Case study 3
Claims Advocacy Through Complex Legal Battles
Challenge
Nature of client’s business exposes them to regulatory liability, error and omission, and liability brought on by handling assets in trust by individuals. The directors of the business were also exposed in this business over their fiduciary duty.
Client was brought to court over suspected fraud by the regulator in a European jurisdiction. This presented a complex challenge to the claim due to multi national nature of the claim. Furthermore, the client was not experiencing the advocacy and assistance from their current broker. Instead of being assisted by their broker and indemnified by the insurer, the client had to appoint their own legal counsel to safeguard their own interest under their Directors and Officers Liability insurance policy.
How We Helped
After enduring 3 years of frustration, they turned to Acclaim for assistance. Acclaim took over from a multinational broking firm not just the policy administration, but also the complex claim and the dispute on policy coverage.
Throughout the next 4 years of legal proceedings, Acclaim stood by as their claims advocate to negotiate multiple counter proposals with their insurer. We formulated and legal counsels, ultimately reaching an amicable settlement with the regulator supported by their insurer.
This successful resolution epitomised the importance of claims advocacy. It marked a closure for our client enabling them to move on with their business. It was a significant achievement, considering the complex legal landscape, the magnitude of the quantum sought by the regulator which was in the tens of millions of dollars, and the various challenges faced by our client.
With focus and attention, we demonstrated ourselves to be a credible alternative to our client’s broker and ultimately assisting them in their challenges.