Employers Liability Tracing
InSolutions Employers Liability Tracing can allow businesses to transfer legacy claims to identified historical insurance policies.
We help locate historical insurance coverage and develop a historic insurance profile to identify protection that exists for legacy claims to provide certainty around claims transfer and resolution.
We can also help locate historic employers liability (EL) coverage. We then create a thorough corporate profile of historical entities associated with the business. We ensure that we highlight the issues and options around legacy EL coverage and rebuild any existing historic insurance profile.
The value added to your business is in several areas
- The reinstatement of valuable lost insurance assets.
- The ability to focus on current business issues through the transfer of legacy claims.
- Future certainty around the protection against burdensome claims and expensive defence costs.
- An understanding of historical business ownership and the ability to redirect legacy claims to third parties or insurance carriers.
InSolutions can provide these services because it can leverage one of the largest broker archives in the London market to identify policy coverage and deliver detailed findings and recommendations. It may not always be possible to locate policies, but for vast majority clients we locate additional insurance coverage.
Detailed research is the only way to discover the information required to find coverage. This research takes on many forms such as researching historic corporate records and archives, and carrying out internal reviews. We also conduct telephone interviews with relevant personnel where required. It is also crucial to identify external sources that may have retained important evidence of insurance e.g. law firms etc. contacting them where possible.
You will receive coverage confirmation of our findings in the form of a Review of initial research findings. We will also contact insurers to coordinate research for additional documentation. The final report will also highlight any further actions required by client.
This graphic shows some of the implicit benefits of Employers Liability Tracing with InSolutions
CASE STUDY 1:
- Recent acquisition of another publishing business.
- Sudden influx of unexpected employers liability claims associated with the printing works from this business.
WHAT INSOLUTIONS DID
- Through fact finding discovered the printing works had previously been sold to a third party and redirected a number of claims as a result.
- Located the EL insurance for the balance of the claims for the majority of the period in question.
- Complete understanding of ownership history of newly acquired print works.
- Able to redirect claims to third party owners or relevant legacy insurance carrier, saving hundreds of thousands of pounds.
CASE STUDY 2:
TYRE AND EXHAUST COMPANY
- Purchased regional tyre and exhaust company with good margin, claims experience, and low staff turnover.
- Experienced a sudden increase in legacy claims and wanted to understand existing insurance coverage.
WHAT INSOLUTIONS DID
- Developed complete ownership history of each of the business sites, locating several previous owners.
- Identified instances where vendors had assumed past liabilities for the majority of asbestos claims producing sites.
- Full understanding of existing liabilities (Public Liability and Employers’ Liability) cover dating back to the 1960s.
- Ability to pass on liability to previous vendors in most instances of asbestos related claims.
The information contained herein is based on sources we believe reliable and should be understood to be general risk
management and insurance information only. The information is not intended to be taken as advice with respect to any
individual situation and cannot be relied upon as such.