The Difference Between Good Faith and Bad Faith Claims
When insurance companies enter into agreements it is expected that they will act in good faith, acknowledging claims as valid if the policy is valid,…
10 Things You Need to Know About Historical Insurance
Interested in why historical insurance matters and what it can do for you? We've lined up ten things you should know about historical insurance policies,…
Meet The Restorical Team
Restorical's insurance archaeologists share a passion for discovery. Our team is built of established professionals who are skilled at locating viable historic insurance policies for…
What is Environmental Due Diligence and Why is it Important?
When making a commercial real estate transaction, hidden environmental liabilities can be devastating, costing up to millions of dollars in some cases. If you're about…
Can Your Business Remain Open When Cleaning Up Contamination?
When dealing with an environmental contamination issue, businesses can easily feel overwhelmed. Common considerations owners have include the impact contamination will have on the business,…
Environmental Enforcement Actions – Don’t Forget About Insurance
Most everyone (property owners, business owners, municipal government, financial institutions, etc.) cringe when they hear they have an environmental problem and they need to comply with…
Is an Old Insurance Policy Viable?
At Restorical, we are commonly asked about the viability of old insurance carriers. For the most part, Comprehensive General Liability (CGL) policies from over 100 years ago are available to make environmental claims. The insurance industry has historically experienced tremendous consolidation, or a larger insurance carrier purchasing a smaller one, this preserves the continuity of coverage to present day. The purchasing carrier will retain the selling carrier’s historic liability regarding old insurance policies. The exception to this rule is in the case of an insurance carrier going out of business. While this is not common, it does happen and will continue to happen from time to time.
Why Are My Old Insurance Policies Still Valuable?
Whether you keep your old insurance policies tucked away in alphabetical order in a filing cabinet or have lost them all together, there is always a chance they hold some sort of value to you, your business, and your future. From life insurance policies to industrial property insurance policies, the plans of yesterday can impact your future. In some cases, it could mean the difference of having a project financed or not. In other cases, it could mean losing out on the money you thought you were owed. Insurance policies hold their value much longer than you may think. As insurance archeologists, it’s our job to dig those old policies up and examine them.
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