USE CASE - INSURANCE AND REINSURANCE
Insurance and reinsurance
One governing wording, resolved from years of endorsements, instead of a reconstruction done under pressure when a claim is already disputed.
THE PAIN
Which wording actually governs
A policy in force is the product of years of endorsements, riders, and amendments, and the question of which wording governs a live claim is usually answered by someone reconstructing the stack under pressure. Reinsurance adds a second layer, because the treaty wording must line up with the policies it reinsures, and often does not.
What a head of wordings fears is paying a claim the wording did not oblige, refusing one it did, and telling a regulator the contractual position and being wrong.
Do you know which wording governs every live policy?
Three yes or no questions. About 30 seconds.
Question one of three
When a claim comes in, does someone have to rebuild the endorsement stack to find the wording in force?
Question two of three
Could your treaty wording be out of line with the policies it reinsures?
Question three of three
If a regulator asked for the contractual position on a policy, would it take a reconstruction exercise to evidence it?
Your results
If you answered yes to any of these questions, book a call with Consolidocs today.
Book a call