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Featured General Insurance Press Release

LenderDock Inc., the premier provider of online services for Property and Casualty Insurance policy verification and automated lienholder process management, is excited to unveil its latest collaboration with GeoVera Insurance Group.

“GeoVera is a carrier seriously dedicated to providing the very best service and support to their valued customer base. LenderDock will be able to help them manage internal resources differently with lower costs and peace of mind,” said Frank Eubank, LenderDock CEO.

GeoVera will implement the use of LenderDock’s base platform (VERiFi™, LIENSure™, LENDERDocs™) alongside the NOTiFi™ solution.

VERiFi™ is a real-time insurance policy verification system designed for verifiers and lenders. With VERiFi™, phone calls for policy verification are a thing of the past, making the process faster and more efficient.

The second tool, LIENSure™, automates the process of updating policy information by allowing lenders to submit corrections directly to the carrier. This enables carriers or providers to process the updates efficiently according to their own procedures.

The final base suite tool, LENDERDocs™ provides electronic and real-time access to important policy-related documents such as EOIs, Certificates, and others to financial third parties. This helps streamline the process of obtaining and sharing these documents, making it easier for business partners to manage their policy information.

GeoVera will also use LenderDock’s NOTiFi™ solution. NOTiFi™ is a system that facilitates the exchange of insurance information among a variety of parties including insurers, lenders, leasing companies, government agencies, and trackers.

About LenderDock Inc.

LenderDock Inc., with its headquarters located in Salt Lake City, Utah, is the industry leader in automated lien holder process management services as well as online property and casualty insurance policy verification. Banks, lenders, and financial third parties can digitally verify and update home and car insurance-related data in real-time using the policy verification-as-a-service (VaaS) platform.

March 4, 2021
Featured General Insurance Press Release

LenderDock Inc., the premier provider of online services for Property and Casualty Insurance policy verification and automated lienholder process management, is excited to unveil its latest collaboration with Brightway Insurance.

“LenderDock is very excited about the opportunity to be collaborating with Brightway Insurance. As one of the largest MGAs in the U.S., they bring a unique perspective and focus to optimizing and improving internal processes that involved the banking community.  We fully endorse and support their goal of process automation to drive down costs,” said Frank Eubank, LenderDock CEO.

Brightway will implement the use of LenderDock’s base platform, which includes the VERiFi™, LIENSure™, and LENDERDocs™ services.

VERiFi™ is a real-time insurance policy verification system designed for verifiers and lenders. With VERiFi™, phone calls for policy verification are a thing of the past, making the process faster and more efficient.

The second tool, LIENSure™, automates the process of updating policy information by allowing lenders to submit corrections directly to the carrier. This enables carriers or providers to process the updates efficiently according to their own procedures.

The final base suite tool, LENDERDocs™ provides electronic and real-time access to important policy-related documents such as EOIs, Certificates, and others to financial third parties. This helps streamline the process of obtaining and sharing these documents, making it easier for business partners to manage their policy information.

About LenderDock Inc.

LenderDock Inc., with its headquarters located in Salt Lake City, Utah, is the industry leader in automated lien holder process management services as well as online property and casualty insurance policy verification. Banks, lenders, and financial third parties can digitally verify and update home and car insurance-related data in real-time using the policy verification-as-a-service (VaaS) platform.

December 27, 2019
Insurance

When multiple insurance policies cover a significant loss event, priority of coverage often becomes an issue for all of the insurers. Data breach incidents and other cyber loss events are no exception to this general rule. Insureds may request coverage from a broad array of insurance policies for a cyber event, not just from the “cyber insurer,” and multiple insurers may answer the call. This situation can present challenges, in part because the insured’s claims are usually presented on a time-sensitive basis.
For example, a well-insured health care provider is aware of its applicable federal and state breach response laws, and pays for several insurance policies: an information and privacy policy with data-breach notification coverage; a management liability policy; a professional errors and omissions liability policy with medical information protection provisions; and a tower of commercial general liability insurance.

A sample claim scenario may be when an employee’s laptop is lost or stolen. The laptop contains personal health information of more than 10,000 customers, including their medical histories and conditions, prescription information and premium payments. Initially, the notified insurers promptly identify their responsibilities to the insured. The insured complies with the applicable states’ breach notification laws. The insured’s intent may have been to rely on its cyber insurer for reimbursement of its payments for notification costs and credit monitoring costs.

However, different insurers have developed different cyber insurance forms, so the facts of the coverage claim may not squarely match up to the specifically insured cyber perils. Meanwhile, each liability insurer, not just cyber liability insurers, considers the applicable jurisdictions’ law on their duty to defend and whether it makes sense to participate in the insured’s defense and attorney fee reimbursement.

 

Next, challenges for both liability insurers and property insurers include how they relate to, and cooperate with, each other. Multiple insurers may have concurrent responsibilities for shares of the insured expenses involved in a cyber loss investigation, and eventually for governmental penalties or resolution amounts, and/or liability for settlements or judgments. Some breach events may not fit into cyber coverage at all.

To illustrate, if a hacker sends a phony email that dupes a corporate accounts-payable department into wire transferring money to a fake account, it could be subject to the corporation’s crime coverage. But cyber insurance may not respond merely because the thief uses a computer and an email as instruments of deception.

Sometimes it is possible to harmonize “other insurance” clauses issued by multiple triggered insurers, but more often there are clauses that conflict. Depending on how applicable law resolves such conflicting clauses, the insurers are often left to resolve their differences by cooperation.

Alternatively, when insurers consider what types of risks their policies were intended to cover, they may decide that one type of coverage should stand aside
until after another type of coverage exhausts. For instance, loss coverages may clearly define “loss” to exclude notices to affected parties and the related investigation costs after a data breach event.

Ideally, all insurers can work constructively to agree on reasonable allocations of their mutual responsibilities for the insured risks. Further complications can arise when different retained limits and sub-limits are issued by different insurers. Such risk-limiting agreements can provide the insured with an incentive to participate in, or even direct, prioritization among its multiple insurers.
It may be impossible to fully align the interests of every insurer that is presented with a complex cyber coverage claim. Cooperation can lead to efficient resolution of the issues, ideally with minimal delay and minimized transactional costs.

Best’s Review contributor Michael D. Handler, a member attorney at Cozen O’Connor, is experienced in professional and specialty risks as advisory and litigation counsel. He can be reached at [email protected].

March 6, 2017
Featured General Insurance Press Release

LenderDock Inc., the premier provider of online services for Property and Casualty Insurance policy verification and automated lienholder process management, is excited to unveil its latest collaboration with PEMCO Insurance.

“PEMCO’s shared vision of lienholder workflow automation and their adopting a process that truly solved the painful and expensive touch points with banks and lenders has enabled the LenderDock’s suite of services to manifest for the entire carrier community,” said Frank Eubank, LenderDock CEO.

PEMCO will implement the use of LenderDock’s base platform, which includes the VERiFi™, LIENSure™, and LENDERDocs™ services.

VERiFi™ is a real-time insurance policy verification system designed for verifiers and lenders. With VERiFi™, phone calls for policy verification are a thing of the past, making the process faster and more efficient.

The second tool, LIENSure™, automates the process of updating policy information by allowing lenders to submit corrections directly to the carrier. This enables carriers or providers to process the updates efficiently according to their own procedures.

The final base suite tool, LENDERDocs™ provides electronic and real-time access to important policy-related documents such as EOIs, Certificates, and others to financial third parties. This helps streamline the process of obtaining and sharing these documents, making it easier for business partners to manage their policy information.

About LenderDock Inc.

LenderDock Inc., with its headquarters located in Salt Lake City, Utah, is the industry leader in automated lien holder process management services as well as online property and casualty insurance policy verification. Banks, lenders, and financial third parties can digitally verify and update home and car insurance-related data in real-time using the policy verification-as-a-service (VaaS) platform.

January 19, 2017
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