Settlement Allocation Tool
About the Insurance Litigation Firm
This law firm focuses exclusively on serving the legal needs of the insurance industry worldwide from institutional, compliance, regulatory, surplus lines, reinsurance, and life, health and disability matters to extracontractual litigation, and property and casualty engagements.
Challenge
Challenge
Mass tort litigation involving thousands of claimants and various Insurers over a 20+ year exposure period. Following settlement, our client needed a tool that could intake the limit amounts that were to be paid by the various insurers and calculate the amounts due to the various claimants utilizing a complex allocation methodology.
Solution
Solution
We created a Settlement Allocation Tool that classified incident types per claimant over time and assigned various settlement values based upon the insurance coverage available. This tool was agreed upon and used by all firms and insurers in the case to assign settlement values as well as the amounts due by each insurer.
Benefit
Benefit
This tool provided an efficient way to intake extremely complex data from various sources and quickly calculate payouts using an agreed allocation methodology.
