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Comprehensive
Reporting Systems:
COP has developed proprietary reporting systems for
management, actuarial, and reinsurance purposes. COP reports on losses,
LAE, and recoveries can be obtained by a wide array of selection
criteria, including:
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Status
(As of any date) |
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Development (From/To any dates) |
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Policy
Year, Accident Year, or Calendar Year Statistics |
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Per
Principal Reports |
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Program, Product, and Reinsurance Reports |
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Large
Loss Reports |
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Losses
by State |
All reports
can be obtained on-line, 24/7/365 through this web site. COP also
retains in-house IT developers to customize special reports to client
specification.
Loss Disbursement:
In response to client demand, COP operates check
disbursement systems for paying surety losses and LAE. This service not
only reduces demands on home office operations but also accelerates
payment turn-around and helps to avoid "bad faith" claims that may
result from slow pay.
Reinsurance Support:
Clients often rely on COP reports and expertise in the
preparation of reinsurance presentations for new and renewal programs.
COP has extensive experience with many reinsurers of surety programs and
is well equipped to address their common concerns.
Small Business
Administration (SBA):
COP has
represented several clients with active SBA surety programs and is
well-versed in the particulars of the SBA reimbursement regime.
Unfamiliarity with the SBA's detailed regulatory framework can have
severe consequences that can obliterate the advantages of this program
for the surety. Sureties can avoid the pitfalls of inexperience by
utilizing COP to manage or adjust losses in this program.
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Unlike many surety
claim adjustment firms, COP has the capability to manage entire books of
surety claims as a Third Party Administrator (TPA). COP was originally
developed to serve as a home office surety claim department, and
continues to serve in that role for several clients currently. COP's
TPA service is designed for clients who cannot justify a large, in-house
surety claim staff. Smaller sureties, companies just getting started
in surety, or sureties with unpredictable claim caseloads often prefer
the flexibility of an outside service to the fixed overhead of permanent
staff. Companies with small programs or variable caseloads generally
cannot afford to employ the range of specialists COP employs in the
different trades and in legal, engineering, and accounting expertise.
Companies exiting surety also benefit from TPA services. In-house staff,
who know their jobs end when the last claim is settled often have no
incentive to prosecute a run-off in the most expeditious fashion. An
outside service that is "down-sized" automatically as the caseload
diminishes is generally more economical.
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