55
AUGUST 2013
ACT
THE
AUTHOR
Brent Moody
is assistant vice
president of casualty
underwriting at NBIS.
RISK MANAGEMENT
facts must be addressed. When the facts
indicate that our insured has incurred
some degree of legal liability in relation to
the accident, we move quickly to resolve
the claim in the most legally practical
and financially advantageous manner.
However, when NBIS has determined that
our insured has not incurred any liability
relative to the subject accident, plans are
made with our insured and, if needed,
defense counsel to defend our insured to
full resolution of the claim.
As to the latter case, we received a claim
within the past year whereby an insured
was involved in an accident involving a
fatality, possibly the worst case scenario
for any insured in the transportation
industry. Following our usual standard
of investigation, we quickly determined
that our insured did not contribute to the
accident. Many insurance companies,
based on that initial liability determination
might have halted any further activity
on the claim. However, NBIS chose to
retain local defense counsel and retain an
engineering expert to further bolster our
liability position and protect our insured
should a legal action be forthcoming.
Our insureds must know that we will
promptly pay and resolve all legitimate
claims as quickly as is possible. Likewise,
our insureds must know that we will
exercise all legitimate efforts to defend
against those claims which lack any merit,
whether as to liability or damages.
Renewal time impact?
Just because an insured incurred a
significant claim does not necessarily
mean a pricing increase is in order. NBIS
has assembled a Large-Loss Committee
consisting of members of all internal
departments to coordinate all elements
of a large loss including renewal pricing
considerations. This ensures the lines
of communication remain wide-open
throughout the process of claims handling
and underwriting.
Open discussion on large losses
provides input from our legal, risk
management, underwriting and claims
departments focused on providing the
best strategy to efficiently manage the
claim. This gives the client peace of
mind that every opportunity to fight will
be identified and pursued to the fullest
extent.
It also ensures that all clients receive a
fair price come renewal time. Customers
purchase insurance for a reason. NBIS
stands apart from its competitors as the
premier insurance partner to the crane,
rigging, and specialized transportation
industries proactively and reactively to an
insureds claims defense.
■
interests
AMSTERDAM
29 and 30 OCTOBER
SAVE THE DATE
29 AND 30 OCTOBER 2013
WHAT:
Two day conference and
networking dinner
WHERE:
NH Grand Hotel Krasnapolsky
Amsterdam, Netherlands
WHEN:
29 and 30 October 2013
A top level two day conference and networking
dinner to exchange information and discuss
best practice on vital industry topics
CREATED AND ORGANISED BY
AMERICAN CRANES & TRANSPORT
TO BOOK OR FOR FURTHER INFORMATION VISIT
GOLD SPONSORS
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