Protecting Interested Third Parties in the Resolution of Property Claims

Considerations for Insurers and Policyholders in Avoiding Post-Resolution Actions Against Settlement Proceeds

A live 90-minute CLE webinar with interactive Q&A


Thursday, June 21, 2018

1:00pm-2:30pm EDT, 10:00am-11:30am PDT

Early Registration Discount Deadline, Friday, June 1, 2018

or call 1-800-926-7926

This CLE webinar will provide insurance counsel guidance on protecting interested third parties’ rights to settlement proceeds after a property loss claim. Our experienced panelists will address critical considerations for insurers and policyholders and provide practical insight on avoiding post-settlement litigation with third-party payees.

Description

Claims by overlooked third-party payees can derail an otherwise well-crafted (and hard-fought) settlement agreement. Short of litigation, third parties with a potential interest in settlement proceeds are left with no options for recovery if excluded from settlement discussions. While first-party policies grant policyholders and additional insureds recovery rights, loss payments can also extend to mortgagees and other lienholders, lessors and lessees, as well as pre- and post-loss assignees.

Policyholders should identify interested parties before a policy’s placement—typically during the application process—and update the insurer’s roster of loss payees during the policy term. Failure to provide complete and accurate information can expose the insured to a protracted resolution of the matter or an insurer's outright denial of a loss claim.

Even after the proper identification of additional insureds or loss payees, parties must craft property settlement agreements that adequately consider each party’s interest in the property, mitigate the potential for any last-minute disagreements about payment, and ensure finality of the settlement.

Listen as our seasoned insurance practitioners offer critical insight to counsel for insurers and policyholders on this issue, and provide practical guidance on avoiding post-settlement disputes.

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Outline

  1. Identifying interested third-parties
    1. Additional insureds
    2. Loss payees
  2. Considerations for policyholders
    1. At policy issuance
    2. At settlement
    3. Post-settlement
  3. Considerations for insurers
    1. At policy issuance
    2. At settlement
    3. Post-settlement
  4. Jurisdictional considerations

Benefits

This panel will review these and other noteworthy issues:

  • What are the policyholder’s and insurer’s obligations for ensuring inclusion of proper and necessary parties as payees on settlement drafts?
  • Who, other than the insured, is entitled to a share of the settlement proceeds?
  • How can policyholders and insurers protect themselves when a third party asserts an interest in a loss payment?

Faculty

Gibbs, Jennifer
Jennifer L. Gibbs

Partner
Zelle

Ms. Gibbs has over 25 years of experience in the insurance industry. Her practice is focused on first-party property...  |  Read More

Hill, Celeste
Celeste A. Hill

Shareholder
Clausen Miller

Ms. Hill is a seasoned counselor and trial attorney with a broad experience handling complex commercial matters,...  |  Read More

Live Webinar

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Strafford will process CLE credit for one person on each recording. All formats include program handouts. To find out which recorded format will provide the best CLE option, select your state:

CLE On-Demand Video

48 hours after event

$247

Download

48 hours after event

$247

DVD

10 business days after event

$247 + $9.45 S&H