The carrier can be consulted and involved as much as they wish. Each carrier will agree to a Memorandum of Understanding that will dictate the level of carrier involvement in every step of the claims handling process.
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FAQs
Q: How much control does a carrier have over the handling and resolution strategy of a claim?
A:
Q: Will each carrier be able to use their own panel counsel?
A:
Yes. The carrier’s panel counsel may be considered, dependent upon expertise and rate.
Q: Is CyberScout Claims insured to handle and process claims?
A:
Yes, our E&O policy is in place with appropriate limits. We will also consider posting a bond if circumstances dictate.
Q: How to submit a First Notice of Loss?
A:
A First Notice of Loss can be submitted in one of two methods:
- (ACORD) Loss Notice can be emailed to CyberScout Claims.
- Carrier can submit First Notice of Loss directly into the CyberScout Claims portal.
Q: What is the methodology for securing third party providers when necessary?
A:
There will be times when we will need to employ an expert (i.e. forensic accountant) or other vendors (i.e. call center). We will refer to our established and fully vetted service provider resources. No external service provider will be hired without consult with the client.
Q: How long after the claim is submitted will the reserve be set?
A:
We will post a reserve in less than 30 days, we will also post a separate expense reserve. Reserves will be adjusted through the life of a claim as needed with approval from parties listed in the Memorandum of Understanding.
Q: Will the carrier be consulted when the reserve is set or increased?
A:
There may be certain triggers that will require us to obtain authority from the carrier prior to suggesting/posting a reserve increase. Any reserve increase above a predetermined value will require a Claims Summary form to be completed reviewed and approved by agreed upon individuals listed in the Memorandum of Understanding. All reserves will be continually reviewed upon diary.
Q: If the claim should go into litigation who will hire defense counsel?
A:
CyberScout Claims will hire defense counsel that specializes in cyber claims/litigation if a suit is filed, coverage is disputed, or the scope of loss dictates. The carrier can provide input on the selection of the defense counsel, dependent upon level of expertise.