Mitch Harless, Senior Vice President for Claims Management, concludes the conversation as Frank’s guest in this episode of Stephens Viewpoints. Frank and Mitch discuss why an indemnification specialist is an important adviser to help clients understand oil patch indemnification and mutual indemnification agreements, both before and after an incident. Listen in to hear more.
[:29] There is a lack of clarity about the indemnification process, which is a highly specialized field. Firms that have claim management expertise in this area bring added value to businesses in this industry.
[1:11] Besides bringing expertise, what communication skills are needed for a claim management specialist? Mitch explains how he helps people visualize the complex relationships involved in indemnification obligations.
[1:52] Mitch offers flowcharts and dynamic discussions, with a review of real-life examples of the indemnification process.
[2:04] How long does it take for specialists to achieve results? The BP case took about five years to resolve. Complex issues involving insurance and indemnification agreements can take months to years to resolve.
[2:48] Mitch explains the benefits of a pre-loss review by a claims management specialist, who can offer insurance programs that respond best to the particular needs.
[4:04] Mitch has a final suggestion for oil services firms undecided as to whether they need to consult with an indemnification claims management specialist. Establishing a relationship with a specialist may achieve better outcomes than would otherwise occur.
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