InSolutions, Marsh’s dedicated insurance archaeology practice, can provide valuable support to law firms and their clients by assisting them in the location of lost insurance policies. With over 25 years’ experience, InSolutions has a proven track record of providing legacy services to clients.
The Value of Historic Insurance
Historic insurance assets can provide significant protection against burdensome legacy claims. The combined limits of an historic insurance portfolio can total hundreds of millions of dollars of viable coverage. The value of these policies often lies in the broader coverage provided, including lack of key exclusions (such as asbestos and pollution), lower deductibles and the absence of aggregate limits for certain exposures.
For large and complex organisations, particularly those that have diversified through mergers, acquisitions or disposals, tracing policy coverage can be problematic. As a result, unwanted costs are incurred – both in the inefficient use of resource attempting to trace policies, and, where policies are not found, potential losses.
Our archaeology team will provide a comprehensive, tailored proposal detailing specific research steps to find lost policies. InSolutions utilises a flexible research methodology that can be adapted to the needs of a specific client, encompassing:
- Research and internal reviews of historic corporate records and archives.
- Interviews with current and former personnel such as risk managers, corporate counsel, records managers, insurers and brokerage employees.
- Identification and contact with various outside sources, including law firms, government entities, and accounting firms that may have retained important evidence of insurance.
- Specimen policy form research to locate standard terms and conditions for policies supported only through secondary evidence.
- Direct access to the largest broker archive in the London market.
The value of obtaining a thorough historic insurance profile is evidenced by the following example: a Port Company, faced with clean-up costs due to historic operations, was able to locate their coverage back to the 1960s thanks to research undertaken by InSolutions in conjunction with the company’s external counsel. This enabled the company to successfully transfer the majority of the costs to their insurers.