FAQ



Q: What is Insurance Policy Enforcement?    (top)

A: Simply put, Insurance Policy Enforcement puts into practice the theory that policy holders are entitled to and should receive the full benefit of the insurance policies they pay for. As a policy enforcement specialty firm we assist policyholders (insureds) in analyzing their coverage and their risks, taking appropriate action to maximize recovery prospects before a claim arises, and taking the necessary steps (including litigation, if appropriate) to realize payment under the policy, in the event of a claim.

We firmly believe that policyholders face an unprecedented challenge from insurers to make a persuasive case for reasonably inclusive coverage of business risks. This challenge has spawned a new moniker for what we’ve been doing for a long time: “Insurance Policy Enforcement”. No longer is enforcing business insurance risks an adjunct practice. Insurance policy enforcement has come into its own.

Q: Why is there a Need for a Specialist in this Area?    (top)

A: Companies and concerns of all sizes in all jurisdictions are encountering increased difficulty recovering the full value of their insurance coverage. In the current business climate insurers are undertaking vigorous efforts to restrict coverage and avoid payments on claims. Insureds need to understand their rights as policy holders and the processes by which they can maximize insurance recovery. The law in this area is developing rapidly and general practice attorneys simply don’t have the time to keep up to date. Traditional insurance specialty firms often represent insurance carriers in claims defense and may have a conflict of interest when it comes to assisting a policy holder with enforcement practices. Wood & Bender was formed to provide an independent, highly informed policy analysis and enforcement resource.

Q: In what practice areas does the firm specialize?    (top)

A: The firm specializes in only one practice area, Insurance Policy Enforcement. Wood & Bender offers five core services to assist clients in optimizing the benefits of their coverage: • Analyze -- Analyzing and recommending insurance strategies to ensure optimal coverage through the firm's unique Policy AnalyzerSM product • Structure -- Negotiating with carriers and customizing clients' insurance portfolios to optimally define and manage risk • Strategize -- Developing the client's business settlement and litigation strategy to receive maximum policy benefits • Position -- Preparing the litigation defense of clients and their officers and directors to compel insurers to assume financial responsibility for liability exposure • Enforce -- Evaluating and promptly enforcing claims of loss under first and third party business policies

Q: What types of clients does the firm represent?    (top)

A: The firm represents: • Mid-sized to Fortune 1000 corporations • Large non-profit institutions, such as universities and hospitals • Public entities, such as municipal governments and federal agencies • Mid-sized and large law firms nationwide that do not have insurance enforcement capabilities

Q: Does your firm represent insurance carriers as well?    (top)

A: Wood & Bender does not defend against coverage claims on behalf of insurers.

Q: What is the firm's philosophy?    (top)

A: To protect their clients' assets and businesses through analysis and enforcement of their business insurance policies. Our unique understanding of the business of insurance coupled with our settlement and litigation skills assist policyholders in leveling the playing field when they need to enforce the terms of their business insurance policies.

Q: How successful has the firm been in enforcing policies?    (top)

A: Very. Our policy enforcement success is based on the strategic principles outlined by the great military strategist Sun Tzu who said that 'every battle is won before it is fought'. Insurance policy enforcement is our only business, and we take it very seriously. We assist our clients in looking critically at their policy portfolios and taking pro-active steps to reduce the odds that they will ever end up in court litigating an insurance claim. When litigation is unavoidable, we bring the expertise and credibility of the nation’s leading policy enforcement specialty practice to the table. Our clients are quite pleased with the results.

Q: What is the role of reinsurers to my primary carrier?    (top)

A: A primary insurer may not wish to retain all of the risk in an insurance contract. Therefore, it enters into a contract to transfer a part of the risk to multiple reinsurers or a large single reinsurer. In exchange for a premium paid, the reinsurer agrees to pay for large losses over an agreed deductible, which in a reinsurance contract is called 'retention'.

Q: Can you explain your Policy Analyzer?    (top)

A: Wood & Bender's Policy Analyzer is a bundle of services packaged as a report. The report defines each major area of risk exposure by company, division or operating group, evaluates the quality and extent of coverages currently in place and notes where a company is deficient in coverage.

Q: What should I look for when insuring for the outsourcing of services?    (top)

A: Make sure the policy provides clear descriptions of the services to be provided, addresses privacy issues when trade secrets or confidential information is a consideration, and that the supplier of services is in full compliance with the law and the organization's internal policies.

Q: What will cause an insurer to rescind a policy?    (top)

A: An insurer may rescind its policy in the event of material misrepresentation or concealment of a fact by the insured. Misrepresentation or concealment is 'material' if it affects the underwriting decision of the insurer. In most cases, rescission is based on materially misrepresented facts in the policy application, or in underwriting information provided by the insured or its broker and relied upon by the insurer. State insurance codes and legal precedents also have an impact on the insurer's decision-making process concerning rescission.

Q: What does the firm mean when it says, "Settle for Everything"?    (top)

A: "Settle for Everything" is shorthand for Wood & Bender’s approach to insurance policy enforcement. From years of experience assessing and interpreting policies, the firm has developed a keen understanding of the business of insurance and policy architecture, assuring the effective penetration of policies and enforcement of their terms. Whether the best strategy for an organization is settlement or trial, Settle for Everything is a vigilant reminder that the only acceptable course of action is to demand and expect carriers to comply with all promises made by their policies.