Some form of monetary value, or other economic loss is an element in many insurance claims settlements. Catastrophic Damages, by definition, exceed damages that typically would be classified as “normal” damages. They typically involve damages that cover a more widespread geographical area from a single event or class of business than do other types of damages.
Catastrophic Damages affect damaged parties or entities to different degrees of Economic Loss.
For example, after the tragic events of 9/11 we worked with global insurers and
reinsurers and conducted numerous file and field claim and data audits to sort out and report the actual and potential effects of
workers’ compensation losses to their respective layers and blocks of business.
Put simply, once the event has occurred, the client needs to know what the future economic exposure of the loss will be, and we can help with that determination.
Our insurance and reinsurance
experience allows us the ability to break the process down into its comprehensible components and provide the client the meaningful data and information necessary to properly reserve for the Economic Damages.
David W. Ives, CPCU
Danvers, MA 01923