For decades, insurance carriers and self-insureds have carried workers compensation claims that, due to specific state statues, cannot be settled or closed with respect to their medical exposure. While the indemnity side of these claims has likely been closed, the insurer is burdened with maintaining the long-tail reserving requirements as well as overseeing ongoing claim management. Legacy has created a new product that removes these claims from our clients’ books.
AVAILABLE IN ALL STATES
Close files with low probability of settlement, reduce case reserves, collateral and bonding requirements while
eliminating administrative costs.
how It Works
MEDICAL COST ANALYSIS
Each claim is pre-qualified using our underwriting guidelines. Legacy then performs a medical cost evaluation to determine the future medical exposure for the remaining life of the claimant.
You fund the future medical exposure via a reinsurance agreement. Similar to an annuity, the reinsurance agreement is from an A or A+ rated life insurance company. See Our Partners for the life companies Legacy utilizes.
EXCESS COVERAGE POLICY
Legacy issues an excess policy with limits on a per claimant basis, on top of the reinsurance agreement. If at any time for the remaining life of the claim the reinsurance agreement is not adequate to cover the current medical expenses, the Legacy excess policy will respond.
CLAIM FILE TRANSFER
You can now administratively close your existing claim file. The file is then transferred to a qualified claims TPA for future handling and reporting. Legacy pays the TPA fees going forward and provides close oversight management of the claim.
Take down your case reserves and administratively close your claim file. You may be able to close your file for less than current case reserves.
REDUCE ADMIN BURDEN & COST
Reduce administrative burdens as you no longer need to oversee the claim handling and claim reporting and Legacy takes over the cost of claims administration!
COLLATERAL & BONDING RELIEF
By reducing case reserves, you should realize reduced collateral and bonding requirements from carriers and state insurance departments.
The cost of closing your file is an expense that can offset any realized gains in the reduction of case reserves.
Discover the Legacy finality solution for your open workers compensation claims.
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