Podcasts

Lynda Bennett: In today's episode, we're going to give you an overview as to why we started this podcast and what we're hoping to accomplish. Insurance is a niche area of the law that has grown in complexity by leaps and bounds over the years. It takes a strong and diverse team to make sure that policy holders are well-represented and protected both in terms of purchase of insurance policies and the pursuit of claims.

Lynda Bennett: Michael and I have been in the trenches for nearly 30 years and are delighted to share our depth of knowledge and experience. We're all about providing practical advice and making the insurance process less complicated and painful. While most people cringe at the notion of having to review insurance policies, we actually love it. In fact, I often describe myself as an insurance geek. I love reading insurance policies, figuring out the jigsaw puzzle and explaining that to my clients in plain and practical terms. So as we embark on this journey together Michael, why don't you provide us with some of the key rules of the road that every policy holder needs to understand about insurance and which will guide our discussions in future podcasts?

Michael Lichtenstein: Thanks Lynda. The first rule is that no two policies are the same. So it's very important to read all the words in your policy, including the endorsements, as you're evaluating the strengths and weaknesses of a particular claim that you have.

Michael Lichtenstein: Second is that the law matters. Insurance policies are governed by state law and not all state law is the same. So again, when you're evaluating the strength or weakness of a claim, you really need to know what law is going to apply to the interpretation of your insurance policy. Why don't you take the third one, Linda?

Lynda Bennett: Sure. So the third one is that the players that are advocating on your behalf really matter. As I mentioned at the top, insurance can be very complicated and complex. So you really need to make sure that you've got a strong team in the market for you in the first instance, looking to place your policies, and that's primarily your broker relationship. And then in the second instance, when a claim gets presented, you need to make sure that you have strong advocates who have a deep knowledge base in how to maximize coverage under that policy that you paid so much money for.

Lynda Bennett: And that's really where we come in. We work very closely with brokers, but you really do need to have a lawyer who is well-versed in the nuances of insurance coverage law, and Michael and I have been doing this happily and with a smile on our face for the past 30 years.

Michael Lichtenstein: So Linda, the last one, and you and I have often said this to each other, insurance carriers love to take our premiums, but hate to pay our claims. And so no is oftentimes the first answers that our clients get when they present a claim. But it's almost certainly not the last answer and it's rarely correct. So I guess the last rule is don't be discouraged when you hear no, don't take no for an answer and consult with experienced policy holder counsel, like Linda or me and our job is to turn that no into a yes.

Lynda Bennett: Well said, Michael. In fact, I think you've just shared with our listeners, how we came up with the name for our podcast, Don't Take No For An Answer, because that really is what guides our practice day in and day out. I think we've laid a very strong foundation for the principles that will guide our discussions in future episodes. So we're going to take these concepts and we're going to build on them as we take you into some of the basics of insurance 101 claims handling and placement, as well as when we have some of our very special guests addressing some of the more complicated and hot topics in insurance today. So we look forward to having you come back, check out our page at www.lowenstein.com.

Michael Lichtenstein: And remember don't take no for an answer.

Kevin Iredell: Thank you for listening to today's episode. Please subscribe to our podcast series at lowenstein.com/podcasts, or find us on iTunes, Spotify, Pandora, Google podcasts, and SoundCloud. Lowenstein Sandler podcast series is presented by Lowenstein Sandler and cannot be copied or rebroadcast without consent. The information provided is intended for a general audience. It is not legal advice or a substitute for the advice of counsel. Prior results do not guarantee a similar outcome. The content reflects the personal views and opinions of the participants. No attorney client relationship is being created by this podcast and all rights are reserved.