Annual Meetings-Subrogation: An Underwriting Advantage

Pdf Summary

The Inland Marine Underwriters Association (IMUA) is a non-profit organization focusing on commercial inland marine insurance, offering resources for underwriters and claims specialists. Their reports cover industry-specific issues, providing educational information. Subrogation is the process in which a third party assumes the legal right to collect debt or damages, typically starting after a claim is closed. The value of subrogation lies in improved loss ratios, returning deductibles to policyholders, and enhancing service quality. A case study illustrates how subrogation can recover costs from negligent parties, improving an insured's loss ratio. Subrogation stakeholders include actuaries, underwriters, and policyholders. The subrogation process involves assessing facts and formulating a claim strategy to maximize recoveries. Effective communication and collaboration among stakeholders are essential for successful subrogation outcomes. Underwriters can support subrogation by maintaining contract records and providing crucial information for recovery efforts. The presentation emphasizes the importance of claim strategy, data analysis, and cooperation for successful subrogation outcomes. The session concludes by highlighting the significance of recoveries, the role of underwriters in supporting subrogation efforts, and the benefits of shared knowledge and collaboration among stakeholders.

Asset Caption

Presented by Ron Castellanos, Selective Insurance; Shawn Crawley, Sompo International; and Tiana Schowe, SubroSmart

Keywords

Inland Marine Underwriters Association

commercial inland marine insurance

underwriters

claims specialists

subrogation process

loss ratios

deductibles

case study

stakeholders

collaboration