By Bob Glose, Senior Vice President, Operation and Enterprise Resources
Recovering damages from third parties responsible for collisions with fleet vehicles should be a high priority for every fleet operator.
Money left uncollected should provide an incentive for fleets to take another look at their recovery programs. The benchmark is recovery, over the long run, of 25 to 30 percent of total fleet accident physical damage expenses. If your fleet isn’t close to that, there is much to be gained by upgrading your recovery program.
There are five essential steps to the subrogation recovery process, each of which is subject to its own types of pitfalls, and is amenable to specific remedies:
Step One: Identifying the claims to pursue for recovery. This is the most crucial step in the entire process, and itself consists of careful evaluation of three factors: the kind of accident, the state in which it occurred, and the location of the damage.