By their nature professional indemnity claims are complex involving detailed fact finding, appraisal of the business, its position in the workplace and the duties owed, assessment of the engagement contract and its terms, specific knowledge of the latest case law and regulations applicable to the profession’s governing body, quantum extraction and analysis, policy indemnity considerations, negotiation and ADR processes and final settlement – all the while keeping the Insured on-side, mitigating the potential losses and ensuring limitation of any further damage to the Insured’s reputation.
Your professional indemnity claims are either handled in-house or with pre-appointed panel lawyers. Qualified people doing what is legal work. As litigation commences you then engage the required experts. You do not need duplication of investigations or statements and it is best that the person handling the defence of the claim be intrinsically involved in the fact finding.
So what can a Loss Adjuster add?
At Adjusting Solutions our suitably qualified and experienced adjusters can provide valuable services which support the handling lawyer or may, in some cases, prove to be a more viable alternative:
- Design or technical issues – in highly technical matters finding the fault, assessing “grey” aspects and understanding market norms is comfortable territory to Loss Adjusters who deal with all types of business day to day across industries and professions
- Non adversarial investigations – In commercial relationships between contracting parties the appointment of a lawyer can be seen (albeit unfairly) as adversarial. Adjusters may be able to access the real facts and circumstances without the need for legal discovery
- Quantum analysis – An early heads up on all likely costs enables lawyers to focus investigations and research on the costly heads of claim. The strength of any claim can often be weighed by financial analysis.
- Negotiations – The main skill of an adjuster is, arguably, his negotiating ability. Negotiation is not something that commences at the steps to the court but is an ongoing procedure starting with relationship – with the claimant. Something that Lawyers, necessarily, have to avoid.
- Fraud - Adjusters are trained in fraud investigation in respect of matters advanced by both the insured and third parties and even collusion between them. Accepting a version of events as a valid professional claim, or just placing details on file without immediate on-site investigation can be disastrous.
- Commercial Disputes - these are often dressed as professional claims but can relate to under priced contracts, competition, fall out of personalities, internal disputes, mismanagement or accounting alignments. Your policy was not designed to accommodate these “claims”
If fact working together with lawyers, but not duplicating services, can ensure that all bases are covered and lead to the most efficient claims response.
