When Should You Retain Insurance Coverage Counsel?

In today’s video, Miller Friel attorney Miles Karson addresses the best time to retain coverage counsel.   Oftentimes, businesses are reluctant to retain outside coverage counsel, instead, relying on the advice of insurance brokers and defense counsel.    Unfortunately, we are often retained after others have made significant errors with respect to the handling an insurance claim.   Given that many critical decisions are made at the earliest part of a claim, it makes sense for business to retain outside coverage counsel at the onset of any significant matter.  Retaining coverage counsel at the earliest stages allows us to lay the foundation for recovery that might otherwise be forfeited.  The more proactive a policyholder is in involving coverage counsel, the better the result.  Moreover, involving coverage counsel early in the process allows them to objectively evaluate and analyze an insurer’s conduct in the claims handling and evaluation process.  The best case scenario, is that the longer a policyholder waits to engage coverage counsel, the more catch up coverage counsel will have to do if a claim is denied.  The worst case scenario is that if coverage counsel is not consulted early in the claims process, coverage for some or all of the claim may be forfeited.

Insurance carriers utilize coverage counsel at the earliest stages of any large claim, and so too should policyholders.   With any large business insurance claim, coverage counsel can add value, both by preventing costly mistakes, but also by setting a path for full recovery in the future.

As an insurance recovery law firm, Miller Friel exclusively represents corporate policyholders.  This exclusive focus directly translates to a higher value for our clients.

When should you retain insurance coverage counsel?

Here’s a transcript of video:

It’s critical and important to get insurance coverage counsel like Miller Friel involved at the earliest possible stage. Preferably, before you provide notice of a claim. So you can evaluate the claim and know what to expect. Then your coverage counsel has an understanding of the underwriting of the policy, what occurred when you bought the policy. And, two, once you get the coverage evaluation or coverage determination in from the inusraer you have the coverage counsel at the ready to engage with the insurer in case in case it’s a denial of coverage.

And that you have an independent, objective law firm, like Miller Friel, with no conflicts, that can objectively evaluate and analyze the insururs conduct at every stage of the process to determine whether or not all of their conduct is above board, and in good faith, and that they’re treating you, their policyholder, with equal consideration and fairness.

Many policyholders are reluctant to hire coverage counsel, because they think it’s unnecessary, but in truth it’s always better the world of insurance to be proactive. When you’re proactive you cut these things off at the pass, whereas when you delay retention of coverage counsel the problems build and mount, and then coverage counsel is brought in to maybe clean up the mess so to speak. And then your claim languishes and payment is delayed then at that point coverage counsel has to come in and get brought up to speed. It’s more expensive when you bring coverage counsel in later on ten if you had involved them in the first stages of the process. It’s one of those situations where announcing a prevention is better than a pound of cure.

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