Policyholders faced with exhaustion and erosion of insurance assets have been spurred to look more closely at documenting any gaps that could potentially provide coverage.

Gaps that may have seemed insignificant or manageable only a few years may now be critical to fill. Whether just starting an audit or focusing on gaps remaining from prior research, the objective is clear: document as much coverage as possible and pursue solvent coverage while it is still available.

Shelves full of old paper records
historic insurance 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 organization's history to identify leads, such as former owners, key employees, major customers and contracts which required evidence of insurance.

Preserve Insurance Records

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

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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