EUOs Are Cost-Efficient Opportunities for Insurance Companies
February 23, 2018, Irving, TX - An Examination Under Oath, or EUO, is a cost-efficient opportunity for insurance companies to avoid paying fraudulent claims and settle legitimate claims early. Steve Wood, a senior attorney at Parker Straus, LLP, spoke about this topic as a guest among forensic engineering experts at the 8th Annual RIMKUS Continuing Education Seminar on Feb. 23, 2018 in Irving, Texas. The conference had a crowd of about 120 people in attendance, with courses on how to investigate a diverse range of claims and appreciate the potential of an EUO.
The RIMKUS forensic engineering experts provided guidance on investigating claims related to large equipment failures, swimming area safety hazards, wind and hail damage, automobile accidents and slip and fall incidents.
Wood came forward to discuss the next possible part of the claim process: an EUO. He explained that an EUO occurs when an insured testifies under oath to the facts of their claim with an insurer.
Usually, an insurance policy requires the insured to attend an EUO as a precedent to sustaining a suit. If the insured fails to comply, the case is abated, or dismissed from further consideration. Consequently, an EUO often offers insurance companies an opportunity to deal with the claim prior to litigation.
Based on his experience in representing insurance carriers in a variety of claims, Wood said that an effective EUO can identify fraud, urge the withdrawal of suspect claims, reduce the overall liability of the insurer or settle the claim without the expense of litigation.
For more information about EUOs, or to learn about presentation opportunities on this topic as well as other insurance defense and fraud issues, please contact our firm at (888) 557-3311.