If you're attending to sell a structured insurance settlement then you're a extremely valued and extremely searched client in the financial industry. This is because payment flows such as the one you have for sale is a good investment for peoples who are seeking such financial revenues. These investors are ready to give you a lump sum of cash today for the right to get your cash flow for the predictable time. But a lump sum of cash...more
Rankin Manufacturing Limited is a small company based in Coventry manufacturing vehicle component parts and is covered by an ARPI policy with Industrial Risks Limited. On 5 August the claims manager of Industrial received a phone call from a director of the company indicating that the premises had burnt down that evening. What does the claims manager do? - Normally the first step for the insurer, unless he retains his own in-house...more
If litigation does subsequently take place, after the close of pleadings each party must disclose all documents relevant to the issues in question. There are various exceptions to that rule, particularly relating to privilege. The involvement of the solicitor is imperative as, first, all communications between the insurer and his solicitor will be privileged provided they are confidential and they are written to or by the solicitor in his professional capacity and that they have been made for the purposes of obtaining legal advice or assistance (Wheelerv. LeMarchant (1881) 17 Ch 675). Secondly and more importantly, the reports of the experts as third parties will be privileged providing they have been brought into existence in contemplation of pending or anticipated litigation and provided the sole or dominant purpose of the communication was to prepare for litigation (Guinness Peat Properties v. Fitzroy Robinson Partnership [1987] 1 WLR 1027. Difficulties in establishing privilege may arise in the early stages of the investigation of the claim because it is quite possible for the court to hold that the dominant purpose of the loss adjuster's report (or even the...more
If solicitors are to be instructed at an early date, the insurer will probably have the best chance of maintaining privilege at a later date. The involvement of the solicitor in cases of potential fraud is also critical in that he will have the clearest view of the evidence needed to prove the elements of fraud if the matter is...more
As part of this investigation it is also important to investigate the past history and habits of the directors of the company. For example, have any of the directors been involved in bankruptcy or insolvency? Do they have criminal convictions or even any particular personal expenses to be funded? Whilst a lot of the routine work can...more
As soon as the evidence has been gathered the claims manager should call a meeting of his team to decide whether the evidence justifies rejecting the claim (which has already been made by Rankin Manufacturing Ltd.) or whether, despite the strong indications of arson, there is insufficient evidence to confirm the loss as self-induced. This is the main obstacle in deciding whether or not fraud has occurred; invariably the strength of the circumstantial evidence will depend upon eliminating alternatives. The police may be able to assist in providing information as to the assured's alibi but the experts and the solicitors should be able to provide the insurer with a detailed chronology of events prior to, during and subsequent to the fire - timing is essential. Consideration will need to be given to issues such as: - the actions of the security guards—their whereabouts, patrolling patterns and so on; - the opportunity for intruders to have caused the fire—are locks still intact; - the identity of the personnel that knew of the alarm system securitycode - was the alarm system working; and (iv) motivation. These are all issues which need to be weighed up when...more
Safety is still not an assurance even with the availability of travel insurance coverage in travelling out of a province, according to an industry representative. The medical facility you are transacting with may or may not accept payments directly...more
Auctions Online Buyers around the world, rejoice! Purchasing those hard-to-find items has become so much easier with the ease of participating in auctions online. Local auction houses just can't possibly have access to the latest designer...more
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Obtaining title insurance is a universal requirement for almost every mortgage and remortgage. While the expense is usually minimal compared to the overall expense of the property itself, it is important to understand what title insurance is and how...more
It is recommended that you get trailers for sale from a private dealer instead of from more public places like auctions or the Internet. You should examine the used trailers very well before purchasing them as there are possibilities of them having...more
Maybe you have observed there are quite a lot of those who remain with their car insurer for a long time? A natural assumption anyone could give is they could have provided good rates and insurance conditions with them. However, you will be amazed to...more