Insurance carriers have to be concerned about their bottom line because that concern is what keeps them profitable. After all, insurance companies make money when they collect more premium than they pay out in claims and expenses. While insurance companies also invest in the economy and make a return that way, investment income can only go so far.
Insurance companies, therefore, have to be sure that they are paying those claims they legally should pay in the amount that they are legally required to pay. This is one reason why complex claims can be so difficult for insurance carriers.
They often involve very serious losses under tragic circumstances. Yet, at the same time, there may be an important issue that absolves a policyholder from all or some of their legal liability. Unfortunately, sometimes juries in Colorado and the surrounding states expect insurance companies to pay simply because they seem to have the means to do so.
If the carrier does not arrange for a skilled defense of their policyholder, the carrier possibly stands to lose millions of dollars to what may well be an unfair decision against them. A skilled defense can prevent an unfair outcome.
A skilled defense will require subject matter knowledge and litigation experience
Currently, even many complicated cases get resolved through arbitration or mediation long before a traditional trial.
Often, these processes, called alternative dispute resolution, can save a lot of time and expense on resolving complex claims. However, to defend a policyholder, litigators will need to have experience resolving cases through alternative dispute resolution.
Of course, they also need to be well equipped for all stages of a courtroom trial and, possibly, an appeal. Aside from having seasoned litigation skills, a defense counsel should also have plenty of experts and other important contacts upon which they can rely. Additionally, skilled defenders will need to know their subject matter well. In other words, they must be sensitive to the specific issues certain types of cases present.
For example, asbestos cases present a wide range of legal and factual issues that are very different from, say, a car accident or even another type of work-related injury.