A look at statistics showing how the insurance industry fared in consumer class action settlements.
BOSTON, Jan. 4, 2013 /PRNewswire/ -- An innovative option to promptly resolve complex Sandy claims is now available to personal and commercial customers of Liberty Mutual Insurance's family of companies: independent mediation or arbitration.
The nation's third-largest property and casualty insurer announced today that it has teamed with Kenneth R. Feinberg of Feinberg Rozen LLP to offer an Alternative Dispute Resolution (ADR) program. This voluntary, three-phase process is available to Liberty Mutual Insurance customers after the traditional claim-adjustment channels are exhausted. The program also is available to Safeco, Peerless, and Ohio Casualty Insurance customers.
"While we anticipate the overwhelming majority of our Sandy claims will be satisfactorily settled in a timely manner through the traditional process, there will be a small group of customers with highly complex issues that may benefit from an alternative route to resolve their claims," said Ted Gramer, Liberty Mutual executive vice president and Chief Claims Officer, Personal Insurance. "Resolving claims disputes through proven alternatives to the court system could accelerate an expensive settlement process for customers from possibly years to just a few months."
Mr. Feinberg is regarded as one of the nation's foremost experts on mediation and alternative dispute resolution, most recently acclaimed for his oversight of the Federal September 11thVictim Compensation Fund and the BP Gulf Coast Claims Facility. Mr. Feinberg also successfully managed an ADR program for Liberty Mutual in the aftermath of Hurricane Katrina in 2005.
"Liberty Mutual Insurance is providing its customers with a unique program designed to accelerate the process for the most complex Sandy claims," said Mr. Feinberg. "Similar to our successful program after Katrina, I am confident that we can provide Liberty Mutual customers with protracted coverage disagreements an independent alternative to reaching quicker resolutions than costly litigation."
Liberty Mutual, Safeco, Peerless and Ohio Casualty customers can request participation in, or learn more about, the Alternative Dispute Resolution program at (888) 295-0808 or www.LibertyMutualSandyADR.com.
About Liberty Mutual Insurance
"Helping people live safer, more secure lives" since 1912, Boston-based Liberty Mutual Insurance is a diversified global insurer and the third largest property and casualty insurer in the U.S. based on 2011 direct premiums written as reported by the National Association of Insurance Commissioners.
Liberty Mutual Insurance also ranks 84th on the Fortune 100 list of largest corporations in the U.S. based on 2011 revenue. As of December 31, 2011, Liberty Mutual Insurance had $117.1 billion in consolidated assets, $99.3 billion in consolidated liabilities, and $34.7 billion in annual consolidated revenue.
Liberty Mutual Insurance offers a wide range of insurance products and services, including personal automobile, homeowners, workers compensation, property, commercial automobile, general liability, global specialty, group disability, reinsurance and surety. Liberty Mutual Insurance (www.libertymutualinsurance.com) employs over 50,000 people in more than 900 offices throughout the world
SOURCE Liberty Mutual Insurance