Spitzer Suit Against Major Insurers "Tip of the Iceberg" Notes Insurance Enforcement Attorneys Wood & Bender
SAN FRANCISCO - October 14, 2004 - New York State Attorney General Eliot Spitzer announced today his office has sued the nation's leading insurance brokerage firm and that two insurance company executives have pleaded guilty to criminal charges.
David Wood and Dave Bender, partners of Wood & Bender LLP, are available to provide commentary and background on these developments. Wood & Bender is one of the nation's leading firms in the fast-growing legal specialty area of insurance policy enforcement.
"Contingent commissions are just one of the many practices insurance companies undertake to create a 'hard" market that makes it difficult for corporations to purchase and retain insurance coverage as part of a comprehensive risk management strategy, said David Wood, partner at Wood & Bender.
"We have seen evidence of contingent commission practices for some time and applaud Attorney General Spitzer's actions," added Dave Bender, partner at Wood & Bender. "Along with other practices, such as Retrenchment, Restriction and Rescission, known as the 3-Rs in the insurance industry, carriers have a longstanding history of business practices that put corporations at a disadvantage."
About Wood & Bender LLP
Wood & Bender LLP is one of the nation's leading law firms in the fast-growing practice of insurance policy enforcement. The firm focuses on five critical services: analyzing and recommending optimal insurance strategies, negotiating with carriers and customizing clients' insurance portfolios, evaluating and enforcing claims of loss, developing clients' business settlement and litigation strategies, and preparing the litigation defense of clients to compel insurers to assume their responsibilities. Wood & Bender serves mid-sized to Fortune 1000 corporations, large non-profit institutions and public entities, as well as partners with attorneys at mid-sized and large law firms who require support in insurance enforcement expertise. The firm is headquartered in Southern California.
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