RiskPoint’s internal claims team handles all M&A (and contingency and litigation) claims. The M&A claim handlers are all attorneys-at-law with extensive experience within the insurance industry. They all have a Financial Lines background and experience from several complex M&A claims.
RiskPoint has specific delegated authority on behalf of our carries to handle claims. Hence, all communication will be directly with RiskPoint and at no point will the insured need to have discussions directly with a carrier. The authority letters from the relevant insurers are available upon request.
While we may retain law firms, accountants or other professional advisors to advise us on matters arising from the claims handling, all communication is directly between RiskPoint one the one hand and the insured and its counsel on the other. All claims handling decisions are made by RiskPoint.
When we receive substantiated claim notifications, we offer to meet with the insured and/or its advisors to manage and align expectations and to discuss the onward process.
The relevant M&A underwriters are involved in the claims handling process to provide input to the claims team on the transaction context, the policy and coverage. The M&A underwriters will as a general rule participate in claim meetings.
Payment of claims is made by RiskPoint. We have made high value payments in complex claims and it is vital for our business and the credibility and viability of our product offering that we pay claims. In the unlikely event that we cannot reach an amicable solution in respect of the claim together with the insured and its advisors, the insured is not required to arbitrate against each of our carriers independently. As per the policy terms, the arbitration proceedings will be joint. RiskPoint will control the claim and the insured will experience any proceeding as a bilateral arbitration.
We view the claims handling process as a natural extension of our M&A value proposition. As in our underwriting, we focus on the core of the matter and not on arbitrary details. We believe the product is here to respond to claims and we believe that our claims handling process is a key differentiator vis-à-vis our competitors.