• Effective liaison and understanding with Insurers

    Effective liaison and understanding with Insurers

Recoveries of Indemnities or Contributions

Recoveries of indemnities or contributions in respect of un(der)insured losses

A professional firm may sustain losses which are not insurance-covered, eg …

  • losses or exposures in excess of the insurance indemnity;
  • policy excess;
  • trading debts, costs or disputes;
  • administration time and resources; and
  • reputational loss.

Realisations of recovery opportunities are often tacked on to the claims for recovery of insured losses which are funded and pursued by insurers. These are prone to being compromised on terms which, whilst attractive to insurers, may be less advantageous to the insured firm.

It is often not possible, and rarely satisfactory, for the uninsured loss recovery to be parked or postponed until the insured loss issues are resolved (and then pursued optimally in the firm's exclusive interest), because serial claims are unattractive commercially, and also because the overlap of issues, and procedural rules, usually prohibit more than one action between parties in respect of the same events.

Accordingly, firms need their own legal adviser to work with those appointed by their Insurers, to produce outcomes beneficial for them both. 

For more information on recoveries of indemnities or contributions, do not hesitate to get in touch with Yorkshire based, specialist professional indemnity lawyer Mike Willis. 

Professional Risk Expertise

Mike Willis has worked with a diverse range of professions including...

The FMWL Approach …

  • Accurate understanding and technical analysis;
  • Focus on duty, causal event(s) and consequences; not gossip…
  • Sensitive but objective empathy;
  • Overarching commerciality; and
  • Clear aims, with vision where necessary to explore indirect routes to solutions.