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Subrogation is an important legal process by which an insurance company can reduce its financial losses by recovering the costs it paid out for a claim from the responsible party. Maximizing financial recovery and ensuring legal compliance are important goals for insurers. The attorneys at Conroy Simberg can help you provide your clients with timely and accurate evaluations of losses for subrogation and potential recovery, which will help contribute to the efficiency and effectiveness of the insurance claims process. 

Benefits of Subrogation 

There are many benefits of subrogation for insurance companies and their insureds. A successful subrogation claim allows an insurer to recover its losses, minimizes an insured’s out-of-pocket expenses, and holds the negligent party liable for the damages they caused. Working with an experienced subrogation attorney at Conroy Simberg can help you maximize your subrogation recoveries in a swift and cost-efficient manner. 

Why Providing Clients with Timely and Accurate Evaluations of Losses for Subrogation and Potential Recovery is Important

Providing clients with timely and accurate evaluations of losses is important in subrogation claims for many reasons, as this helps contribute to the efficiency and effectiveness of the subrogation claims process. Specific reasons include: 

• Recovery opportunities are maximized
• Evidence and witnesses are preserved
• Legal requirements are met
• Monetary resources are allocated effectively
• Claim costs are reduced
• Your reputation is boosted
• Insureds’ deductibles can be recovered
• Proactive risk management is encouraged
• Claims processing is streamlined
• Risks of legal challenges are mitigated 

Providing clients with timely and accurate evaluations for subrogation and potential recovery is beneficial to insurers and their insureds. There are several strategies for meeting these goals. Our subrogation experts can help you obtain the most favorable results in the subrogation process. 

Subrogation Strategies 

Subrogation plays an essential role in recovering losses incurred by an insurer. Timely and accurate evaluations of losses are necessary to maximize potential recovery and ensure a seamless claims process. Some ways we help insurance companies navigate this process are detailed below.

Conduct a Thorough Investigation

It is important to begin the subrogation process with a thorough investigation of the incident giving rise to the claim. This includes collecting all relevant evidence pertaining to the incident, including incident or police reports, witness statements, and photographs or videos of the scene. Conducting a comprehensive investigation from the beginning will lay the foundation for an accurate evaluation of losses.  It is also important to obtain a Cause & Origin Report from the appropriate expert to document specific failures and identify potential tortfeasors.

Utilize Claims Management Software

Claims management software can help insurers streamline the evaluation process by organizing and analyzing vast amounts of data. Using progressive software can help to quickly identify subrogation opportunities. Effective claims management software should include tools for workflows, calendaring, settlements, and document management.

Build Relationships with Specialists

Establishing relationships with experts in relevant fields can improve the accuracy of subrogation evaluations. Specialists that insurers should consider building relationships with include forensic investigators, engineers, and medical professionals. Look for experts who can confidently eliminate alternate theories of causation and will base their opinions on reasonable degrees of scientific certainty.

Communicate with Insureds

Maintaining open and transparent communication with insureds throughout the evaluation process is important. Providing them with regular updates on subrogation efforts and any potential recovery estimates is key to building and maintaining effective relationships. It is also wise to notify them regarding any significant challenges encountered in the subrogation process.

Perform a Cost-Benefit Analysis

Performing a comprehensive cost-benefit analysis is key to providing clients with timely and accurate evaluations of losses. The expenses associated with pursuing a subrogation recovery against the anticipated claims payout amount should be evaluated. Such an analysis will help to prioritize cases and ensure that resources are allocated effectively.

Act Promptly

Performing evaluations in a timely manner enables insurers to capitalize on opportunities before evidence weakens. For example, witnesses often forget details as time passes and statutes of limitations expire. Prompt action is key to obtaining successful subrogation results.

Participate in Ongoing Training

It is crucial for all members of a subrogation team to be updated on the latest trends, legal developments, and technological advancements related to their claims handling practices. Investing in ongoing training will ensure all parties participating in the subrogation process are well-equipped to effectively handle complex evaluations.

Adapt to Changing Regulations

It is critical that all parties involved in the subrogation process stay up to date on changes in laws pertaining to subrogation to ensure that evaluations comply with the state’s legal requirements. Changes in subrogation laws, such as Florida’s statute of limitations and comparative negligence standards, can drastically affect how a subrogation claim is handled. It is important to ensure that all evaluations comply with the state’s legal requirements.

Explore Other Avenues for Recovery

Sometimes the liable party does not have sufficient coverage or assets to fully compensate the aggrieved party for its claimed losses. In such instances, it is wise to explore alternate avenues for recovery.

Retain Experienced Legal Counsel

Engaging an experienced insurance lawyer who is knowledgeable regarding subrogation can greatly impact a client’s potential recovery. A skilled subrogation attorney can provide valuable insight and ensure that the evaluation meets all legal requirements. They can also help in identifying alternate avenues for maximum recovery.

Hiring a Florida Subrogation Lawyer Can be Valuable

It is important to evaluate subrogation claims timely and accurately for many reasons, as discussed above. An experienced subrogation lawyer at Conroy Simberg can help you navigate the complex subrogation claims process efficiently and accurately. Contact partner Todd Feldman to discuss how he can help you maximize subrogation recoveries for your clients.