We have found all too often that insureds do not realize that once they have settled their long-tail claims with the represented London solvent market that they can still pursue their claim with those that remain. These ‘non participating’ insurers are often willing to agree the claim on the same basis as those that have already done so.
Over the past few years, the fact that many insurers have gone into liquidation or have entered into Schemes of Arrangement has left many insureds facing a substantial shortfall in their cover. InSolutions has developed a service which helps to mitigate the administration costs associated with dealing with insolvent and solvent Scheme insurers and focuses on collecting the amounts due from their estates.
Providing market intelligence
InSolutions has access to an integrated intelligence system which gathers relevant data on any affected company. All up-to-date information such as contact detail, recent developments, and, where relevant, the payment percentage or dividend currently being distributed, can be provided and kept regularly updated.
Scheme votes and Proof-of-loss handling
With your authorization, InSolutions can compile and complete voting and proof-of-loss claims forms. InSolutions can also reconcile these with an insolvent or solvent Scheme insurer’s records ensuring that you are registered as a creditor and that your claims are dealt with promptly and equitably.
We can use our network of contacts to speed the progress of your claim with insolvent or solvent Scheme insurers, collect payments on your behalf and pass them on to you promptly.
Many of the insolvent London insurers have already made dividend payments on agreed claims, indeed one has approved a payout of 100% of their share, effectively paying the claim in full. It should be noted dividends declared to date can be paid soon after an insolvent’s agreement to settle has been obtained by InSolutions.
We can prepare submissions to these insurers and pursue payments in a streamlined and timely manner. InSolutions has successfully lodged and collected dividend payments in excess of $20 million on behalf of several Fortune 500 companies.
The benefits outweigh the cost
InSolutions will ensure that the maximum possible claim recovery is achieved, in the quickest possible time, and thus we can significantly improve your cash flow and benefit your bottom line. We customarily work on a no cure, no fee basis, being reimbursed via a percentage of funds collected. Thus if we are unsuccessful in collecting your claim, you will not be out of pocket. Currently however, we are able to boast a 100% success rate.