Businesses who were sued and had their claim covered by their insurance company even though it was not their fault. Also, businesses that had an insurance claim involving damaged property that was kept by their insurance company and likely sold for salvage.
Potentially, businesses with these types of insurance claims may be entitled to monetary damages.
All commercial insurers
Often insurers will sell salvaged property, or subrogate liability claims and win, and not update the loss history for an insured policyholder, so they over-pay for insurance for years.
Were you sued and your insurance covered it but it was not your fault? Have you had a property insurance claim and your insurance company kept the damaged property likely to sell it for salvage? If so, you may have been over-charged, possibly even illegally, and may be entitled to compensation.
Crediting Loss History for Salvage and Subrogation
For decades, the insurance industry has priced insurance based upon prior loss experience. Insurers will estimate loss payments and loss adjustment expenses, including defense, as part of this historical information. Typically, prospective insurers look at 3 to 5 years of prior loss history. Often insurers will sell salvaged property, or subrogate liability claims and win, and not update loss history for an insured, so they over-pay for insurance for years.