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BT Policyholder Protection Blog
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15 Jul 2015 Five Tips: Insurance Fundamentals for In-House Counsel

Many of our posts address specific issues for risk managers and in-house attorneys with insurance coverage experience. Recognizing that some in-house lawyers are relatively new to the insurance world, we thought some may appreciate a summary of some of the fundamental issues in insurance coverage. Today, we offer five sets of distinctions between related concepts at the heart of many insurance matters:   First-Party vs. Third-Party Coverage   First-party coverage pays you for loss or damage to your own property. For example, if your plant suffers a fire, you may want to make a claim under the property policy for damage to the building, equipment and machinery. The same policy may include business interruption coverage that can replace some of the profits lost while the…

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27 Apr 2015 HOW DO HISTORICALLY LOW REINSURANCE RATES AFFECT HISTORICALLY LOW POLICYHOLDER SATISFACTION?

An article published on March 12, 2015, in the Risk Management Monitor reported on a recent worldwide policyholder survey demonstrating that insurance customer satisfaction with claims management is at an all-time low. At the same time, reinsurance rates are also being reported as the lowest in many years, contributing to the continuing “soft” market.  A “soft” market is typically good for policyholders who are buying or renewing insurance programs, so why the worldwide, pervasive dissatisfaction?   When reinsurance rates are low due to the historically high capacity in London, Bermuda and elsewhere, the cost of doing a primary and excess insurance business remains much lower than average. No major named hurricanes hit the U.S. in 2014. These factors contribute to the “softness” in the market…

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