We have settled claims under the following types of Policy:
Our aim is to avoid litigation by attempting a negotiated settlement and then to review ADR pathways including Arbitration.
It is common for insurers to deny a claim after an insured event occurs. Insurers will use this tactic to buy time to establish whether cover applies and, if so, the amount which they are liable to pay under the contract of insurance. They will seek to test whether representations, warranties and the utmost good faith duty to disclose relevant and material information was provided upon inception of the cover. This allows the retention of premium income and an improvement in investment income. On the other hand, they also have incentives to settle quickly if a claim is likely to succeed as this can release provisions made once an insured event is notified.
We have associates who are qualified Mediators and Adjudicators (construction) should those pathways be more appropriate.
Arbitration requires party consent. It can arise under a pre-existing Arbitration Clause in the underlying agreement but also after a dispute has arisen if the parties agree to that. This requires a binding agreement which incorporates their choice of rules and jurisdiction.
Arbitration under most rules (ICC, LCIA etc.) can be lengthy and expensive. It does, however, have the benefit that Awards are internationally enforceable.
A consortium comprising an Oil Major and other mid-size blenders needed to design a risk management and insurance program and then to appoint a placing broker.
Theft of Diesel in tank in Eastern Europe terminal with a value of $5m
UK Road Fuel Blender supplied contaminated fuel to 10,000 motorists via 4 supermarket resellers resulting in claimed damages of £20m from motorists and resellers’ insurers
Housing Development with a Gross Value of £25m in distress due to insolvency of contractor following negligent harm to neighbouring properties.
Dispute between Chinese and Ukrainian State Companies over a $3bn grain trading agreement