Just to let you know that last week, for the first time since the inception of this litigation, opposing counsel asked that I submit a demand for settlement…its timing immediately following your deposition is not lost on me!
Mississippi Mid-sized Law Firm
For almost 25 years, I have worked closely with Ty. First as a colleague at AIG and Zurich, and currently as a client of Innovation Insurance Group. Put simply, Ty is the best product development expert in the commercial insurance industry.
In addition to being a fine lawyer, he is also, in my opinion, one of the foremost experts in D&O insurance as well as network security insurance, which he largely invented as a product.
At AIG, Ty and I worked together on many high profile D&O deals. When I was President of AIG Small Business, I hired Ty and his team to develop our new products. When I moved to Zurich, I recommended Ty for the new company position of Chief Innovation Officer and today, as President of Navigators Management Company, we have hired Innovation Insurance Group to help with our new product needs in the management and professional liability space. Ty is one of a kind.
I have had the good fortune to know Ty for over 30 years, first as an insurance carrier executive with whom I have done business and now as a trusted consultant to the Newman Team at Aon plc. He is, in my opinion, the top product development person in the industry. He has the unique ability to take new ideas, whether from a carrier, a broker or a client, and turn them into actual insurance products and solutions in a very quick, efficient and cost effective manner.
One of Ty’s greatest attributes is his ability to listen to a client, understand their needs and address that need with an innovative solution.
I can strongly recommend Ty to any person or company, of whatever size or industry, who is looking for unique insurance solutions to their needs or for the needs of their customers.
I have known Ty for over 20 years both as a colleague and a good friend. We have worked side by side on many projects both at AIG and at Zurich. Ty possesses the greatest attributes of a chief underwriting officer, chief innovation officer and general counsel all rolled into one. He is a great leader who has the unique ability to take an idea and translate into reality providing new revenue streams for any company fortunate enough to hire him. He has my highest recommendation.
Case Settled! And deal expanded into something even bigger for client! Your work was very helpful in bringing out this result.
Mid-size East Coast Law Firm
Ty is a true innovator. He brings a wealth of experience and knowledge from across the (re)insurance sector to design, build and deliver cutting edge new products. His strengths include an immense ability to influence people with different interests to move in the same direction. He demonstrates incredible initiative and strong dedication in all aspects of his work. It was a combination of these skills that enabled him to drive the creation of the Brand Reputation protection policy at Zurich – an industry first.
For over 20 years, I have worked closely with Ty Sagalow. I consider him to be a good friend and colleague. At National Union, we worked together on many new creative deals as well as new products together and now at Ironshore I am pleased to be able to draw on his expertise in product development.
Ty is one of the most creative and smart dealmakers in the industry. He has the rare ability to listen to his clients needs, understand the views of the other stakeholders, and arrive at a resolution that supports his client’s profitability and long term goals. I am privileged to be able to work with him and call him my friend.
The Federal District Court was asked to rule on reasonableness of the Mr. Sagalow’s fees. In a decision taking into consideration 5 factors (the witness’s area of expertise, education and training, prevailing rates for other comparable experts, nature and complexity of the responses, fees traditional charged by the expert on related matters and cost of living in particular geographic area), the Court held in favor of Mr. Sagalow’s fees ($700/hr), reasoning as follows:
[In this case, counsel representing the party seeking Mr. Sagalow’s expert deposition has argued] that Sagalow’s fees are “unreasonable” and that “Sagalow’s unreasonable fee schedule should be reduced to an amount consistent with the hourly rates charged by other expert witnesses designated in this case… and that his preparation time be limited to ½ of his deposition time”. For a fee to be reasonable, ‘there must be some reasonable relationship between the services rendered and the remuneration to which the expert is entitled.” (Decision at pages 1,2)
Applying the  factors in this case, the court notes that Mr. Sagalow is a graduate of Georgetown University and subsequently received an L.L.M from New York University School of Law. He also practices law and held numerous positions in the insurance industry, such as chief underwriter for two large insurance companies, as well as serving as general counsel for AIG Insurance and National Union Insurance Company.’ (Decision at page 3)
Having applied the factors to this matter, the court holds that Sagalow’s hourly rate is not unreasonable and [opposing party] shall compensate Sagalow at this rate, $700/hr, for the time he actually spends attending the deposition. Furthermore, the courts holds that [opposing party] shall also be liable for Sagalow’s preparation time, if any, provided that such time is reasonable.” (Decision at page 4)
Though Sagalow’s hourly rate was found reasonable under the factors discussed, the court would point out that this is not a case where one party’s expert was billing the opposing part at an inflated rate. Rather [the party retaining Sagalow] has been paying Sagalow $700.00 hourly rate since he was first retained as an expert. Therefore, fairness dictates that [opposing party] should not be allowed to benefit from [retaining party’s] discovery at a discounted price.” (Decision at pages 4-5)
Note: Travel time was not an issue in this case.
For a copy of the full decision, click here.
David a. Sanders
United States District Court
Northern District of Mississippi
September 5, 2015
We are pleased to to report that our firm has concluded that Ty Sagalow was our most helpful expert witness in our successful $8.7 million policyholder victory against the insurer of our client, Illinois Agricultural Association.
Our client sought insurance coverage under a management protection policy for an arbitration award entered in favor of former insurance agents. Defendant insurance company denied coverage, without considering all coverages in the policy.
On summary judgment, the court held that the arbitration award was covered by the policy. The court awarded $7 million, plus interest totaling $8,666,293. Thank-you Ty for your expert services to us and our client.
Fantastic job on your report! I reviewed it early yesterday morning when we were preparing to serve our discovery responses and had no changes or questions. I was really impressed with your thorough analysis of the issues of the case, and you raised some strong arguments that I had not considered or delved deeply into yet. I really appreciate your perspective and work on this matter.
National Carrier Law Firm