“Professional risks claims are usually protracted and require legal representation”.

To provide you with some idea of the type of claim that you could encounter, we have outlined below some claims in which we have been directly involved.

Directors and Officers (D&O)
A client has been placed into administration, and one of the company’s creditors is seeking judgement to have the debt transferred to the directors personally as they allege wrongful trading. The D&O policy will pay the legal costs to defend the claim, and any award made will be covered by the insurance, unless it is established that a criminal act has taken place

Trustees Liability Indemnity Insurance
The beneficiary of a Pension received less than they were expecting, and a claim was pursued against the Pension Trustees for the shortfall. The Trustees Indemnity policy responded to defend the Trustees and Sponsoring Employer.

Professional Indemnity (PI)
A bank intimated that a flawed valuation had misled them into lending too much money to a client. The client went bust and the property repossessed, leaving the bank with an unpaid debt. The Bank tried to recover their loss against the Surveying firm, but the Professional Indemnity policy responded to provide legal defence of a claim that was successfully defended.

Fidelity Guarantee Insurance
A retail client, who has suffered physical theft of its takings by a staff member, subsequently manipulated the accounts to hide the loss. The Fidelity policy responded to indemnify the client.

Employers Practices Liability (EPL)
A client had to make some redundancies, and whilst the procedures they employed were believed to have been followed correctly, the union submitted a claim on behalf of its members. The insurers agreed to make a payment to the union for the benefit of the members affected.