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.
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- Image records to preserve the documentation and make the information easily accessible when reporting and negotiating claims or evaluating coverage by outside counsel.
