.
This information is not only important during law suits. In the process of acquisition or in the event of a merger, it is prudent organizations dig up the old policies of the target company to know what you are getting into. This is because liabilities and policy agreements are transferred to corporate successors. When you assess the insurance coverage of a target company over times it means the difference between acquiring an asset building company or an asset draining company.
Insurance archaeologists carry many work titles as they work as detectives, excavators and people who study history. In the course of their work, they have to track past brokers as well as employees. Sometimes when they are deceased they have to look for their descendants and interview them. Archaeologists also have to read through past accounting documents as ell government archives.
Having been in business for decades will mean that not all documents can be traced. Therefore you will need the services of an insurance archaeologist to help you locate them. This will ensure great savings from law suit costs. To be on the safe side you should review past policy documents from target companies of possible merger or acquisition. This is an absolute company best practice and will save you many law suits.
These litigations are from products designed many years back which have now caused harm. For instance, asbestos products manufacturing companies have been subject to these suits. This is because of the wide use of asbestos in the past as there was no prior knowledge of their effects. In light of new scientific evidence to show that asbestos has been harmful these companies are sued.
Only insurance archaeologists are able to unearth these policy documents. They work is to leave no stone unturned as they investigate, examine, interview and locate. However, despite all the effort this is not always possible. Maintaining the past insurance policies over the years has been increasingly difficult for varied reasons.
Mergers and acquisitions have characterized the last few decades. The incorporated companies may lose most of their documents during this process. Relocation and downsizing also cost the companies these files. In addition, restructuring and file purging has also contributed. Another blame factor is the 1999 Millennium bomb where organizations sought to erase all their old documents.
When faced with a probable expensive claim, the insurer will wan to see the policy documents. These documents when available are a sure way to avoid long costly litigation. For this reason companies need to locate and organize them and also secondary evidence coverage of the insurer. If there are not suits likely to face your company then you may relax. However when you have the documents they will give you preparedness for any claims.
This information is not only important during law suits. In the process of acquisition or in the event of a merger, it is prudent organizations dig up the old policies of the target company to know what you are getting into. This is because liabilities and policy agreements are transferred to corporate successors. When you assess the insurance coverage of a target company over times it means the difference between acquiring an asset building company or an asset draining company.
Insurance archaeologists carry many work titles as they work as detectives, excavators and people who study history. In the course of their work, they have to track past brokers as well as employees. Sometimes when they are deceased they have to look for their descendants and interview them. Archaeologists also have to read through past accounting documents as ell government archives.
Having been in business for decades will mean that not all documents can be traced. Therefore you will need the services of an insurance archaeologist to help you locate them. This will ensure great savings from law suit costs. To be on the safe side you should review past policy documents from target companies of possible merger or acquisition. This is an absolute company best practice and will save you many law suits.
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