Case Studies: The Receiver

The Client	A court appointed receiver in the Southwest.
The Problem	Given turbulent economic times, the receiver's business increased several fold as property owners defaulted on loans. The receiver was personally responsible for the insurance on each property. The owners in default were either unwilling or unable to produce evidence of insurance. With so many things to take care of, it was very important to be able to place coverage quickly with minimal hassles. With so many buildings coming in and out of receivership -and so much paperwork- there was increased risk of an uncovered property.
The Solution	Elkins Jones worked with its insurance partners across the country to setup a program specifically designed for receivers or other entities required to force place insurance. The program is setup to allow receivers to add or subtract property online or via email, and each property required minimal underwriting. Billing is done in arrears - no money up front- on a per day basis. So those properties under receivership for a week would only be charged for a week.
The Result	The insured was able to significantly cut administrative costs related to insurance by procuring insurance more efficiently. With all properties on a master policy, the risk of an uncovered property was substantially diminished.

Like to read more? Find out about other Elkins Jones success stories in the following case studies: