Insurance
States are desperate for new sources of revenue, and insurance companies are becoming targets. The reason: an industry-wide practice of waiting for notification of death rather than proactively identifying deceased policyholders has created a convenient cover for states to take these unpaid policies as unclaimed property. Unpaid or unclaimed policies now pose significant risks carrying penalties and interest. The only way to prevent such penalties is to find and pay owners rather than escheating.
Royalty Owner Location Services
In addition to assisting companies ensure their compliance with a myriad of state unclaimed property laws UPRR also leverages its technology and experience to work for oil and gas companies in helping locate missing royalty and mineral interest owners. Specifically, with UPRR’s Next of Kin® Database, the company is able to address the multi-generational problem of owner location by finding heirs and next of kin in the most effective and efficient way possible. At UPRR, we know that owner location is key to not only reducing escheat liability and minimizing the risk that comes from holding unclaimed property, but to also meet a host of other demands faced by oil and gas professionals.
For both insurance and royalty owner location services, UPRR partners with InfoAge, the providers of the industry’s most powerful data refining technologies, to complement searches of UPRR’s Next of Kin® database. For more information about InfoAge, click here.
______
“It’s been a pleasure to work with UPRR. After giving them what limited information we had about some of our missing royalty owners, they were able to find a substantial amount of them or their heirs overnight using their database technology. For any company looking for lost or missing mineral interest owners, UPRR offers a solution I haven’t seen anywhere else.”
- Richard Yukes, Black Bear Oil Corp.
