Today’s market has changed the insurance sector’s perspective around legal advice, especially amongst younger underwriters who haven’t experienced a hard market before and need extra support, according to Herbert Smith Freehills.
This was highlighted during a hub session titled Getting claims paid in a hard market: insights from coal face at the Airmic Conference 2021 this afternoon (5 September 2021), led by global head of insurance disputes Paul Lewis alongside firm partners Fiona Treanor and Greig Anderson.
To get claims paid in a hard market, the Herbert Smith Freehills legal team suggests the following top tips:
Be proactive – project manage the claim from the outset, as well as collating and preserving information.
Utilise your broker’s commercial knowledge – to understand the business’s insurers and the key decision makers, as well as assist with renewal dynamics.
Respond to document requests – know your policy obligations, consider review by lawyers before handing over, and preserve and collate information needed to prove a claim.
Use of alternative dispute resolution (ADR) – be prepared and manage expectations internally.
The firm also noted the use of policy terms such as legal liability to ensure insurers understand exposures early on, in addition to dispute resolution provisions to determine whether it is fit for purpose.
Blog: Airmic Conference 2021 Daily News Summary
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Airmic 2021: Claims in a hard market