We see around corners while the competition still needs to figure out where they are.
Top 10 Insurance Brokerage Firm – International Program Creation
A growing number of Canadian companies are obtaining capital from both the Canadian and United States markets. Historically, more litigation occurs in the United States than in Canada. As a result, we noticed that coverage terms and conditions were available in the United States before they appeared in the Canadian Directors and Officers policy. Peter was approached by a Canadian-based retailer to see if he could assist in the negotiation and placement of directors and officers insurance by Canadian-based companies with exposure to both Canadian and United States investors. Many in the industry thought it was impossible to have such a cross-border relationship. Peter worked with the regulatory authorities and received their approval to do business in Canada, based on his model. Based on his model, Peter worked with the regulatory authorities and received their approval to do business in Canada.
Result: Over 150 public D&O policies placed with broader and more inclusive policy language provided to Canadian companies. Where applicable, broader Canadian language was provided to United States based companies.
What this means to you: Peter does not take “no” for an answer. After being told it was impossible to form such a cross-border relationship, he reviewed the rules and regulations involving insurance, tax and finance and developed a very successful business. He looks at and evaluates rules and regulations and finds opportunities that others miss.
Fortune 500 Company – International Claims Advocacy
A Fortune 500 Company had its entire insurance coverage with Lloyd’s. After reporting a small claim, the lead syndicate directed outside counsel to rescind coverage and file a declaratory action in favor of rescission. Peter was called in to assist the client and resolve the issue with Lloyd’s. After contacting Lloyd’s outside counsel and not being able to resolve the issue. Peter arranged a meeting with the lead syndicate as well as all the other syndicates on the line slip. As a trial attorney with experience defending “Bad Faith” claims, he was able to share additional insight with the underwriters that they may or may not have been getting from their outside counsel.
Result: Policy reinstated and claim paid.
What this means to you: Because of his many years as both a trial attorney and in-house counsel, Peter can recognize a weak argument when he hears it. He is comfortable fighting for clients and putting forth arguments that get results for clients.
Financial Institutions Coverage Enhancement
Financial Institutions purchase limits for specific coverage areas. As the prices for these coverage’s continued to compress in the mid 2000’s, Peter looked at how broader coverage could be obtained by creating a layer of excess coverage that would drop down over the primary coverage areas. Peter was able to show underwriters the benefit of providing the additional coverage against the revenue generated and the losses paid out.
Result: Several insurance companies began writing excess liability coverage, which would drop down over traditionally separate lines of professional liability coverage, thereby providing greater overall coverage at less cost.
What this means to you: Peter, tracks litigation and litigation trends in Management and Professional Liability claims and applies these trends to your company and your risk.
Crime Bond Claims Advocacy
A large regional bank suffered a multi-million dollar loss under its bond claim. The initial position of the carrier was to deny the claim, and the claim lingered for several years with little movement by the insurance carrier. Peter offered to assist the bank with the claim. He met with the risk manager of the bank, bringing in underwriters and speaking with management at the carrier.
Result: Loss was paid shortly after Peter became involved.
What this means to you: Peter can evaluate a claim and find pressure points to help bring the claim to resolution. Only education and experience can provide you with this type of advocacy.
Hi-Profile Employment Claim – Employment Practices Liability Claims Advocacy
“60 Minutes” aired an employment dispute involving a high profile individual and a well-respected college. The claim was reported to two insurance carriers; both initially declined. Peter had several face-to-face meetings with the insurance carriers and the insured in order to determine the best way to defend the lawsuit, as well as how to respond to “60 Minutes.” Peter, put forth a strong argument for one carrier to take an assignment of rights against the other carrier and begin defense of the claim. Given the nature of the dispute, Peter worked closely with General Counsel and the insurance company during the defense of the claim to assist the insured until the case resolved. Upon resolution of the claim with the plaintiff, Peter worked with the insured to make sure the insurer paid for the defense of the claim.
Result: Insured received full coverage for the claim; a multi-million dollar settlement was reached.
What this means to you: Peter, is highly effective in working with insurance companies and managing litigation. He can work with both inside and outside counsel to assist in presenting the best arguments to the insurer.