Cost Sharing & Additional Insureds | Control360

Welcome back to Control360!

Today’s blog discusses Cost Sharing Additional Insureds (AI) Billing with Control360 (previously Vendor Cost Control)

When you apply for different types of insurance, such as medical, property, business, etc. you agree to pay monthly or yearly premiums for the insurance company to cover expenses in an emergency. That means that if anything happens, your insurance company will cover most of the costs.

Sometimes, depending on the insurance type, the insurance company will not cover the total price of the expense and you will have to pay your part. For example: insurance will cover 80% of the cost, while you will be obligated to pay 20%. This is called cost-sharing and there are 2 main types: Deductible and co-payment.

Old Method vs New Method

Usually, you track this data on your insurance claims and other litigation documents, which is easy if you follow one or two papers. It can get tricky if you run an insurance company or have multiple vendors and third parties. Often dates are missed, information is lost or overlooked, cost-sharing is forgotten about, especially in rush cases, it can get pricey.

Luckily, Control360 is a specially designed software that will never let you forget about cost-sharing because our primary goal is to provide a service that makes cost-sharing as intuitive as logging into your stockbroker or bank website.

How does it work?

All financial information related to claims and Construction Defect Defense Litigation is managed and tracked using Control360 software. This collaborative and effective tool gives law firms and insurance companies a practical way to manage funding contracts between carriers, subcontractors and AI insurers. It also allows them to exercise due diligence for reporting requirements and ongoing communication with the legal community in litigation.

New Case Procedures

Control360 case managers created a matrix from copies of all current invoices (paid and unpaid), including all identified insureds, carriers, dates of tender, AI claim numbers and handling adjusters. On a secure server, invoice copies are kept electronically through MDI’s document repository site. Our internal system control is designated to prevent duplicate billing, so you can rest assured that no double or missed bills will be anywhere in sight.

You can submit invoices for fees and costs in the format that works best for you.

The formats include:

· LEDES format

· PDF format

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This concludes our review of Cost Sharing AI Billing with Control360. Stay tuned for next week, where we’ll cover Allocating Invoices!

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