AIRMIC HUB | Hot Topic: Nightmare Claims Come True – What I did and how I did it Holly Waszak - Solicitor, Major Loss Claims Adjuster - Financial.

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Presentation transcript:

AIRMIC HUB | Hot Topic: Nightmare Claims Come True – What I did and how I did it Holly Waszak - Solicitor, Major Loss Claims Adjuster - Financial Lines Claims Paul Dawson - Major Loss Adjuster - Property/Energy 12th June 2018

Initial issues Logistics of getting people to site immediately Local airport not operational for 8 – 10 weeks Marine transit only viable option from Antigua Hurricanes Jose and Maria Widespread damage and limited local resource Power distribution system down for 6 – 8 weeks Mini exodus

AIG site visit – November 2017 Primary focus on resort re-opening 9 Dec 2017 Lack of experience for large repair project Project Manager installed Interim payment approved

Insurance issues Local / Master policies T&C’s not back-to-back Underinsurance / Average No clarity re Basis of Settlement for BI in either policy. Maximum possible claim sub-limited by Master.

Loss Limits settlement agreed with the Insured. 4 months after loss Loss Limits settlement agreed with the Insured.

American International Group, Inc American International Group, Inc. (AIG) is a leading international insurance organization serving customers in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange. AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. Products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Not all products and services are available in every jurisdiction, and insurance coverage is governed by actual policy language. Certain products and services may be provided by independent third parties. Insurance products may be distributed through affiliated or unaffiliated entities. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds and insureds are therefore not protected by such funds.