Successful subrogation recoveries and the hard work required to collect from at-fault third parties present many unique challenges to insurance carriers. ICC’s frontline claims and subrogation teams work together to analyze recovery potential at the outset of the claims process. Our commitment to investigate thoroughly and pursue all avenues of recovery has led to many successful outcomes for our insureds, our agents, and ICC.
From altercations to vehicles hitting buildings to large-scale fires, the following success stories have different causes of loss, timelines, and damages. Some required that we hire outside subrogation counsel and others were managed in-house. The one thing they have in common is that recovery was successful due to thorough investigations and communication. We kept our focus on capturing more of our paid claim dollars, returning all or a portion of the insured’s deductible, and positively impacting the agent’s total loss ratio.
1) Cause of Loss: Fire
The loss occurred in December. Roofing contractors used torches to melt ice on the roof and started the fire.
Damages: $7,415,738
Gross Recovery (Trial Results): $4,251,275 (57%)
2) Cause of Loss: Fire
The hood and duct vendor did not adequately clean the ducts for several years, and there was debris built up. The welding sub-contractor was onsite (hired by the hood and duct vendor) to install a new access panel to allow easier access for cleaning. The welder did not recognize the buildup prior to cutting the metal and sparked a fire in the duct work.
Damages: $3,175,748
Gross Recovery: $1,650,000 (52%)
3) Cause of Loss: Altercation
Defendant (Allegedly Intoxicated Person or “AIP”) punched Plaintiff, causing Plaintiff to fall to the ground, striking their head and becoming brain dead due to blunt head trauma.
Settlement: $1,500,000
Recovery to date: $5,911
Limitations of Recovery: When no liability insurance exists, the value of the assets to pursue with a judgment are typically limited to home, vehicles, income/wage garnishment, etc.
4) Cause of Loss: Vehicles
A delivery truck hit the cantilevered overhang.
Damages: $171,017
Gross Recovery: $146,269 (86%)
5) Cause of Loss: Vehicles
A dump truck crashed through the front of the building causing severe damage.
Damages: $40,499
Gross Recovery: $40,499.08 (100%)
For information about insuring your business with ICC, contact an ICC agent today. Use our Find an Agent search to locate an agent in your area.
