Contact: Hugh Strawn
October 14, 2015
Obtaining all records to document an insured's actual loss is an important part of the adjustment process. "Business Interruption v. Lost Profits in Subrogation" will explore the similarities and the potential conflicts between the insured's actual loss and the insured's covered loss.
The webinar will be held at 1:00 p.m. Central time as part of the joint webinar series NASP/PLRB Subro Investigation for Adjusters.
The nature of insurance coverage and the ultimate settlement of an insurance claim may not be reflective of the actual financial impact suffered by a company as a result of an insured peril. For example, a company's covered business income loss, constricted by policy limits, exclusions, a deductible or defined indemnity period, will typically not be equal to the company's actual lost profits sustained.
In these cases, the damages sought in a subrogation action against a third party will likely not be equal to the settlement paid by the carrier. In addition, mere proof of payment of a business interruption claim by a carrier will likely not be sufficient corroboration in a subrogation action. As a result, if the potential for subrogation has been identified, to increase the likelihood of a successful recovery, it is essential that all records required to document the insured's actual loss must be obtained during the adjustment process.
"Business Interruption v. Lost Profits in Subrogation" will explore the similarities and differences between an insured's actual loss and the insured's covered loss. It will also address the importance of obtaining proper documentation in a timely manner and examples of the specific information that would typically be needed to corroborate a claim for lost profits in a subrogation action.
Presenters are Kurt H. Stake, Litigation and Valuation Services of SingerLewak LLP, and David Brisco, JD, Subrogation & Recovery practice group, Litigation Department, Cozen O'Connor.
The webinar is available at no cost to employees of PLRB member companies and Affiliate Members. To register, click here.
The Property & Liability Resource Bureau is a not-for-profit association of property and casualty insurance companies. It is located in Downers Grove, Illinois.