Schedule/Sessions
Insurance Industry Primer - MANDATORY
Claims College presents a unique educational experience created by and for industry professionals. To set the stage for these intensive 3 days of learning, several senior level claims executives will present on 10 important insurance topics for 15 minutes each:
1. Insurance 101
2. Reserves
3. Types of P&C Companies
4. Risk Management
5. Key Ratios and How They Are Calculated
6. Reinsurance
7. Insurance Brokers
8. Determining Coverage
9. Stakeholders in Claims Process
10. Negotiating Settlement
Breakfast and Keynote - Guy Fraker, Chief Innovation Officer, Insurance Thought Leadership
We live in a time of unprecedented innovation. For many incumbent organizations the world has become a chaotic storm of disruption. Guy works with organizations to create clarity, to innovate for growth, to create stability for the future. Guy brings a unique perspective to his engagements having been on the leading edge of multiple transformations. By sharing actual experiences, Guy inspires clients and audiences to seize the opportunities brought by exponential technologies. As an entrepreneur he is dedicated to technological applications that save lives, empowers personal independence, and enables sustainability. As an innovation architect, Guy’s clients have generated capital growth in excess of $350,000,000.00 on an ROI basis, created new markets, enabled new sectors.
Guy has been featured in the NY Times, NBC, Silicon Valley blogs, Thinking Highways magazine, Forbes. an upcoming documentary,“Life on Wheels”. He has also appeared on Bloomberg Finance and National Underwriter webinars, and provides k eynotes in the U.S., Canada, India, Korea. Guy also guest lectures at Graduate Schools around the world. He has been engaged by U.S. Federal and State Legislators, Cabinet Level Foreign Leaders, Fortune 100 firms, international trade associations, startup entrepreneurs,Venture Capital firms, and game changing institutions such as The X-Prize Foundation. Finally, he is the author of “Awake”: to be released in 2018.
When not pushing technology frontiers, Guy and his wife Rebecca enjoy boating and fishing
Overview and History of Extra-Contractual Claims
- Speakers:
Venessa Bragg, Elardo, Bragg & Rossi & Palumbo, P.C.
Sarannah McMurtry, First Acceptance Insurance Company, Inc.
This course will focus on the historical development of extra-contractual liability. Before extra-contractual liability claims were recognized, courts relied exclusively on substantive contract law to resolve insurance policy disputes. There was no differentiation between breaches of insurance contracts and breaches of ordinary commercial contracts. However, in the 1950’s, the courts began recognizing a common law basis for extra-contractual tort liability in the first-party insurance context. Concepts of extra-contractual liability have also spread to third-party liability claims. This course will discuss the history of extra-contractual liability and students will explore the nature of the insurance purchase transaction; the unique vulnerabilities of insureds after a claim has occurred; the development of the fiduciary-like relationship that courts recognize exist in every insured/insurer relationship; and the judicial concerns which motivated the creation of extra-contractual liability.
First and Third Party Extra-Contractual Claims
An insurer’s duty of good faith and fair dealing is implied in every insurance policy. A first party extra contractual claim arises when a policyholder alleges the insurer has not acted in good faith in the handling of the insurance claim and involves damages in addition to or outside, the contract of insurance. A third party extra contractual claim is one brought against the insurer by someone other than the named insured for the same type of damages. This course will enable the student to understand when and how extra contractual claims arise, good claims handling to avoid extra contractual claims, how the courts and/or state statutes define good claims handling and the damages recoverable in extracontractual claims. It will also guide the student in understanding that third party extracontractual damages can be recovered in a roundabout way where no direct action is allowed.
Back to topInstitutional Extra-Contractual Claims and Extra-Contractual Claims and Primary/Excess Coverage
The landscape and focus of extra-contractual litigation is constantly changing. In the first half of this session, you will learn what an institutional extra-contractual claim is and how it differs from a typical extra-contractual claim. We will explore the subject matter of these claims; the discovery requests associated with them; and how to defend these types of claims. In the second half of this session, we will explore duties owned between primary and excess carriers and how the breach of these duties can lead to extra-contractual claims.
Extra-Contractual Claim Red Flags
This course will identify claims handling red flags that every claims resolution professional should be able to recognize and understand how to appropriately respond. Among other items, this course will discuss coverage disputes; how and when to make an offer; policy limits/time limited demands; insufficient limits; rejection of a demand; rejection of a reservation of rights; and consent judgments.
Claim Management of Extra-Contractual Claims
Extra-contractual claims involve allegations against the carrier that differ significantly from claims under a policy, and these types of claim require a unique set of skills. In this course, we will discuss how an extra-contractual claim may be asserted; preservation of records/legal holds; effective communication with your insured; staffing of the claim file and the extra-contractual claims; investigating and evaluating the extra-contractual claim; when to retain counsel and/or experts; and potential resolution strategies.
Litigation Management of Extra-Contractual Claims
Because extra-contractual litigation focuses on the insurance company’s conduct, litigation in these cases may require significant company resources. This course will discuss the unique challenges which must be addressed in extra-contractual litigation including evaluating of the claim; identifying company resources needed; selection of counsel; formulating and executing a litigation plan; and options for resolution.
