Successfully negotiating claims since 1867
The Supreme Court judgment a couple of weeks ago raised many spirits, mostly justified. Some insurers have already invited claims submissions, others are waiting for the declarations that the parties to the action and the court should finalise soon. In other words, it’s time to be getting claims prepared.
Quite apart from other considerations, time limits on policies have either started to run from the date of the judgment or will start with the declarations – nobody’s quite sure which. It’s unlikely that insurers will raise that defence to late submitted claims, but we’d rather not have to fight that one as it could cause extra delay.
If we can get the basic points of individual claims and their numbers submitted quickly, we can ask for interim payments, and we expect most insurers to be sympathetic to requests. It’s important for policyholders to get cash flow in businesses that have been largely starved of funds for almost a year, to help with reopening or reconstruction plans.
Of course, insurers, adjusters and forensic accountants will want to show their abilities in saving money, but that’s no reason for not getting payments on account at a sensible level.
We’re well equipped to manage claims for the benefit of brokers and policyholders. We have a team of experienced business interruption handlers and we are familiar with the Supreme Court judgment and its implications both for the defendant insurers and others with similar wordings. We have also made sure that we have the capacity and resources to move quickly.
Insurers now have to write to policyholders to admit liability or to explain why no cover is provided. That obligation is only for matters considered by the court, and there are some elements that the court wasn’t asked to look at, notably loss of rent and premises cover-related losses. If any of those should present a problem, our contentious claims unit will help you.
Please contact us with any questions you may have.