Mass Tort Insuranceshoke2013
Maximize Assets/ Minimize Liability
Successfully confronting a mass tort situation such as asbestos, environmental or other long-tail claims requires that you maximize your insurance assets while simultaneously leveraging them to minimize your liabilities. If these needs are not addressed proactively and comprehensively it can endanger your company’s financial security and distract you from your mission. Best practice is to engage organizations whose core competency is working with companies beset with long-tail mass tort issues by providing expert litigation and insurance expertise while allowing your management team to stay on task. You should pursue a comprehensive approach involving insurance recovery, integrated data management and defense counsel cost control. When these tasks are centralized it allows you to implement best practices and performance benchmarking which enables you to both improve results and reduce costs.
A Chicago, Illinois, company hired Hoke LLC to secure asbestos insurance coverage from its historical insurers for its large book of pending asbestos lawsuits. In less than two years, we secured a full defense from its historical asbestos insurance carriers and generated $35MM in free cash through insurance commutations. We were then engaged to assist on the liability side because indemnity experience was increasing significantly. After identifying the driving factors of the increasing settlements, we worked with the insurers and defense counsel to improve performance. Within six months, indemnity numbers began to reduce, and with better claim management defense expenses were also dramatically reduced. We then took over the functions of National Coordinating Counsel, and were able to keep the improvements on track and to produce information that management could use to monitor the situation.
Hoke LLC is an insurance recovery boutique. All of its senior attorneys are former Big-Law partners that exists to assist mass tort defendants in insurance asset recovery and maximizing their deployment. We have a long list of high-profile satisfied corporate clients who have used our services to recover insurance for asbestos, environmental and mass tort matters. Our goal is to recover insurance for your legacy liability in the most efficient manner possible. We encourage Alternative Fee Arrangements that base our compensation on our performance or provide you with cost certainty, including contingency arrangements.
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