The foundation for any insurance resolution effort is a comprehensive understanding of the insurance policies themselves. Many companies often purchased different types and levels of insurance over different years.  In addition, many current companies often manage several separate insurance programs inherited through legacy operations and mergers & acquisitions.  As a result, the extent and availability of coverage is often unclear.

Whether comprised of hard-copy policies stored in filing cabinets or well-organized/electronic coverage programs with prior exhaustion, LLM helps clients make sense of their coverage in as much or as little detail as required.

We work closely with clients to collect, automate, and summarize key insurance policy data by utilizing specialized policy databases. These databases can be customized to summarize basic insurance policy details and relevant language that affords or excludes specific coverage, and can be electronically linked to images of the policies for efficient review and reporting, if desired. Key facets of this process are as follows:

Basic Policy Details – We review insurance policies and capture basic policy information, including insurer name, policy number, policy period, and policy limits (bodily injury, property damage, products, etc.) in a policy database to readily report on and summarizes the total historical and current coverage purchased.

Centralized Insurer Database – Our existing policy databases incorporate a stand-alone centralized database of domestic, London Market, and other foreign insurers to maintain consistency and accuracy among insurer names. This database is regularly maintained and updated, and all of LLM’s clients receive the benefit of this shared resource at no additional cost.

Language Provisions – LLM works with our client to identify, review, capture, and summarize more specific coverage provisions for relevant insurance policies, including pollution or asbestos exclusions, combined single limits, occurrence language, claims-made terms, aggregate language, and other critical provisions.

Subscription Market Reviews – The London Market and other subscription-based markets bring additional complexity to understanding who is on-the-risk for potential claims.  LLM’s consultants have specialized experience and expertise with these markets and can effectively categorize these policies by individual insurers and their corresponding shares.

Electronic Copies of Policies – If desired, LLM scans copies of all policies and links them to the related database record. This provides the ability to automatically sort, file, and/or copy policy images any number of different ways including by insurer, by annual period, or by common language provisions.