Category: Blog

BY: KRISTEN DRAKE

In recent months, two California municipalities, Santa Monica and Los Angeles County, have faced staggering financial liabilities stemming from decades-old abuse claims. According to the LA Times, Santa Monica has already paid out over $229 million in settlements, with more than 180 claims still pending. Meanwhile, LA County is grappling with a historic $4 billion settlement tied to over 6,800 childhood sexual abuse claims dating back to 1959. These figures are not just eye-popping, they’re budget-breaking. 

But what if the past could help pay for the present? That’s where insurance archaeology comes in. 

What Is Insurance Archaeology? 

Insurance archaeology is the practice of locating and reconstructing historical insurance policies, often decades-old, that may respond to current liabilities. These policies, especially occurrence-based general liability or excess liability coverage, can still provide financial relief for claims arising from events long past. The challenge? These policies are often lost, buried in archives, or tied to entities that no longer exist. 

PolicyFind specializes in uncovering these hidden assets and works closely with its municipal clients to recover millions in coverage that would otherwise go untapped. 

How Historical Coverage Could Ease Today’s Burden

In response to the fiscal emergency looming over Santa Monica, Kristen Drake, President of PolicyFind, reached out to city officials with a compelling proposition: leverage historical insurance coverage to support survivors and stabilize the city’s finances. Many of the claims stem from alleged acts in the 1980s, a period when the city likely held occurrence-based liability policies. If located, these policies could provide coverage for both legal defense and settlement costs. 

While it’s unclear whether Santa Monica has previously pursued insurance archaeology, the approach has proven effective elsewhere. PolicyFind has helped other municipalities recover millions through historical insurance research, including recent work with several cities, towns, and counties in New Jersey and New York.

LA County’s $4B Settlement: A Wake-Up Call 

The scale of LA County’s settlement is unprecedented. Officials anticipate paying hundreds of millions annually through 2030, and millions more through 2050. With property tax revenues slowing and wildfire recovery costs mounting, the county faces a long-term budget crisis. 

Insurance archaeology offers a path forward. By reconstructing historical coverage and placing carriers on notice, counties can potentially offset these costs, without cutting essential services or raising taxes. 

Why Insurance Archaeology Matters Now More Than Ever 

Legacy claims are flooding in. Budgets are buckling. But historical insurance coverage can still pay out—if you know where to look.

• Legacy Claims Are Surging: Laws like AB 218 in California and SB 477 in New Jersey have opened the door for claims dating back decades. 

• Budgets Are Stretched Thin: Post-pandemic recovery, inflation, and climate-related disasters have left cities financially vulnerable. 

• Historical Coverage Still Counts: Occurrence-based policies don’t expire with time. If the incident occurred during the policy period, coverage may still apply. 

PolicyFind: A Proven Partner 

With a specimen policy library, corporate history research capabilities, and a track record of success, PolicyFind is uniquely positioned to help cities like Santa Monica and LA County navigate these challenges. Their work isn’t just about finding old paperwork; it’s about reconstructing the past to protect the future. 

Final Thought 

As municipalities across the country face mounting liabilities from legacy claims, insurance archaeology is no longer a niche service; it’s a fiscal necessity. The past may be painful, but with the right tools, it can also be part of the solution. 

Municipalities like Santa Monica and LA County don’t have to shoulder these costs alone. If your municipality is facing legacy claims, don’t leave historical coverage unexplored. Contact PolicyFind today to uncover hidden insurance assets and secure the financial support you need to protect your future. 

Image courtesy of Perrin Conferences

BY: KRISTEN DRAKE

Perrin Conferences’ Environmental Risk and PFAS Litigation Conference, on June 17 and 18, 2025, at the New York City Bar Association, brought together an impressive cross-section of environmental attorneys, environmental specialists, and insurers, all focused on the evolving challenges of environmental liability, particularly in the context of PFAS.

I was honored to participate in the “How to Make an Allocation that Sticks” panel. It was a dynamic discussion, and I’d like to share a few key insights from the session, especially for those facing the daunting task of funding an environmental investigation and/or remediation.

Temporal Allocation: A Critical Component

One of the major themes I focused on was temporal allocation, how liability is divided across multiple insurance policies when contamination spans several years or decades. This is especially relevant in PFAS cases, where pollution may have occurred gradually and gone undetected for years.

Different approaches to temporal allocation include:

• Pro rata – time on the risk: Each insurer is responsible for a share of the loss proportional to the time their policy was in effect.
• All sums: The policyholder can choose any one policy in effect during the damage period to cover the entire loss, and that insurer may then seek contribution from others.
• Trigger theories: Courts may apply different theories (e.g., exposure, manifestation, continuous trigger) to determine when coverage is activated.

A well-structured temporal allocation can help maximize available coverage and ensure that no single policy or carrier is unfairly burdened.

Understanding how to allocate liability across time is essential for building a defensible claim and negotiating with insurers. It’s also where insurance archaeology becomes incredibly valuable.

The Power of Insurance Archaeology

At PolicyFind, we specialize in locating and reconstructing historical insurance coverage, even when original policies are lost or mislaid. During the panel, I shared how PolicyFind uses techniques to uncover evidence of coverage through broker records, corporate correspondence, accounting ledgers, legal filings, and more.

This kind of research can be a game-changer for clients who are facing environmental liabilities but don’t have the documentation they need to trigger coverage.

Why This Matters for PFAS and Beyond

PFAS litigation is accelerating, and many companies, municipalities, and property owners are finding themselves pulled into complex, high-cost cleanup efforts. What many don’t realize is that legacy insurance policies, written decades ago, may still provide coverage for these claims.

The key is knowing where to look, how to interpret the language of those old policies, and how to build a compelling case for coverage. That’s where collaboration between insurance archaeologists, legal counsel, and environmental consultants becomes essential.

Final Thoughts

This conference reinforced what PolicyFind sees every day in our work: environmental liabilities are growing more complex, but so are the tools used to address them. Historical insurance is one of the most underutilized assets in environmental litigation, and we’re passionate about helping clients unlock its potential.

If you’re facing environmental liabilities, whether related to PFAS, legacy contamination, or emerging pollutants, don’t forget the past. It might just hold the key to funding your future. Contact us today.

BY: KRISTEN DRAKE

On May 20, 2025, PolicyFind had the opportunity to speak at the Perrin Conferences’ Talc Litigation Conference, where we joined esteemed colleagues on the Insurance & Risk Management Panel. The discussions were insightful, covering the evolving landscape of talc litigation, risk mitigation strategies, and the complexities of insurance coverage.

Understanding the Legal Landscape

Talc litigation has been a growing concern for businesses, manufacturers, and insurers alike. With claims linking talc-based products to health risks, the legal environment has become increasingly complex. As a newly named defendant, the first step is to understand the scope of the allegations and the legal precedents shaping these cases.

Immediate Steps to Take

Being named in litigation can be overwhelming, but taking proactive steps can help navigate the process effectively:

1. Consult Legal Counsel – Engaging experienced attorneys specializing in talc litigation is crucial.
2. Review Insurance Coverage – Understanding policy terms and potential coverage for defense costs is essential.
3. Gather Documentation – Collecting relevant records, product testing data, and compliance history can support your defense.
4. Engage an Insurance Archaeology Firm – Identifying historical policies to determine potential insurance recovery is key.
5. Assess Risk Management Strategies – Evaluating exposure and implementing mitigation measures can help protect your business.

The Role of Key Players in Talc Litigation

Successfully navigating talc litigation requires a coordinated effort among legal counsel, insurance archaeologists, and insurers. Each plays a distinct yet interdependent role in building a strong defense, identifying potential coverage, and managing financial exposure. Understanding how these players collaborate from the outset can make a significant difference in the outcome of a case.

Legal Counsel: Getting It Right from the Start

New defendants entering talc litigation must navigate unfamiliar terrain. The role of legal counsel is pivotal in setting a strong foundation for defense strategy. Some essential aspects include:

• Preparing the Client – Educating clients on what to expect throughout the litigation process.
• Initial Information Gathering – Collecting corporate documents, product history, and compliance records.
• Differentiating Talc from Asbestos Litigation – Recognizing unique aspects that distinguish talc cases from traditional asbestos cases, including plaintiff demographics and scientific evidence.

Insurance Archaeology: Identifying Coverage

Insurance archaeologists work closely with defendants and counsel to uncover historical policies that may provide financial coverage for litigation.

• Understanding Corporate Transactions – Throughout time, many talc-related companies have experienced numerous mergers and acquisitions, complicating coverage retrieval.
• Historical Policy Discovery – Identifying policies that may respond to defense and indemnity costs.
• Challenges in Coverage – Dealing with policy gaps, exclusions, and insurer responses.

The Role of Insurers

Insurance carriers play a crucial role in talc litigation, assessing the scope of coverage and evaluating potential exposure. Key considerations include:

• When a Case First Crosses the Desk – Evaluating claims early to determine defense strategies.
• Lessons Learned from Traditional Asbestos Cases – Applying past litigation experiences to talc claims.
• Understanding Coverage Limits – Assessing the extent of liability coverage under historical and current policies.

Lessons at the Talc Litigation Conference

The insights shared at Perrin Conferences’ Talc Litigation Conference provided valuable perspectives on litigation trends, defense strategies, and insurance considerations. One key takeaway was the importance of early case assessment, which involves understanding the claims, evaluating potential liability, identifying historical insurance coverage, and developing a robust defense strategy.

Moving Forward

While being named in talc litigation is undoubtedly challenging, it also presents an opportunity to strengthen compliance efforts, enhance risk management strategies, and contribute to industry discussions on best practices. Staying informed, collaborating with legal and insurance experts, and leveraging industry insights can help navigate this complex terrain.

Whether you’re a newly named defendant or an industry professional seeking to stay ahead, continuous learning and strategic planning are key to managing talc litigation effectively.

Why PolicyFind

Talc litigation poses significant financial risks, and finding historical coverage can help companies recover defense and indemnity costs, potentially saving millions.

PolicyFind’s expertise is unparalleled in conducting corporate history reconstruction and locating evidence of historical insurance coverage. We work directly with policyholders, insurance carriers seeking to discover coverage for cost-sharing, and attorneys involved in multi-pronged legal strategies to locate and recover lost or mislaid policies.

Over our 20+ year history, PolicyFind has amassed an unparalleled success rate in finding evidence of applicable historical coverage and is widely regarded as an industry leader. Our team comprises professional investigators, insurance analysts, and industry experts with extensive experience in locating and interpreting insurance policies.

Contact PolicyFind today to learn more about how to discover and reconstruct your organization’s historical liability insurance portfolio.

BY: KRISTEN DRAKE

The deadline to file claims with the Receiver for Arrowood Indemnity Company’s liquidation is May 15, 2025. If claims are not submitted by this new date (extended from January 15, 2025), they will “be barred forever from recovering on claims against Arrowood, or its estate.” Trinidad Navarro, the Delaware Department of Insurance Commissioner, is the Receiver.

You can read more about the claims bar date extension here: https://insurance.delaware.gov/wp-content/uploads/sites/15/2024/12/Arrowood-Order-Granting-Motion-To-Extend-Bar-Date.pdf 

If you’re facing a long-tail liability, toxic tort, or latent injury claim, and any carrier names listed in this article sound familiar, now is the time to act. PolicyFind’s Team can help you organize and present your evidence of coverage and submit your Proof of Claim before the Claims Bar Date. Time is of the essence to ensure your claim is preserved.

Arrowpoint Capital announced on November 8, 2023, that Arrowood Indemnity Company had been placed into and consented to liquidation by order of the Chancery Court of Delaware.

Formerly known as Royal Globe Insurance Company and/or Royal Indemnity Company, Arrowood Indemnity was acquired by Arrowpoint Capital in 2007 as part of the U.S. insurance operations of Royal & Sun Alliance Insurance Group plc. Click here for the list of the 75 companies involved with the Arrowood Indemnity liquidation.

Dennis Cahill, President & CEO, attributed the liquidation to factors such as the enactment of the Child Victims Act statutes and the persistent emergence of claims related to legacy insurance policies issued decades ago. These developments have significantly impacted the company’s financial condition. Read the company’s full statement here.

Like Bedivere Insurance Company’s liquidation in 2021, Arrowood Indemnity’s liquidation may have broad implications for long-tail, toxic tort, and latent injury claims. General liability policies issued by companies like Arrowood often cover these types of claims. Don’t miss your opportunity to secure your claim—contact PolicyFind for assistance today.

BY: KRISTEN DRAKE

For decades, PolicyFind has specialized in working with companies facing multimillion-dollar lawsuits alleging serious injury or death associated with asbestos exposure. These claims can devastate businesses financially and leave them with few options apart from trying to get cases dismissed or settling out of court. While the latter can yield the best outcome for both parties in one case, it is possible, perhaps probable, that one asbestos exposure case may open the floodgates for multiple suits to be filed.

Our clients routinely share that they are unsure why they have been named in a lawsuit because they have no known connection to asbestos-related products. Even so, many of our clients report being named in multiple cases after being named in their first. According to the U.S. Chamber of Commerce Institute for Legal Reform, the reason for numerous lawsuits may be partially linked to ‘over-naming.’ “Over-naming is especially common in asbestos lawsuits. As litigation drove the manufacturers of the most common and most dangerous asbestos-containing products, like insulation, into bankruptcy, lawyers began to target other less-involved companies in new lawsuits. As the number of potential targets grew, some began filing “boilerplate” complaints that included dozens—sometimes one hundred or more—defendants without thoroughly researching which companies may actually be involved in a specific case.”

For these reasons, PolicyFind works alongside construction, automotive, manufacturing, power generation, and shipbuilding companies and their attorneys every day to locate and quantify their historical liability insurance policies. Once successfully identified, these occurrence-based policies provide a valuable funding source to answer asbestos exposure demands.

WHAT IS INSURANCE ARCHAEOLOGY?

Historical CGL policies are found through insurance archaeology, the process of locating, reconstructing, and evaluating historical insurance. Insurance archaeology retraces the genealogy of insurance coverage over a company’s life. The retroactive nature of long-tail claims, like asbestos, can defend against damage or injury that is not evident until years later.

Furthermore, historical insurance policies never die. The historical insurance policies of bankrupt and defunct companies can defend current claims, and the same is true for the historical insurance policies of deceased individuals.

WHY POLICYFIND

Asbestos litigation poses significant financial risks, and finding historical coverage can help companies recover defense and indemnity costs, potentially saving millions.

PolicyFind’s expertise is unparalleled in conducting corporate history reconstruction and locating evidence of historical insurance coverage. We work directly with policyholders, insurance carriers seeking to discover coverage for cost-sharing, and attorneys involved in multi-pronged legal strategies to locate and recover lost or mislaid policies.

Over our 20+ year history, PolicyFind has amassed an unparalleled success rate in finding evidence of applicable historical coverage and is widely regarded as an industry leader. Our team includes professional investigators, insurance analysts, and industry experts with years of dedicated experience locating and interpreting insurance policies.

Contact PolicyFind today to learn more about how to discover and reconstruct your organization’s historical liability insurance portfolio.

For years, school districts, youth-based organizations, religious institutions, and municipalities have relied on PolicyFind’s insurance archaeologists to locate their lost liability policies. These old policies hold incredible value today because they can fund civil lawsuits alleging wrongful acts against children decades ago.

Insurance Archaeology has been vital for organizations as states throughout the country have enacted laws that, either temporarily or permanently, remove the statute of limitations, allowing survivors of child sexual abuse to file civil suits against their abusers (and/or private or public entities).

In recent years, some ‘Child Victims Act’ laws have been challenged in their respective Supreme Courts, resulting in them being deemed unconstitutional in states like Maine and Colorado. In other states, like Maryland and Louisiana, the laws have been affirmed and upheld by the State Supreme Court.

Maryland

Maryland’s Child Victims Act was signed into law in 2023. However, the permanent revival window that removed restrictions on when survivors could file civil lawsuits was challenged in the Maryland Supreme Court. In February 2025, the Supreme Court upheld the state’s permanent revival window, allowing survivors to file civil suits against their perpetrators regardless of how long ago the abuse occurred.

According to peoples-law.org, Maryland’s Child Victims Act places caps on civil damages for child sexual abuse: “Monetary damages for claims against public entities are capped at $890,000, and Non-economic damages from private institutions such as churches and civic organizations are capped at $1.5 million.”

Louisiana

In 2021, the Louisiana Child Victims Act opened a ‘lookback window, or temporary time period, in which child abuse survivors could file civil lawsuits against their abusers, regardless of when the abuse happened. The Louisiana Supreme Court initially struck down the lookback window as unconstitutional but later reversed its decision. Louisiana’s lookback window will remain open until June of 2027.

Insurance Archaeology

These matters are sensitive and undoubtedly full of complexities for defendant institutions. When a school district, a religious institution, a municipality, or a non-profit receives a civil complaint of this nature, they will likely begin to assemble a team to assist them.

The attorney representing the defendant’s institution will probably anchor the team. An Insurance Archaeologist needs to be prominent on the team, too. Insurance Archeologists are the experts at illuminating those often long-buried or lost general liability insurance policies issued to the school or non-profit.

These old General Liability policies can respond today and provide the funds needed to answer revived abuse claims—even if the allegations date back to the 1980s (or earlier).

While these old policies can provide monetary relief, the policyholder must first prove the policy existed. This can be problematic, especially when the policies have long ago been discarded.

Insurance Archeology is the practice of locating and retrieving proof of the existence, terms, conditions, and limits of lost or destroyed insurance policies. Under current and future reviver statutes and emerging new laws across the country, historical CGL policies issued to businesses, schools, churches, and other organizations are the first line of assets to be explored to pay for claims against them.

Contact PolicyFind today to learn more about how to discover and reconstruct your organization’s historical liability insurance portfolio.

To learn whether your state has similar laws allowing permanent or temporary removal of the statute of limitations, Child USA maintains and updates its “SOL Tracker,” which contains the latest information on Child Abuse Statutes of Limitations in all 50 states.

BY: KRISTEN DRAKE

When acquiring or managing a company, what you don’t know about a company’s past can limit your options, reduce your assets, and potentially expose you to financial risk.

It’s often said that ignorance is bliss. But, when valuable information about a business’s history has been destroyed or discarded, ignorance is…Risk. Can that institutional knowledge be regained? Yes! PolicyFind specializes in reconstructing corporate histories to mitigate the financial and legal risks of M&A, property transactions, and legacy claims involving bodily injury.

REVEALING THE PAST WITH CORPORATE HISTORY RECONSTRUCTION

This intricate process can resemble unraveling a knotted ball of yarn. While each investigation is different, there are core similarities. Our investigators and researchers begin by interviewing key personnel/stakeholders and/or their legal representatives to learn what is known about the entity’s background.

Next, we request to gather additional information contained within the organization’s archives to identify additional leads to potentially pertinent historical information. Our interest is to gather historical data from three main sectors: financial, legal, and contractual.

After this process, if information gaps still exist, PolicyFind reviews documents within public repositories, including, but not limited to, Articles of Incorporation, state filings, maps, environmental reports, and property records.

These critical yet often overlooked steps aim to identify the correct entity or entities responsible for a long-tail or legacy liability claim and/or which entity has rights to the lost or mislaid liability occurrence-based policies in force when bodily injury or property damage may have occurred.

If corporate history research and reconstruction are not performed correctly, the potential consequences include financial losses or legal issues.

HOW DOES CORPORATE HISTORY RECONSTRUCTION MITIGATE FINANCIAL AND LEGAL RISKS IN M&A AND PROPERTY TRANSACTIONS

Corporations acquiring current companies may also inherit liabilities from past practices.

In today’s corporate landscape, mergers and acquisitions (M&A) are commonplace. In fact, according to the Institute for Mergers, Acquisitions & Alliances, since 2000, more than 790,000 transactions have been announced worldwide.

Much has changed since the first corporate acquisition wave in the United States, which occurred between 1897 and 1904 (Wiley Online Library). Today, buyers and sellers can type keywords into an AI search engine and find hundreds of sites dedicated to offering best practices and due diligence checklists containing guides to acquiring documentation such as capital assessments, operations evaluations, inventory reports, and capacity analyses.

The same holds for real estate transactions involving environmental risk and long-tail or legacy liability claims dating back decades.

Even with so much information at our fingertips, some key data points have been lost with time.

An assessment of the insurance assets the acquiring company takes from the target company is an essential component of the acquisition process. It can make or break a deal where future liabilities are likely to emerge.

HOW DOES CORPORATE HISTORY RECONSTRUCTION MITIGATE PROPERTY DAMAGE CLAIMS

PolicyFind routinely works for real estate investors and developers. In these cases, it is commonplace that very little background information is known about a property’s historical ownership, let alone, operations. Further, at the inception of many of these types of investigations, PolicyFind frequently learns that no historical documentation exists. Perhaps the former owner was the sole proprietor and passed away decades ago. In these instances, our insurance archaeologists are tasked with revealing the full scope of the property’s ownership and operational history.

Once this information is brought to light, the search for those entities’ liability insurance can begin.

Armed with little more than an address, PolicyFind researches to identify Potentially Responsible Parties (PRPs) and then begins the arduous task of locating associated historical general liability policies.

HOW DOES CORPORATE HISTORY RECONSTRUCTION MITIGATE BODILY INJURY CLAIMS

When a lawsuit is filed against a school district for the acts of a bad actor dating back to the 1970s or 1980s, one of the first components an insurance archaeologist must uncover is the district’s naming convention at the time of the alleged wrong doing. While this may seem simplistic, it is common for public entities’ names to change throughout time. Learning how public entities insured themselves, and under which nomenclatures is vital. Moving a claim forward to defense or indemnity is impossible without this information.

Corporate History Reconstruction has a myriad of applications. It is common to employ these practices to mitigate risk in lawsuits arising from illnesses related to exposure to asbestos, silica, or talc.

CONTACT POLICYFIND

PolicyFind specializes in reconstructing corporate histories to mitigate the financial and legal risks of M&A, property transactions, and legacy claims involving bodily injury. Contact us today for a free consultation.

BY: KRISTEN DRAKE

The deadline to file claims with the Receiver for Arrowood Indemnity Company’s liquidation has been extended. The date has been moved from January 15, 2025, to all claims needing to be submitted on or before May 15, 2025. If claims are not submitted by this new date, they will “be barred forever from recovering on claims against Arrowood, or its estate.” Trinidad Navarro, the Delaware Department of Insurance Commissioner, serves as the Receiver.

You can read more about the claims bar date extension here: https://insurance.delaware.gov/wp-content/uploads/sites/15/2024/12/Arrowood-Order-Granting-Motion-To-Extend-Bar-Date.pdf 

If you’re facing a long-tail liability, toxic tort, or latent injury claim, and any of the carrier names listed in this article sound familiar, now is the time to act. PolicyFind’s Team can help you organize and present your evidence of coverage and submit your Proof of Claim before the Claims Bar Date. Time is of the essence to ensure your claim is preserved.

Arrowpoint Capital announced on November 8, 2023, that Arrowood Indemnity Company had been placed into and consented to liquidation by order of the Chancery Court of Delaware.

Formerly known as Royal Globe Insurance Company and/or Royal Indemnity Company, Arrowood Indemnity was acquired by Arrowpoint Capital in 2007 as part of the U.S. insurance operations of Royal & Sun Alliance Insurance Group plc. Click here for the list of the 75 companies involved with the Arrowood Indemnity liquidation.

Dennis Cahill, President & CEO, attributed the liquidation to factors such as the enactment of child victim act statutes and the persistent emergence of claims related to legacy insurance policies issued decades ago. These developments have significantly impacted the company’s financial condition. Read the company’s full statement here.

Similar to Bedivere Insurance Company’s liquidation in 2021, Arrowood Indemnity’s liquidation may have broad implications for long-tail, toxic tort, and latent injury claims. General liability policies issued by companies like Arrowood often provide coverage for these types of claims. Don’t miss your opportunity to secure your claim—contact PolicyFind for assistance today.

 

 

 

 

BY: SAMANTHA DEELORRIETA

Effective risk management is crucial for safeguarding an organization’s financial health and operational stability. Companies can protect their capital and earnings from unforeseen disruptions by identifying, assessing, and mitigating potential threats—from financial uncertainty and legal liabilities to accidents. A thorough insurance policy audit ensures that an organization’s historical liability coverage program is robust enough to respond to potential current or future risks. The historical insurance policy and program audit is a proactive approach to minimizing the impact of unexpected events.

Risk management is often handled by a dedicated department in larger corporations, while small businesses, non-profits, and religious organizations may address it sporadically, such as during board meetings.

While many organizations focus on future goals, effective risk management today also requires planning for past liabilities. This includes the potential for civil suits related to bodily injury, property damage, or exposure to harmful substances that may have occurred decades ago. In some cases, organizations may have incomplete insurance records, leaving them unaware of gaps in their historical coverage.

Enter the insurance policy audit.

What is an insurance policy audit, and how does it help manage risk?

“Insurance policy audit” can refer to several different things. A quick Google search populates results for the following types of policy audits:

• A risk professional, such as an insurance agent, may recommend conducting an insurance policy audit to determine whether the organization’s current insurance program provides adequate coverage for its current risks.
• Insurance companies commonly conduct insurance policy audits, also known as premium audits, to confirm an insured is paying the correct premiums for coverage provided.

In insurance archaeology, however, a historical insurance policy and/or program audit is conducted to unearth the long-forgotten policies that comprise an organization’s historic liability insurance coverage. These audits determine the terms of coverage the policies provide and identify which policy years are missing. Whether you’re working proactively, responding to a demand from an environmental agency, or addressing a lawsuit, once this information is uncovered, it can be used to defend against newly filed legal actions—such as those alleging damage or injury from events that occurred decades ago—involving your organization.

How is an audit performed?

The audit process typically begins with a review of an organization’s business records, including insurance policies, financial records, meeting minutes, and litigation files. This review

can be conducted in several ways, depending on the organization’s method of storing its old files and the number of files to review. PolicyFind’s skilled archaeologists can review records onsite at the organization or in their own offices by having them shipped to them. These records can also be analyzed virtually via digital means.

During the records review, the archaeologist will note significant findings and sort out all records pertaining to insurance. This includes actual insurance policies and all documents that may provide “leads” to evidence of historic insurance coverage.

Once the pertinent records have been identified, the archaeologist will comb through them with a sharp eye to identify key information, such as policy numbers, carriers, limits, coverage types, agents, brokers, and more.

After all relevant information is compiled, it is organized into a report containing a Schedule of Insurance, Coverage Chart, and Recommended Next Steps. The report includes an overview of the archaeologist’s findings, the identified coverages (including carriers, limits, and layers), any gaps in coverage, and recommended next steps.

Contact PolicyFind

Knowledge of your company’s historic insurance coverages through an insurance policy audit will add valuable tools to your organization’s risk management arsenal. After the audit, whether there is a current action to respond to or further insurance archaeology to conduct, PolicyFind is here to help.

The best way to accurately assess whether an Insurance Policy Audit is the right option for your organization is to speak with us. During a free consultation, we will learn more about your specific situation and advise potential paths forward. Contact PolicyFind today to get the process started.

BY: JAMES PAWLISH

Insurance carriers should leverage insurance archaeology services to locate historical general liability policies, and the benefits of doing so are substantial.

As the legacy claims landscape continues to evolve, carriers who embrace these specialized services safeguard their insureds and strengthen their collective positions. By looking to the past, carriers better protect the future—for themselves and their insureds.

Understanding the full picture of an insured’s historical liability insurance coverage program is critical. Historical liability policies carry significant implications for claims management, particularly in an era where environmental liabilities, asbestos and talc exposure claims, and long-tail personal injury claims are increasingly common. Enter insurance archaeology — an invaluable service that helps carriers locate and retrieve additional historical coverage to respond to litigation and demands. Here are a few reasons why embracing this service has been a game-changer for carriers.

UNLOCKS ADDITIONAL COVERAGE FOR COST SHARING

Long-tail claims take decades to surface and often relate to environmental damage, product liability, personal injury, or occupational hazards. Carriers may struggle to provide adequate coverage for these claims without access to historical policies. By utilizing insurance archaeology, carriers can identify other carriers and unlock additional coverage. This knowledge empowers insurers to make better-informed decisions about current and future claims.

PROVES TERMS AND CONDITIONS

Policies contain a framework of language that has shifted over time. PolicyFind’s Specimen Policy Library and its insurance archaeology investigations provide unsurpassed insight into how policy language has evolved, helping carriers best understand their obligations (or lack thereof). This is particularly important when dealing with decades-old coverage or claims spanning multiple policy periods. By thoroughly understanding historical coverage and the regulatory environment at the time, carriers can make informed claims decisions.

MITIGATES RISK FOR CARRIERS

Insurance carriers can face significant risk. For instance, if an insured files a claim and the insurer cannot locate that documentation, it could lead to legal repercussions. By employing insurance archaeology services, carriers ensure they have all the necessary documentation at their fingertips, significantly reducing risk.

PROVIDES COST-EFFECTIVE SOLUTIONS FOR CARRIERS

While it may seem like an added expense, investing in insurance archaeology services can save carriers significant costs in the long run. Locating and accessing historical policies can prevent costly litigation, reduce claims disputes, and enhance overall claims management efficiency.

ENHANCES RELATIONSHIPS

Strong relationships are built on trust and transparency. When carriers take the initiative to locate additional coverage information, they demonstrate a commitment to their insured’s best interests. This proactive approach strengthens relationships and fosters loyalty.

By working with PolicyFind, you are leveraging our expertise and resources. Insurance archaeology is a specialized field that combines expert knowledge with advanced technology to locate evidence of historical insurance documents. Insurance carriers may lack the resources to perform this type of research effectively. Partnering with experts specializing in insurance archaeology ensures that carriers can tap into cutting-edge tools and methodologies, maximizing their chances of success in locating lost or misplaced policies.

CONTACT POLICYFIND

PolicyFind’s expertise operates on two key fronts. First, our team of experts uncovers evidence of historical coverage to tackle long-tail claims through Insurance Archaeology. Then, leveraging our extensive specimen policy library, we can reconstruct these old policies. This powerful approach delivers an impressive ‘one-two punch.’

Schedule a free consultation to determine if PolicyFind’s Specimen Policy Library and Insurance Archaeology services fit. To get started, contact PolicyFind today.