US Mining Company and a London Pollution Claim
A large US mining corporation engaged InSolutions to approach insolvent London carriers to recoup the insolvent share of their settlement with London solvent carriers, in the amount of $13 million. They had previously successfully settled with the London solvent carriers on their pollution claims, but found they did not have the time or resources to pursue the insolvent market.
Agreement to the claim has been successfully obtained from all insolvents and dividend funds to the value of $4.5 million have been paid to the client. Eventual total recovery over the next five years is anticipated to be in the region of $9 million.
The client has been delighted as the commission was on a contingent fee basis resulting in no additional fees being charged to their risk management department.
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