Minimizing Risk with Experienced Subrogation Management
Insurance exists because bad things happen, whether by negligent third parties known as tortfeasors, or by “acts of god” like floods and earthquakes. In order to stay functional and financially viable, public entities need to minimize risks, both over the short term and long term.
Government risk pools allow a cooperative way for public entities to spread the risk around. The majority of local municipalities in the US use one or more risk pools to manage their insurance costs and liability. Lower premiums, collaborative accountability and the safety-in-numbers theory make risk pools the most cost-efficient methods for public entities to self-insure.
However, if your risk pool is not fully-exploring every case of loss for possible routes to subrogating the matter, you may be compromising your bottom line. Failing to properly vet every claim for subrogation potential risks your ability to continue to offer lower premiums and collective stability for your insured.
Properly Navigating Subrogation Claims Cases Protects All Members of the Risk Pool
When incidents of loss do occur, risk pools require extremely specialized subrogation case management to achieve recovery that benefits the risk pool at-large. Advantages for risk pools who outsource their subrogation needs to a law firm specifically focused on subrogation law include:
- Specialized knowledge of insurance law
- Experienced attorneys in any jurisdiction
- A fresh set of eyes for second looks at difficult claims
- The ability to work cooperatively with your subrogation team
You control your path to subrogation recovery; we help you maximize that recovery while minimizing the cost of pursuing it. By taking full advantage of the resources a dedicated subrogation law firm can offer, government risk pools can ensure that every subrogation claim that is viable is looked at, investigated and pursued with your bottom line in mind.
Alternate Routes to Recovery Offer Government Risk Pools an Easier Path
The subrogation process is tricky, especially when taking a case to litigation. Not only is insurance litigation a notoriously expensive and dragged-out process, but you can never guarantee the judge and/or jury hearing the case understands the unique nature of subrogation and related insurance disputes.
Choosing another path to settling a subrogation claim is preferable whenever possible. These can include pre-suit negotiations, mediation, arbitration, or Arbitration Forums. The reason Rathbone Group approaches each claim from the perspective of settling as simply as possible is because it offers our clients several benefits:
- Mediation and arbitration drastically cut the time to final judgment.
- Avoiding litigation means avoiding hefty legal fees and contingencies.
- Especially when using Arbitration Forums, alternate routes to subrogation recovery offer more finality than an in-court judgment, which can be appealed.
- These methods of resolving a subrogation lawsuit are less contentious, increasing the chances that future encounters with the adverse carrier will be able to be resolved without litigation.
Arbitration Forums is an ideal platform for subrogation and insurance professionals to make use of. An organization that exists specifically to handle subrogation-type matters, AF’s arbitrators are insurance professionals, which means each claim is heard by people who understand the nuances of insurance law. This ensures fair judgments with contractual finality and no need to proceed to litigation.
Proper subrogation case management is key to effective risk management. Rathbone Group’s subrogation efforts will increase profitability of a government risk pool while educating its members on the subrogation process along the way. This benefits everyone – it maximizes chances of subrogation recovery in the current case and increases chances of recovery in subsequent cases as the government risk pools reap the benefits of education on the subrogation process.
Rathbone Group’s Focus on Communication & Cooperation
We understand that conducting subrogation on behalf of government risk pools requires excellent communication – a skill at which Rathbone Group excels. Proper subrogation management that focuses on open communication and education about subrogation and insurance law is integral to every party understanding the subrogation process every step of the way.
As a sizable law firm with nationwide coverage, including the US Islands and Canada, RG’s subrogation claims adjusters, managers and attorneys offer a unique approach to pursuing and resolving claims for government risk pools. Our cost and time-effective subrogation services can even include a second look at cases you may have thought weren’t viable. Whether it is through negotiations, a lawsuit, or mediation and arbitration alternatives, we can add to your bottom line with any philosophy regarding recovery pursuit.