The Legal Department

What The Legal Department Needs To Know About Insurance: Jacque Burke Of Cooley LLP

The Legal Department | Jacque Burke | Insurance

 

It can seem like a sleepy topic, until it isn’t. Insurance is an asset that all organizations need, so it is incumbent on in-house attorneys to understand insurance fundamentals. In today’s episode of The Legal Department, insurance specialist Jacque Burke from Cooley LLP breaks down the basics of insurance with Stacy Bratcher, as well as what in-house attorneys need to know to protect and optimize this essential asset.

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What The Legal Department Needs To Know About Insurance: Jacque Burke Of Cooley LLP

This is Jacque Burke. I’m an Insurance Specialist at Cooley. We’re known as a tech firm, so sometimes people are surprised to find out we have an insurance specialty within the firm, but every client has insurance or should have insurance and there’s lots of innovation going on in the insurance tech world, so we fit in well here. I usually touch dozens of clients a month, which makes my job fun, diverse, and challenging. A fact about me. This is usually shocking to people in the modern world, but I have 31 first cousins and I live on the same street as my mom, sister, her family, and one of my cousins and his family. In our town, there are probably fifteen families that are my first cousins.

I’ve got Jacque Burke in the show. She is an Insurance Specialist at Cooley. I’ve worked with Jacque for a few years and I’ve got to say she has helped me see how insurance can be both fun, interesting, and complex. I’m excited to see how she’s going to help us break it down. Jacque, how are you?

I’m well. How are you, Stacy?

I’m doing great. I appreciate you sent me some materials in advance to guide the conversation. One of the first bullets I saw that stuck with me is the concept that insurance is an asset of your company. I have never thought of it that way. I have always thought of it as one of those commodity things you have to buy. Can you explain your view about it being an asset?

I’m biased because I think insurance is very important, but insurance is something that helps people trust your company well before you get into a claims scenario. When you are getting investors at the outset of your company, they want to know that you’re insured so that they won’t take a loss if something happens.

As you build up and you’re building up a board, particularly if you go public, directors and officers want a robust insurance program in order to sit on your board. When you’re contracting with your counterparties, you want them to have insurance for certain risks that they may present and vice versa. That gives them a lot of trust in you. That’s before you even get to insurance paying you. It allows you to do business more smoothly and with more trust from other people.

You then get to a claim scenario. Many people have had nightmare claims scenarios where the insurer won’t pay and unfortunately, that can be the brand that insurance presents and sticks in everyone’s mind. That said, many insurance claims are paid, particularly first-party. Maybe you don’t think of those right away, but property claims, business interruption claims, and cyber claims where you yourself have a loss rather than being sued can be negotiated and paid fairly quickly.

You have litigation risk. Sometimes, it’s not understood well that insurance offsets or sometimes completely covers the cost of defense of litigation so that you don’t have ongoing costs over the life of litigation. Ultimately, it is meant to contribute to the settlement. A colleague of mine once said that insurance premium gives you the option to negotiate on what payout you’re going to get from the carrier or if you want to see a 100% payout when a claim is covered. However, there’s a lot of gray area about what’s covered and what’s not.


The Legal Department | Jacque Burke | Insurance
Insurance: Insurance offsets or sometimes completely covers the cost of defense of litigation.

 

Jacque, I have to tell you. That has been my experience, with respect to most carriers. There’s one carrier I remember who was like a dream and was very easy, but a lot of my time is responding to carrier requests for information and jumping through many hoops. This is one girl’s experience, but it’s almost like they’re trying to wear you down and hope you like, “Fine. Just give me whatever.” I would agree with your colleague. It feels like it’s a contract to be able to fight.

That’s unfortunate, but that can be the case in many situations. I wouldn’t have a job if that wasn’t the case.

It’s good that you have a job. We’re very happy about that. Thinking about the in-house counsel’s role, is there anything that can be done either at the front end of the claim or during the management of the carrier relationship that can smooth the rails for folks so that they’re not frustrated like me?

The first thing is when you’re buying insurance at large organizations, and you would know this better than I do, the insurance purchasing function is often with the treasury of the CFO. It’s under a finance function. Not to knock different departments outside of a legal department, Stacy, but sometimes they’re looking at the number. How much does this cost? They’re not going to be dealing with the way you would be as you see the claim payout.

I would suggest that the legal department gets involved in purchasing insurance, read the policies, understand what they’re supposed to cover, balance it with the price, and get to know your brokers. A lot of the brokers don’t know the general counsel or the in-house attorneys. They know the finance people because that’s who their clients are. Ask your brokers, “What’s your claims experience with this carrier? Is their claim sophisticated? Do they respond quickly? Do they outsource to a third-party administrator?” It can be very frustrating.

Is it like due diligence on the potential carriers?

Absolutely. Your broker can help you with that.

It’s funny because, in my past life, I oversaw insurance. Coming from a legal background, it surprised me. It almost felt like gossip where the brokers would talk about, “This carrier this and they’ve had a shakeup,” and it felt very gossipy. To hear you frame it in a due diligence perspective, I feel like maybe if I had my time machine, I’d go back and ask some different questions. I was like, “Were they just talking trash about this particular carrier?”

Insurance is an old-fashioned industry. It’s all a lot of handshake deals and a lot of personal relationships between the brokers and the underwriters. To that extent, you can insert yourself in there and become part of that personal relationship. That goes a long way.

Insurance is an old-fashioned industry. It is a lot of handshake deals. If you can insert yourself in there and become part of personal relationships, it goes a long way. Click To Tweet

That was surprising to me, too. They wanted us to go to dinner with carriers. It was important. We did a lot of meet and greets with the different carrier reps, which was so foreign to me, and they said it made a difference. After the meeting, like the dinners, sometimes the brokers would dissect like, “Did you see what Jacque said? Did you hear how she asked that?” It was very interesting. I wasn’t expecting that to be a part of the calculus in choosing a carrier.

Sophisticated insurance companies like to see themselves as your partner. I’m not sure anyone who’s had large claims than I would use that same term. When we get into the claim scenario after the purchasing that I was talking about, I find that insurance claims handlers have almost an inferiority complex. No one wants to deal with them. They don’t find their contribution invaluable. The client is demanding money, which they feel they’re entitled to.

I do try to get people to change their mindset and think, “This person wants to help me. They want to pay my claim. I need to treat them with respect. I need to give them information.” It’s important to remember that insurance companies are hierarchical. If you need to get money to pay your claim, the person you’re dealing with needs to present to their management and often what’s called a large loss committee to justify letting the money leave the company.

You need to give them the tools to do that like information and damages presentation. Package it up for them. It’s frustrating because you feel like you have to do your job for them. Remember, they see hundreds of claims in a year. They might have 100 files on their desk on the day that you’re speaking to them. In that sense, you can be their partner and say, “This is the claim that I can easily present to the large committee because I have everything at my fingertips. I trust the defense counsel. I trust the GC’s assessment of the value and I have legitimacy when I go to my management.” That’s going to go a long way.

The first step, GC office and legal department, be involved in selecting the carrier and getting to know your brokers. Have a broker relationship. I have always had that. They’re great partners. If you’ve got great brokers, they’re great partners, and then do some due diligence on the carriers. You went quickly as you were listing off. As we’re looking at carriers, what questions do you think an in-house counsel should feel empowered to ask potential carriers?

You can ask this through your broker. How long has their claims team been in place? There’s a decent amount of turnover at insurers and they were hit particularly hard during COVID. You want a group that’s established and, therefore, has some respect within the company. Are they sophisticated? Some insurers hire non-lawyers, then they can be very smart people. Some insurers take lawyers who want to leave practice and they have a much deeper understanding of complicated claims, what it takes to defend such a claim, why it costs so much, and what the ultimate liability will be.


The Legal Department | Jacque Burke | Insurance
Insurance: Some insurers hire lawyers who want to leave practice since they have a much deeper understanding of complicated claims and what it takes to defend such a claim.

 

You could ask about that. Where do they hire from and what does their claims pool look like? What’s their reputation for responsiveness? Sometimes, as I was saying, insurance claims handlers can have hundreds of claims and you feel like you cannot get ahold of them and that’s very frustrating. Another is the third-party administrator.

Tell us what a third-party administrator is versus a claims adjuster at an insurance company.

A third-party administrator is a separate company that the insurance company will hire to handle claims. That is usually in the claims situation where you have a high volume of claims that are not too complicated like auto claims. Fender benders process them through. Sometimes, healthcare claims because a lot of them are similar and low value.

If you have a large complex institution and you’re using an insurer that uses the TPA, I don’t like that scenario because we see difficult claims going out to a TPA that’s used to handle 50 fender benders a day. I don’t want to say that there aren’t good TPAs out there. It’s a huge industry and they do plenty of claims processing. If you are going to have unique large-level risk, you want in-house people who have purchased at the insurance company to get deals done.

That’s something that you would ask on the front end. Do they outsource to a TPA? If they do, what type of claims do they outsource? Another topic you raised, and I’m scared to go into it, but it is definitely one we need to talk about, which is reading the policy. What was interesting to me when I was in an insurance oversight role was that the policies weren’t issued until it felt like months after we had made the buying decision.

First of all, let’s be honest, how am I ever going to understand an insurance policy myself? Insurance is one of 1,000 things that are on my desk at any given time. I would outsource to someone like you to give it a technical read. If I’ve already made an insurance buying decision and the policy doesn’t land for a couple of months, what’s my ability to even negotiate or vet before making the decision?

Issued versions of the policies typically don’t come out for a while. We’re seeing what we call specimen versions of the policy. Insurance policies are written on form. You can get a customized policy, but that form version of the policy should be available for your review for purchasing the insurance. The issued version of the policy that’s specific to you and your company won’t come out until a few months when you bind the policy and purchase the policy.

When you’re in the negotiating process, you should review what are called specimen versions of the policy. Those are the forms that the insurance company uses. Insurance contracts are uniform. They’re based on forms. While you can get a customized policy that’s not typical, most people have form policies, you are going to want to compare choosing between 2 to 3 primary carriers, what their language is, what supplemental coverages they may have, and if they have broad enough wording.

As you said, you follow insurance all day long like I do. Perhaps the wording isn’t going to mean much to you, and you’re certainly not going to dig into the case law, etc. Your broker can help with that. They live and breathe this stuff. They usually do comparison charts on this one that has this exclusion, this exclusion may be slightly narrower, etc.

I’ve definitely seen this requires, this is the sub-limit, or this is an exclusion. On a big conceptual basis, I’ve seen those topics outlined by the brokers. In terms of the actual policy languages or a specimen policy, after learning some hard insurance lessons, I have had coverage counsel read them on the front end.

We do that on a very regular basis. Clients will say, “I’ve got a week to bind and I have to decide between A and B. Can you tell me?” To be honest, it depends on the line of coverage, but a lot of times, the differences are very subtle and they may end up becoming not subtle, depending on what happens with your claim. You never know the fact pattern that’s going to come out. A lot of these products we’re talking about, these forms are very mature and there’s been a lot of case law and a lot of litigation over the years. The differences between them are subtle at this point.

What I will say about the wording, especially for function, is to know it, particularly the notice requirements. That’s number one. First of all, the first part of making a claim to your insurer, the number one way to make a mistake is to not understand what a claim is and when to notice that claim. That can be very hard to come back from. It happens clearly every day. You’re defending a big lawsuit that comes in. You’re not worried about the insurance, you’re worried about your executives on board, finding out the information, and hiring defense counsel. I would tag you and others who get that bound version or even the specimen version and highlight the notice provision. I can talk more about that if you like.

The number one mistake people make is to not understand what an insurance claim is and when to notice that claim. That can be very hard to come back from. Click To Tweet

Let’s talk about when there is a disagreement over coverage with a carrier. You have to go through an ADR process a lot of times. The dispute resolution requirements in insurance policies have been more robust than in other contracts I’ve seen. I have some disputes in the health plan, which is another insurance policy context and then regular D&O, etc. I’ve been struck and I want to hear more about your view on this.

They always want a three-judge panel. Each party, a lot of times, gets their own person and then there’s a neutral. There’s a lot of meet and confer. It feels like a lot to the earlier framing like that insurance companies want you to jump through a lot of hoops before getting paid. Is that impression accurate or am I jaded?

That’s fair, and I know the scenarios you’re talking about are particularly onerous requirements that we worked on together, but they can be negotiated. When you find the policy, you can ask to have the arbitration provision removed and you’re in a straight-up litigation scenario with the carriers. Some companies like arbitration. They don’t want the carriers suing them. They don’t want their claims out in public. That’s a judgment call as to what your litigation strategy or organization is. Insurers mitigate wrong. They’re not afraid to be sued. They are cheaper counsel than most large organizations part of their business. It falls on you. I think you feel more pain in suing your insurer than by them.

That’s right. Let’s talk about engaging counsel on claims because that’s another pain point that I’ve had throughout my career, like if you don’t want to use panel counsel or if you choose somebody who’s a little more expensive than the panel rate. Any tips for good carrier relationships in a real smooth way to get defense counsel onboarded when you have a claim that you think is covered?

I could try to give you tips. It doesn’t always work. This goes back to purchasing the policy. There are policies that are duty to defend that give the carrier the right to appoint counsel and then there are policies that are what we call duty to advance or duty to reimburse that give the right to appoint counsel. Better or better, but they’re more expensive.

Which one’s better?

The policies where the client can choose their own counsel are better from a defense perspective because you choose who you like. Not all policies are even available in that structure. Many are only sold as a duty to defend policies. One duty is to defend policies. You can schedule the counsel that you want in advance. I have a client now that has three firms listed. The problem is their rates are also listed. It’s fine except remember to update those rates for about ten years.


The Legal Department | Jacque Burke | Insurance
Insurance: Insurance policies where the client can choose their own counsel are better from a defense perspective because you choose who you like.

 

Now that we have a bunch of claims, we’re dealing with outdated rates. It was a very smart idea the first year they did it, but it’s something that you need to keep monitoring. Lastly, if you have, for example, employment. Employment is usually at a large organization volume with a lower value of claims. The insurer’s going to issue a duty to defend the policy almost certainly and use their own. You should be aware of that in advance and ask if there’s any flexibility. Also, getting to know someone at that firm doesn’t have to be the person that they choose. As long as it’s at that firm and they have the same rates, you could switch partners, etc.

That’s a great tip, Jacque. My experience is if you choose panel counsel, the relationship with the carrier is much smoother. They work with that firm a lot. You have less hair on it during billing. It can be an afterthought to in-house counsel. I want to emphasize your point that if you have a policy with panel counsel, making a connection with that firm before you have a claim is a good suggestion.

I find that that goes a long way because otherwise, the firm feels like an interloper and the in-house counsel gets annoyed and it doesn’t go well.

The lawyer’s ethical duty is to the insured, but their business relationship is with the carrier. You’ve got to at least get on the radar screen.

The last point I was going to make is you can ask for exceptions and we’ve had some success with that. That’s usually only when the claim is something unique, complex, sophisticated and you say, “I need this firm that I know has expertise in this specific area,” or, “This goes to the core way my business was set up. They do all my corporate work, understand my licensing agreements, and understand that whatever it is that I do is the subject of this litigation.” In that situation, you have to make a case to the insurers. We certainly do that and get counsel in those claim scenarios that the client shows.

I’m sorry I’m jumping around here, but I am thinking all these. The broker, in my experience, has been helpful in getting, for example, approval of certain counsel. Back to the relationship part of this, they deal with the carrier so much more frequently than the insured than me as an in-house counsel. I feel like those business relationships do make a difference and can ultimately help you and your client.

I definitely agree with that. Everything we’re talking about, a great broker is at the core of it.

On the broker thing, this is something that I’ve thought about from time to time. Does the attorney-client privilege cover conversations between in-house counsel and brokers, and if so, under what? My prior guest a couple of episodes ago was Diana Feinstein at Gibson Dunn and she gave us some hygiene tips for privilege but we didn’t talk about brokers.

Yes, they are covered, specifically when you’re dealing with a claim. Let’s suppose that when you’re buying insurance, it’s also covered because they’re helping you do a legal function for the company. I think that’s a little more debatable. When you are negotiating a claim with a carrier, the broker acts as your agent and facilitates that claim. We are always nervous about privilege even if we think we’re on the right side of it. You can, in large claims as we do, have the broker sign a specifics or agreement where they’re performing claim services for you. It’s not practical on every single claim all the time.

For big ones, you might do that.

For big ones, when you foresee, “This is a high-value claim. We’re going to need to do a lot of work on the business side as well as the legal side. We’ll have the broker in a formal way.” I’ve never seen a broker hesitate to do that. I work with a lot of brokers very regularly that I trust a lot. They have no incentive to an area or dirty laundry. If it’s something sensitive, sign an NDA or we can leave the broker out.

If you are facing a sensitive situation, sign an NDA for an insurance claim and leave the broker out. Click To Tweet

We can have them start the process when we’re talking about sensitive stuff with the carrier that they need to evaluate the claim but don’t bring the broker on. Keep everything on the phone. I’m sure Diana went over the normal ledge tips. I tend to trust brokers like I’m in this business, understand what they’re doing, and are here to help. When those claims get more complex and sensitive, you can consider the NDA agent agreement and include them in every single communication, oral or written.

Pivoting out of the insurance claims side of things, I’ll call this meat and potatoes part of the in-house job, working on transactions and reviewing contracts. The insurance provision is always in there and sometimes you can gloss over that because you’re worried about the deal terms and making sure your client’s rights are protected, etc. I’m guessing your view is that pausing for a moment and looking at the insurance language is probably important.

You’re hopeful it’ll never become relevant because there’ll never be a dispute where insurance is needed. Fines, insurance provisions, and contracts often make no sense as no one’s read them and they’ve cut and pasted them from the last five contracts that they’ve used. They may be asking for types of insurance that aren’t even relevant to whatever your counterparty does for a living.

They have seen scenarios where the company and its vendor in a dispute haven’t purchased the right insurance. For example, if I due diligence on a deal, I did one where it was being sold. We had to review their eCustomer contracts and they had four major contracts. Each of them had wildly different insurance requirements and we were in compliance with 1 out of the 4. This wasn’t going to torpedo the deal or anything like that, but it shows that this is an area that is very easily brushed to the side.

It’s not that difficult to pay attention to. On the other hand, you had asked before we met, “What should in-house counsel ask for?” One of those depends on an answer. What does the counterparty do? What’s their core risk? Do they take personal information? Do they need a high level of cyber insurance? Do they deliver meals? Are they Uber Eats? Do they need robust auto coverage?

You have to think about what they do and what could happen that could cause them a loss that you could be implicated in. That’s not rocket science. It’s intuitive, “What’s the core risk here?” and then the lines of insurance will follow from that. It’s not a plug-and-play where, “We need $1 million of workers’ comp. We need D&O.” It depends on what the contract’s about.

Maybe for those significant contracts, it makes sense to have a conversation with a broker about those provisions.

I do this all the time for clients, but brokers also do this all the time. They have claim services people at larger brokers who will look at your contract all the time and make sure you’re in compliance.

That’s great and that’s free. We love Cooley and they do great work. The other thing that comes up in contracts is that there is a little bit of roteness that you can fall into. I want to talk about different insurance requirements in contracts. Why would you want to require somebody to provide a certificate of insurance?

I would ask for the actual insurance policies. Certificates of insurance are easy to issue and they’re usually what’s asked for.

What do those mean?

They are literally a one-page certificate that essentially says, “I, Stacy Bratcher, hold reliability insurance in the amount of $2 million.” That’s fine. I believe that that’s true. I tend to ask for the actual policies because then, you know, “Does this CGL policy have an exclusion for the activity I’m interested in?” The certificate of insurance represents the policy. You might as well look at the policy itself. I’m not personally going to change the insurance industry since the certificates of insurance get issued probably every hour. For me, if I can get the actual policies, I feel a lot better.

What about asking to be an additional named insured?

It’s one tiny correction. You don’t want to be an additional named insured. You want to be an additional insured. The named insured has responsibility for the policy. They have to pay for the policy. The additional insured is added on to get the benefits of the policy, but they aren’t responsible for paying the premiums, renewing, or anything like that.

An additional insured can make a claim on that policy. Let’s say you’re hosting an event at the opera house and someone has a bad fall. They sue the opera house and they sue you because you set up the tables and the drinks or whatever they spilled on. It’s the opera house’s fault. You want to be an additional insured under their policy so that you don’t have to draw down your own insurance for the claim they caused. When you’re dealing with another party, you could be the target of some claim that comes out of that dealing, but you want them to be the first responder. It shifts the risk from your program and your balance sheet onto theirs.

Does it make it easier for me to get paid from their carrier if I’m listed on their policy?

No. You’re entitled in the same way that they’re entitled, but we would have all the same claims issues that we’ve been talking about throughout the day.

Having had that role before, I was very protective about adding insureds to the policy so I would assume other parties are as well. Are there any certain types of contracts that you would recommend that folks try to get added to the policy?

Definitely, in the event space, anywhere where you’re using someone’s physical facility, you’d want to be added to the policy. The more sophisticated type policies like your cyber and your D&O, have no capacity to be added as an additional insured.

That’s important to tell people. If you ask something like that on adding the D&O, people are going to laugh you out of the room. Maybe go over that a little carefully for us.

It’s more quotidian types of risks that you would add an additional insured, more bodily injury, and property damage. Your management liability in running your organization is never meant to be mixed in with anyone else. Don’t add anyone as an additional insured and vice versa. They wouldn’t add you. Those first types of risks I mentioned, you can see how two organizations would overlap and potentially cause those types of problems.

On a gestalt question, I learned so much about insurance and claims working with you, and I could see why having someone with claims experience and coverage counsel in your contacts is important. What are some other areas where you think coverage counsel can help out?

As we said at the outset, buying insurance. We can look at if what you’re getting is good. We do a lot of training on your policy functions. I don’t want to hammer on the notice issue. If you have a big team, it is seeing when to elevate something and when is something to claim. Without getting too much into the weeds, the definition of claim can be very broad under insurance policies, which is helpful because it triggers the policy earlier and more costs are covered.

The problem with that is email could be considered a claim that hasn’t been noticed by the insurance company and can be late. Ongoing training, facilitating, and being aware are the things that we need to interact with over time, but when claims come in, even when claims are covered, carrier rates, getting bills paid, and valuation of the claim are something we help with.

Defense counsel obviously can do this, but sometimes, they don’t have that coverage lens. They’re saying, “This claim is worth $10 million,” and we can help in why that $10 million rigorous coverage should be covered, why it’s a good value for the insurance company, why they would do worse if they let the claim proceed and didn’t settle, and things like that. Even if you think your claim is 100% covered, we can sometimes help close the deal.

What you’re saying is the defense counsel can give you the hard number, but the coverage counsel can help package that and address the parts of the claim that will go to a large loss committee or within the insurance carrier hierarchy to get hopefully coverage of the claim.

Tease out the information that’ll be most valuable to the carriers. Here’s an example. Many claims allege a breach of contract and a fraud claim. Many litigations have both. If contract claims are typically covered, the claims are covered. If a defense counsel walks in and says, “The contract damages are 97% of what we should pay here,” it can be covered. We can’t lie about what the breakdown is but we can package the proposal so that it falls more into coverage than not covered.

We definitely like that. This is a technical question but something that comes up and is important for in-house counsel to have in mind. There are different kinds of policies. There are policies that are occurrence space and policies that are claims made and tail. Can you give some high-level basics on how those policies operate differently?

Claims made are probably the most common for management liability policies. Those are policies that respond in the year that the claim is made. If you get sued in 2023, if it’s for something you did years ago, the 2023 policy will respond. The good news about that is if you get to the year with no claims, you’ll see it closes out, it goes away for you, and it goes away for the insurance carrier. They can close their books on that.

Print policies are different. The policy that responds is the policy that was in place the year of the wrongful act, the year of what you’re being accused of doing wrong took place. If you got for something you did five years ago, you have to go back in your files and dig out your policy from five years ago. That sounds simple, but policies aren’t exactly filed away in a steel cabinet that can easily be assessed. In some claims situations, the limitations get lifted. We’re talking about policies from 20, 30, or 40 years ago.

That’s not that common, but certainly, it does happen in those being larger, more complex, like asbestos claims and sexual abuse claims where you have a large group of people that the legislature has decided to help. You are responsible for keeping your insurance policies. The insurer does not. They have some responsibility to help you look. You piece together what the policy would been, but ultimately, it’s on the insured. They issued millions of insurance policies.

I would say that that’s probably a good practice tip for the in-house counsel. Talk to your risk manager, your CFO, and whoever is over insurance before you have a claim, and make sure that there is a steel cabinet with those policies neat and tidy in case the never event shows up.

That’s something that we do during our training. Not only keep them in your file but get them in the first place. As you said, these don’t always get issued. Sometimes a policy doesn’t get issued unless there’s a claim and sometimes, there’s no claim. You’ve bound a policy based on terms that time was known to you. If you ever insist on getting an issued version of the policy, you could renew the next year and sometimes even the next year, but you’ve never got that official package document or your files.


The Legal Department | Jacque Burke | Insurance
Insurance: Sometimes, an insurance policy only gets issued when there is a claim. Always bound it based on terms that time were known to you.

 

Let’s say a month after renewal, ping the broker, “Can I get my issues set and put them in your file?” Ninety-nine times, you’ll never see them again. Reconstructing an insurance policy is difficult. There are people called insurance archeologists who do that for a living, expert witnesses, etc. You saw you couldn’t get nerdier than me.

It is a sexy job there. Thanks, Jacque. I feel like we could have a series on insurance. Like I said from the outset, you make it interesting and fun, quite frankly. I appreciate you sharing your expertise with the audience. I do ask a couple of closeout questions and this is personal to you because I know this about you. I am someone who’s used music. I still use music to change my mood and get myself excited or pumped up for work or fun or whatever. I ask all the guests. What is your pump-up song?

I love melancholy folk music. For pump up, Crazy In Love by Beyonce. No question.

That’s so fun. I love that video. I don’t know if you remember that, but there’s amazing high energy. Jacque Burke, thank you so much. This has been a great conversation. I have a lot to take away back to my team and I’m sure our audience does too. Thank you for coming to the show.

This was fun. Thanks, Stacy.

 

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