When Hiring an Insurance Valuation Expert15 Dec
What lawyers should want when hiring an insurance valuation expert or arbitrator.
Too often when interviewing a prospective “expert” lawyers are led astray by the insurance executive who “has worked in the insurance business for over 25 years” or by the CPA who “has testified on many valuations.” BE AWARE – neither may be up to the task. As an attorney going to trial on an insurance valuation matter you want to know your prospective expert’s response to at least the following questions.
- How many times have you testified on an insurance (agency or company) valuation?
- Of those times, what percentage was for the plaintiff and what percentage was for the defendant?
- Have you ever been excluded by a court? If so, why?
- Have you ever been appointed by the court as an independent expert?
- What percent of your income is based on expert testimony on insurance valuation issues?
Adapted from “Factors to Consider When Hiring an Expert,” an article by Donald May (Marks Paneth & Shron LLP):
