THE HISTORIC AUDIT

 

A comprehensive audit often includes the following:

  • Organize the existing insurance records to determine gaps in the program(s) and to develop leads to outside sources.
  • Research missing policies, including the pre-acquisition insurance programs of predecessor companies.
  • Reconstruct the corporate history to identify leads, such as, key acquisitions and divestitures, former employees, major customers and contracts which required evidence of insurance.
  • Download and review indices from off-site storage vendors or in-house records management software.
  • Contact outside sources such as, brokers, carriers, outside counsel, lessors and government entities.
  • Conduct internet research to locate key former employees, outside counsel and brokers.
  • Conduct LEXIS research to identify past litigation which involved liability insurance.
  • Create a policy database which tracks key coverage terms for relevant insurance program, including pre-acquisition insurance for predecessor companies and concurrent policies for various subsidiaries.
  • Graph the insurance program to illustrate the corporate history as well as key policy provisions and significant changes in the coverage over decades.
  • (Click graph to enlarge)
  • Image records to preserve the documentation and make the information easily accessible when reporting and negotiating claims or evaluating coverage by outside counsel.

 

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