Envoy Insure的动态

IP insurance: Learning points from the early foray into intangibles https://spr.ly/6044kzMhg #InsuranceInsidernews #insurance #reinsurance

PCF Insurance Services expands its reach with the strategic acquisition of 360 Insurance, promising clients more services and enhanced coverage. #InsuranceGrowth #StrategicAcquisition #PCFInsurance #insurance #insurtech #technology https://lnkd.in/ehD2zHd5

An Overview of Insurance Claims Handling and How to Streamline the Process with Low-code https://lnkd.in/gxN7KY8i

Principle of Contribution: The principle of contribution comes into play when a person or entity insures the same asset or risk with multiple insurance policies. It ensures that in the event of a claim, each insurer contributes a proportionate amount towards the loss, based on the coverage provided by their policy. Here's how it works: Multiple Insurance Policies: Imagine you have a valuable asset, like a house, and you decide to insure it with two different insurance companies. Coverage and Limits: Each insurance policy specifies the extent of coverage and the limits of liability. For example, Policy A may provide coverage up to $200,000 for the house, while Policy B offers coverage up to $300,000. Loss Occurs: Now, let's say the house suffers damage due to a covered peril, such as a fire. The total cost of repairing the damage is $400,000. Application of the Principle of Contribution: Since you have two insurance policies covering the same risk, both insurers will be involved in the claims process. Proportional Contribution: Each insurer will contribute towards the loss based on the proportion of coverage they provide relative to the total coverage. In this example, Policy A covers 40% of the total coverage ($200,000 / $500,000), while Policy B covers 60% ($300,000 / $500,000). Claim Settlement: Using these proportions, each insurer will pay their respective share of the loss. Policy A will pay 40% of the $400,000 loss, which is $160,000, while Policy B will pay 60%, which is $240,000. Avoiding Overcompensation: The principle of contribution prevents overcompensation by ensuring that the insured does not receive more than the actual loss incurred. Without this principle, an insured could potentially recover more than the total amount of the loss by making claims under multiple policies. Understanding the principle of contribution is crucial for both insurers and policyholders. For insurers, it helps in risk assessment and pricing policies appropriately. For policyholders, it ensures fair and efficient claims settlements while preventing fraudulent claims. #InsuranceInsights, #RiskManagement,#PrincipleOfContribution

An Overview of Insurance Claims Handling and How to Streamline the Process with Low-code https://lnkd.in/gahEJXh8

Thinking about switching to a captive insurance strategy? It can save money – if you can control your claims costs. These strategies can help. https://hubs.ly/Q02LYXx_0

Thinking about switching to a captive insurance strategy? It can save money – if you can control your claims costs. These strategies can help. https://hubs.ly/Q02LZbZY0

Our own Chip Merlin cited in Insurance Journal and leakage and McKinsey claims process handling in recent posts. https://hubs.ly/Q02PPQvc0 https://hubs.ly/Q02PPPsL0 #insurancelaw #insurance #policyholder

Our own Chip Merlin cited in Insurance Journal and leakage and McKinsey claims process handling in recent posts. https://hubs.ly/Q02PPPn50 https://hubs.ly/Q02PPPZx0 #insurancelaw #insurance #policyholder

How do insurance companies protect consumers? Insurance companies protect consumers in several ways: 1. Financial Stability: Insurance companies must maintain financial reserves to ensure they can fulfill their obligations to policyholders, providing a safety net in case of unexpected events. 2. Regulation: They are subject to regulations that ensure they operate fairly and transparently, protecting consumers from fraudulent practices. 3. Policy Terms: Insurance policies outline the terms and conditions of coverage, specifying what is covered, what is excluded, and how claims are processed, providing clarity and protection for consumers. 4. Claims Process: Insurance companies are responsible for processing claims fairly and promptly, ensuring that policyholders receive the benefits they are entitled to under their policies. 5. Consumer Rights: Consumers have rights, such as the right to appeal claim denials or file complaints against unfair practices, which are protected by regulatory bodies and insurance laws. 6. Risk Management: Insurance companies assess and manage risks, helping consumers protect themselves financially from unforeseen events. 7.Education:They often provide education and resources to help consumers understand insurance products and make informed decisions.