2700 ma9 10436 insurance coverage explorer-021512
TRANSCRIPT
Complex Liability Consulting Practice
Accessing and deciphering current and historical insurance assets can be difficult, particularly if hundreds of policies issued by multiple insurers are involved. It is even more difficult when merger and acquisition activity results in inheriting multiple insurance programs. If a company maintains its historical insurance policies only in paper form, it not only risks losing its only evidence of coverage, but also may find itself searching through boxes of policies to locate a single item. Even if policies are imaged, it may still be difficult to locate the appropriate ones.
Companies may incur delays, costs, and errors attempting to locate and understand policies. When policies are not found, businesses can be exposed to significant losses that otherwise would have been insured.
THE INSURANCE COVERAGE EXPLORER™ SOLUTION
Insurance Coverage Explorer (ICE) is an innovative solution that enables organizations to capture and access insurance policies, supporting documents, and important coverage details. It is available as a secure, internet-accessible application that is delivered and supported in real time by insurance experts from Marsh Risk Consulting’s (MRC) Complex Liability Consulting Practice.
ICE can help protect organizations from the risk of important policy documents being lost or destroyed. ICE allows critical policy information to be examined by users utilizing user-defined
search criteria methods. Advanced searches of policy images and data enable locating the “needle in a haystack” out of thousands of policies.
INSURANCE COVERAGE EXPLORER™
Marsh is one of the Marsh & McLennan Companies, together with Guy Carpenter, Mercer, and Oliver Wyman.
This document is not intended to be taken as advice regarding any individual situation and should not be relied upon as such. The information contained herein is based on sources we believe reliable, but we make no representation or warranty as to its accuracy. Marsh shall have no obligation to update this publication and shall have no liability to you or any other party arising out of this publication or any matter contained herein. Any statements concerning actuarial, tax, accounting, or legal matters are based solely on our experience as insurance brokers and risk consultants and are not to be relied upon as actuarial, accounting, tax, or legal advice, for which you should consult your own professional advisors. Any modeling, analytics, or projections are subject to inherent uncertainty, and the Marsh Analysis could be materially affected if any underlying assumptions, conditions, information, or factors are inaccurate or incomplete or should change. Marsh makes no representation or warranty concerning the application of policy wordings or the financial condition or solvency of insurers or re-insurers. Marsh makes no assurances regarding the availability, cost, or terms of insurance coverage.
Copyright © 2011 Marsh Inc. All rights reserved. Compliance MA9-10436 2700
ICE creates color-coded, interactive coverage charts for decision support purposes. The coverage charts can depict insurers, exclusions or policy provisions, insurer solvency, and the nature of policy documentation, as well as policy exhaustion or erosion. Policy documentation and details for coverage shown on these charts can be accessed by clicking on the policy.
Other features of MRC’s ICE solution include:
• corporate history, including divestitures and liability retention;
• advice regarding data collection appropriate for your requirements; and
• quality extraction and capture of key data and documents by our experts.
ICE enables an organization to utilize the value of its insurance portfolio and maximize the ability of its insurance program to respond to current and future liabilities. For example, organizations faced with legacy liabilities, retrospective premium adjustments, insurer insolvencies, or London market schemes of arrangement, can locate applicable policies in seconds. ICE provides easy access to the applicable insurance in the immediate aftermath of a major business event.
The ICE solution is much more than a database. ICE assists in maintaining an essential best practice from a corporate governance standpoint. ICE reduces inefficiency and uncertainty from your operations. It acts as an important support tool for all insurance-related challenges.
To learn more about ICE and related services, please contact your local Marsh representative or:
JIM DORIONComplex Liability Consulting Practice Leader—Chicago312 627 6186 [email protected]
MICHELLE PINGORCleveland216 937 1375 [email protected]
CHARLES MORAN Hartford860 723 5662 [email protected]
Additional information also can be found on www.marshriskconsulting.com.