Global Risk Solutions has many examples of how we have successfully helped our clients. We have provided some case studies to give you some insight into how GRS can help you utilizing our seasoned people, streamlined processes and cutting edge technology. No matter what problem you are trying to solve, we have the answer.
CASE STUDY #1
Environmental Lawsuits Averted
– Steve Gosser
One Saturday morning on an exclusive island, residents woke to find their pristine community had experienced an accidental release of contaminants from an industrial company. Overnight, black spots dotted 400 houses, vehicles and watercraft ranging from kayaks to luxury yachts. Within 24 hours, plaintiff attorneys visited property owners in an effort to initiate litigation. Fortunately for the industrial client and island residents, the company was a GRS client.
Within the same 24 hours, a GRS team was on site and a call center was already receiving calls about the incident. Within 48 hours of the incident, GRS got a claims-handling plan approved, set up a local office, contacted many callers personally, and funding was in process to resolve claims.
The industrial client highly valued its presence and involvement in the community, and being a good neighbor was vital. The complicated claims process following the incident required coordinating cleanup and restoration along with frequent communications with the local government. Initially, no one knew how to remove the substance from multi-story homes, vehicles and boats. New techniques had to be developed and tested, quickly!
Within a week, GRS’ involvement led to claim settlements and satisfied claimants. Throughout the process, GRS’ technology provided the client real-time visibility into actual and projected total costs. The response had another benefit too: the lead plain-tiff attorney announced he did not expect to be able to file class litigation. GRS continued the program, eventually closing 95% of the claims. In the words of the client, “It went really well.”
CASE STUDY #2
International Oil Spill Cost Containment
– Steve Gosser
A farming community in a foreign country unaccustomed to dealing with complex environmental cleanups experienced a major blowout that caused a large crude oil spill. The spill threatened to cause disastrous damage to productive farmland and nearby villages.
Representing the environmental liability insurer, GRS quickly sent experts to the site and developed communication channels with civil authorities, attorneys, cleanup contractor, claims adjusters and the responsible party. GRS’ timely and accurate reporting brought clarity to what easily could have turned into chaos.
Over more than three years of cleanup operations and claims settlements, GRS’ reporting of cost projections provided the basis for the insurer to manage indemnification payments. In fact, the underwriter realized foreign currency exchange gains of approximately $10 million over the duration of the matter. Perhaps most remarkably, all parties to this large loss agreed on the payouts, and they continue to work together more than 15 years later.
GRS maintained trust with all the parties involved, from farmers and townspeople to regional governmental authorities to bioremediation scientists. This trust was the foundation that led to $10 million in gains.