RYZE Claim Solutions’ Post

Euclid Transactional had another active month in April 2024, settling four claims which will result in payments totalling USD 16.4M to Insureds in the US, Sweden, and Slovenia. These claims involved breach of contract, financial statements, and environmental compliance issues, bringing total paid loss to USD 777.8M, contributing to Euclid’s sterling claims and underwriting reputation.   Although our 2023 Global RWI Claims Study indicated that claims in North America are 42% more likely to assert a multiple when calculating loss than claims brought in EMEA, we still see plenty of examples in EMEA. One of our April settlements involved an eight-figure payment of multiplied damages to an EMEA-based Insured.   One benefit of having the largest claims team in the industry spread over four of our global offices is that we can work quickly and efficiently across jurisdictions to ensure each of our insureds receives a fair and effective resolution. Thank you to our fantastic clients and broker partners for working through these claims with us.   If you’re interested in reading more about our 2023 Global RWI Claims Study, please visit here: https://lnkd.in/ebNSN3AC    

It is a document the review recommended the repair industry should get to know better. 2024 looks set to be a big year for the MVIRI Code of Conduct. #mtaa

Missed InfoTrack’s recent webinar covering the latest tips and tricks for managing April PII renewals? Don't worry, the recording is now available for you to watch! 🎥 With approximately 30% of law firms gearing up for their Professional Indemnity Insurance (PII) renewal this April, it's the perfect moment to delve into the current tremors shaking the insurance market. With insights from Phil Edwards, the astute Managing Director at QPI Ltd t/a Quality PI and the insightful Business Consultant, Lisa Summerton, we delved into: - The dynamic market environment, characterised by a surge of new players. - Valuable insights into the shifting perceptions of conveyancing exposure, which are redefining risk assessments. - Emerging challenges, such as grappling with the implications of the BSA. - Guidance for providing comprehensive information that surpasses conventional insurer enquiries. 🔗 Watch the recording now to stay ahead in the ever-evolving insurance landscape: https://lnkd.in/gAwrKZ3T

Getting claims paid has become increasingly challenging. Proper claim documentation and organization can expedite payment and reduce communication hassles with carriers. Here are three key considerations for you as a roofing contractor: 1. Account for Every Line Item: Precision is paramount when drafting estimates, especially with Xactimate. Ensuring every line item is accurately recorded safeguards against revenue reduction and potential losses. 2. Documentation, Documentation, Documentation: In many states, the burden of proof for property damage falls on the policyholder. Hence, comprehensive documentation—including photos, videos, and notes—is indispensable. Contractors should prioritize gathering evidence of damage during inspections. 3. Understanding the Process from Start to Finish: Understanding procedures and protocols is essential. Effective documentation, organization, and structured follow-up can significantly influence claim outcomes. If you’re struggling with estimating or supplementing insurance claims, SFYOffice.com offers estimating and supplement support while SFYUniversity.com offers comprehensive training. From providing training to establishing an in-house team to managing the entire process, we've got you covered. With SFY University by your side, you can navigate the complexities of insurance claims with confidence and expertise. #TipTuesday #InsuranceClaims #SFYUniversity #RoofingIndustry

⏩ In today's fast-paced E&S Casualty market, both insurers and brokers alike are faced with new challenges as they try to deliver solutions and keep up with the increased demand.   ⏩ Jason Conkin, EVP E&S Casualty, sat down with Insurance Insider US at the WSIA (Wholesale & Specialty Insurance Association) Annual Marketplace to dive into the state of the market and weigh in on how insurers can thrive in this dynamic environment while also helping to ease the strain that the high demand places on brokers. Specifically, he'll give his perspective on why an emphasis on carrier responsiveness and relationship building is key.   ⏩ Click here to watch the full video and get more of Jason's expert insights: https://lnkd.in/ev2CUPaG

In conversation with Kelvin Hui, Senior Claims Handler, Financial Lines & Casualty, we speak about his role, Arch’s claims offering, and the challenges in the current market. https://lnkd.in/etGkWesx #PursuingBetterTogether 

Euclid Transactional had another active month in April 2024, settling four claims which will result in payments totalling $16.4m to Insureds in the US, Sweden and Slovenia. These claims involved breach of contract, financial statements, and environmental compliance issues, bringing the total amount of paid loss to $777.8m, contributing to Euclid’s sterling claims and underwriting reputation.   Although our 2023 Global RWI Claims Study indicated that claims in North America are 42% more likely to assert a multiple when calculating loss than claims brought in EMEA, we still see plenty of examples in EMEA. One of our April settlements involved an eight-figure payment of multiplied damages to an EMEA-based Insured.   One benefit of having the largest claims team in the industry spread over four of our global offices is that we can work quickly and efficiently across jurisdictions to ensure each of our insureds receives a fair and effective resolution. Thank you to our fantastic clients and broker partners for working through these claims with us.   If you’re interested in reading more about our 2023 Global RWI Claims Study, please visit here: https://lnkd.in/eeaEv3RU

Discover the independent ranking of underwriters in the London Market, featuring around 500 nominations and covering over 870 underwriters from 110+ companies. Ranked by peer endorsements, this report highlights the market leaders across all business classes. Download the full report in the link below

In the Five Star Rating Report – MGA Market 2023/24, which was officially launched in full today Pen Underwriting UK Nick Wright chief business development officer speaks to acting editor Yiannis Kotoulas about its results as well as what it is working on for the year ahead Savan Shah #MGAreport #MGAs #Brokers #commerciallines #riskmanagement #insurancenews #ITexclusive

Thanks to Joshua Munt of Insurance-Desk Services for joining me in this episode where we discuss how JCT (Joint Contracts Tribunal) Contracts can help de-risk your project. https://lnkd.in/ewD5M3sb #propertydevelopment #ukproperty