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Benefits of Collaborating In Claim Situations Why You Want To Be Involved

Presented by:Paul Kennedy Tiffany Schaak

King and Neel, Inc. The Hartford

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Your Hosts

.Paul Kennedy is Vice President with King & Neel, Inc. in Honolulu, Hawaii, the agency he has been with since 2008. Prior to this he was with Chubb Surety for fifteen years during which time he gained valuable experience in domestic and international underwriting, account management of privately held small, medium and large contractors, publicly traded multi-national contractors, and Fortune 500 companies. Mr. Kennedy is a graduate of Trinity College in Hartford, Connecticut, where he earned his BA in Latin American Studies and Economics.

Tiffany Schaak, is a claims attorney with The Hartford in Seattle, Washington. She serves on the Board of Directors of Pearlman Association and is a member of the Washington State Bar Construction Section, and former co-chair of the Bankruptcy Section of the American Bar Association, Tort and Insurance Practice Section. Ms. Schaak received a B.A. in finance from the University of Puget Sound, and a Juris Doctorate degree with honors from Seattle University School of Law. Additionally, she has earned the AFSB designation.

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Disclaimer

The Production Side of the House

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Perception

Reality

Vs.

The Environment of the Agent

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- Building Relationships

- Knowing the Business Environment

- Valued Business Partner

The Claims Side

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The Environment of Claims

• Regulation• Minimize Exposure / Mitigate Loss• Pay Valid Claims in a Timely Manner• Pursue Salvage

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Be Aware of where the other side is coming from..

Differences:• Offense v. Defense

• Business v. Regulation

• Relationship v. One off

Similarities:• High Pressure

• Service to the same product

• Problem Solving

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Here Comes the Claim…March 4, 2014 9

Expectations

Of the Agent• Awareness of:

– the dual role the agent plays;– the level of comfort the agent

has with the claim process.

• Open Communication – keep advised of developments

• Work as a Team

Of the Claim Representative• Base information

• Set Expectation – make sure client knows what we need and why we need it

• Lead the Principal

• Mind the Relationship

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Why You Should Lead

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Incentives

• As a professional agent, you can extract more from the claim team

• A successful outcome for both clients

• Knowledge of outcomes and situations

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Incentives

• Learn the claim process

• Added value to your client

• Improve your relationships with carriers

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When to be wary

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Areas of Caution

• Legal advice• When there are divergent interests• When the Principal is not being

cooperative• When claim staff is taking a hard stance• Cultural differences of carriers /

alienating the underwriter

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Advance your practice

Traditional Approach• Forward the claim with

initial position• Advise your contractor

client to seek counsel

Proactive Approach• Same first steps• Take it further:

– Explain the claim process to the contractor client

– Align the interests of the surety and the contractor to the extent possible

– Explore solutions with the claim staff

– Get everyone on the same team

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Role of the Agent

• When the wheels fall off • When your contractor customer is a claimant• When you are approached by an owner or

claimant

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We are in this together. For the product to survive it needs to be valued from both a credit perspective and a promise perspective.

Cultivating a relationship with a surety company’s claim department is a wise investment. The knowledge and connections gained will add

value to your clients and enhance your business.

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YOUR QUESTIONS?If you do not have the opportunity to have your question addressed during the Seminar, you may contact the presenters directly:

Paul Kennedy Tiffany SchaakKing and Neel, Inc. The Hartford(808) 521-8311 (206) 292-7870Paul.Kennedy@ kingneel.com Tiffany.Schaak@thehartford.com