On 08/30/16 we received a payment request in the amount of $633,451.60 ($617,158.33 LOSS & $16,293.27 LAE) from the broker, AON on behalf of Zurich (ZIC). The Pay Time form is completed & tasked to K.Haniff.
Our current outstanding reserve is $1,044,591.03 ($837,699.66 Loss & $206,891.37 LAE) with a total incurred of $2,813,385.09. An increase of $62.91 in LAE is required. After payment of the $633,451.60 our outstanding reserve will be $411,202.34 (Loss $220,541.33 & LAE $190,661.01) for a total incurred of $2,814,448.00.
Under the terms/agreement of their Subguard policy, ZIC continues to reimburse their insured, Goldman Sachs (Goldman) for the cost incurred as result of the default work performed by subcontractor, PNA (formerly Glassalum) hired by general contractor, Turner …show more content…
ZIC’s policy is first party coverage where ZIC is obligated to indemnify the insured, Goldman against any default work performed by a subcontractor. The GC, Turner hired the sub, PNA to
Our current outstanding reserve is $1,044,591.03 ($837,699.66 Loss & $206,891.37 LAE) with a total incurred of $2,813,385.09. An increase of $62.91 in LAE is required. After payment of the $633,451.60 our outstanding reserve will be $411,202.34 (Loss $220,541.33 & LAE $190,661.01) for a total incurred of $2,814,448.00.
Under the terms/agreement of their Subguard policy, ZIC continues to reimburse their insured, Goldman Sachs (Goldman) for the cost incurred as result of the default work performed by subcontractor, PNA (formerly Glassalum) hired by general contractor, Turner …show more content…
ZIC’s policy is first party coverage where ZIC is obligated to indemnify the insured, Goldman against any default work performed by a subcontractor. The GC, Turner hired the sub, PNA to