Media - CRUSADER - Claims Dispute Insurance
CRUSADER - Claims Dispute Insurance
It seems from the feedback so far that we are launching our Claims Dispute Insurance* at exactly the right time. We are describing this unique insurance as “The champion in your back pocket”.
Why this extraordinary description?
Because it is an extraordinary policy specially designed to protect both the broker and its valued client at a time that both parties most need expert help; and the money to champion their case.
A unique concept in insurance, Crusader, underwritten by AM Trust Europe, provides a two tier benefit. The first is expert advice for the broker which will both help it to advise its client and also mitigate the possible risks of a future PI claim. The second tier is the cover, of up to £100,000 per client, for the fees and costs of challenging and resolving unreasonably rejected or disputed insurance claims; without going to law. The insurance covers the cost of engaging the BIBA-endorsed Flaxmans Advocacy experts and adopting court-approved Alternative Dispute Resolution methods rather than adversarial litigation.
This policy pays for the costs of engaging some of the leading insurance experts in the industry in the process of resolving the policyholder’s disputed claim problem at a time when most clients are neither prepared for nor can afford the costs involved.
At prices starting from just over £1,500 per annum this new product fulfils a gap in the broker’s armoury.
How will the new Act be interpreted by insurers and their advisers? As a broker you will not have the knowledge and experience of “how it was done before” because the new law is untried and untested. Insurers will have their legal team to interpret the Act in law.
But a broker’s clients will not want to await the pleasure of Her Majesty’s courts to know whether their claim is payable or not; the Crusader policy will provide a means of getting to the heart of the matter when it matters; when the chips are down. Crusader will have the power of the industry to interpret the Act, in practice.
Avoiding adversarial and threatening litigation is the hall mark of the Flaxmans Crusader approach to insurance claim dispute resolution. Flaxmans has proven, time and again, that claims disputes can be resolved by the industry, within the industry, to the mutual benefit and reduced cost of both insurers and Insureds. Mediation and negotiation has proven not only cost and time effective but also preserves the integrity and reputation of the parties concerned.
Flaxmans Advocates, the advisors behind Crusader, have been studying and rehearsing the provisions of the 2015 Act in conjunction with BIBA and its specialist governance advisers, Mactavish. A whirlwind tour of the BIBA regions in March this year by Flaxmans and Mactavish gave brokers an insight to the complexities and practical conundrums facing policyholders, in the near future.
It is evident that the new law creates an opportunity for the industry to decide its own future in fair and pragmatic insurance claim settlement, its shop window to the world.
A special feature of the Crusader policy is that it provides the broker with a means of mitigating the risk of a PI claim.
Every broker knows that an unpaid claim can turn into a complaint against the broker. The Crusader service will spot the “circumstance” if there is one and alert the broker to what steps to take to protect its position without upsetting it PI claims record.
Experience has shown that the Flaxmans advocacy and mediation approach has actually dispersed what would otherwise have resulted in PI claims against the broker.
To find out more about this unique policy and how it can safeguard your business and protect your clients call today on 0203 544 4712
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