American Association of Insurance Management Consultants

Library of Articles

Akos Swierkiewicz

Principal
Insurance & Reinsurance Consulting & Outsourcing Services (“IRCOS, LLC”)

Akos Swierkiewicz

Principal
Insurance & Reinsurance Consulting & Outsourcing Services (“IRCOS, LLC”)

This article is written to assist a business owner in the interview process of a prospective insurance agent or broker.

Marjorie L. Segale

Founder / President
Segale Consulting Services, LLC

I do not truly understand the rationale in suing the company adjuster in a lawsuit against the Insurance Company, since he has no independent duties apart from those of the Insurance Company. However, Directors and Officers of corporations owe fiduciary duties to corporate stockholders and to the Corporate business entity itself.

Bruce Heffner

Corporate Counsel / Attorney at Law
Boomerang Recoveries, LLC, Inmedex, LLC & Law Office of Bruce P. Heffner,

I was often amazed at what I could only discern as an argument by a Plaintiff’s attorney concerning an insurance claim where he had never bothered to read the policy or have a true of understanding of insurance.

Bruce Heffner

Corporate Counsel / Attorney at Law
Boomerang Recoveries, LLC, Inmedex, LLC & Law Office of Bruce P. Heffner,

A hair-weaving certificate requires 300 hours of training. An individual selling reinsurance needs zero education and faces zero testing.

Bruce Heffner

Corporate Counsel / Attorney at Law
Boomerang Recoveries, LLC, Inmedex, LLC & Law Office of Bruce P. Heffner,

For plaintiff lawyers, discovering what reinsurance has been purchased will not get you directly into the pocket of the reinsurer, but it will give you insights into what the insurance company was thinking as it handled your client’s claim.

Bruce Heffner

Corporate Counsel / Attorney at Law
Boomerang Recoveries, LLC, Inmedex, LLC & Law Office of Bruce P. Heffner,

For many small to mid-sized companies there is the overriding element of misplaced trust in the broker and a gross misunderstanding of their own duties.

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I have not figured out why reinsurance is not fully regulated, as is insurance. I have heard the logic that the parties to the contract are equally sophisticated, and therefor no regulation is necessary. The problem with that logic is that it assumes a premise that is false. Many of the parties do not have equal bargaining power; they are not equally qualified to enter into the transaction and there are no real arms length negotiations. Many small companies spend more on reinsurance each year then they could possibly receive from the sale of the building they occupy.

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