Insurance policies are essential for both businesses and individuals. Having the right insurance not only protects against financial losses, but can also be a legal requirement, as well as being expected by professional regulators and finance providers.
Policyholders must secure policies with terms that match their needs and operate in full compliance with those terms so that the policy remains valid should a claim need to be made. Where there has been a change to a policy or to the insurance needs of a business or individual, expert advice should be sought on the impact of those changes.
Should a dispute arise over an insurance policy, such as where a claim has been rejected, both policyholders and insurers will likely benefit from an independent legal perspective. Getting realistic advice at an early stage on whether a claim should be covered by a policy can save both parties time, expense and significant effort.
At IBB Law, we provide astute legal advice on insurance policies for businesses, individuals and insurers. We can provide clear guidance on:
- The terms of insurance policies
- What policyholders need to do to remain compliant
- The impact of changes to an insurance policy or to a policyholder’s requirements
- Resolving insurance disputes
Our clients include businesses and professionals within the construction, property and financial services sectors, as well as several major insurers.
Our insurance solicitors combine an in-depth knowledge of insurance law and the insurance market with strong commercial instincts, so the advice we offer will always reflect the overall business priorities of our clients.
Our expertise with insurance legal advice
Senior Solicitor Chris Thompson is highly experienced in insurance matters having worked for a specialist insurance litigation practice in the City of London for a number of years. Chris offers sensible, practical guidance on the terms of insurance policies and resolving insurance disputes.
Chris works in our Construction & Engineering team which sits within IBB’s renowned Real Estate Group, so is particularly well-placed to provide insurance advice to businesses and professionals within the construction and real estate sectors. We frequently advise professional and business insurance policyholders across a range of other sectors, including in relation to professional indemnity insurance and corporate liability insurance.
Chris has also advised a number of major insurers in relation to their policies and disputed insurance claims, including Lloyd’s Syndicate insurers.
Our team is able to provide first-class representation for all types of insurance disputes, having achieved the highest Tier 1 ranking from the Legal 500 for Commercial Litigation.
How our team can help with legal advice on insurance policies
Legal advice for insurance policyholders
For policyholders, failing to secure the right insurance or to comply with the terms of an insurance policy can be very costly, as can situations where claims are rejected through no fault of the policyholder.
Our insurance solicitors provide clear expert advice for insurance policyholders on whether a particular insurance policy meets their needs, making sure all eventualities have been considered and account for.
We can also provide practical guidance on insurance policy compliance, to try to ensure that a particular policy will respond in the event of a claim. Where there have been changes to a specific policy or the general insurance environment within a sector, we can advise on what this means for a business or individual and the practical steps that should be taken to protect your position.
Legal advice for insurers
When an insurance company is dealing with an insurance dispute or a situation where a dispute is likely, independent legal advice can be highly valuable.
Our insurance solicitors can advise on whether a particular claim appears to be covered by the terms of a policy and the likelihood of a successful legal challenge where insurers are considering rejecting a claim.
Where a policyholder challenges a rejected claim, we can provide representation during negotiations, as well as if a complaint is made to Lloyd’s or the Financial Ombudsman Service. Should the matter go to Court, we can assist with preparing your case and provide representation for every stage of proceedings.
Our insurance legal advice fees
When seeking advice on an insurance policy or dealing with an insurance dispute, it is essential to keep the costs involved proportionate to the value of the outcome at stake.
Our insurance solicitors will be happy to discuss your situation and provide a realistic indication of the likely costs involved. This will include agreeing our hourly rates, which will be dependent on the level of expertise required to deal effectively with your requirements. We may also be able to offer a fixed fee for an initial meeting. We will discuss this with you and ensure that we are also transparent regarding our fees.
To find out more about our fees, please get in touch.
An example of how our insurance solicitors have assisted our clients
Advice on post-Grenfell insurance policy challenges for building design professionals
- IBB Law was instructed to assist an existing construction client, a company of building design professionals, facing issues arising out of a change in their available insurance cover post-Grenfell.
- As the sector has found since 2017 , the market for professional indemnity insurance has contracted for construction, engineering and architecture businesses post-Grenfell. Insurers have been looking to limit their risk by enforcing strict policy terms for professionals who offer services in this sector.
- We helped our client to identify areas of risk in their existing contractual obligations and provided practical advice on strategies to minimise that risk including:
- Document review to identify clauses within contracts where our client may have fallen into breach as a result of a change in insurance circumstances.
- Identifying and advising upon contractual obligations arising out of the changes.
- Providing advice on the notification process that our client was required to follow and commercial advice on maintaining ongoing commercial relationships in spite of the changes.
- We continue to advise our client on the ongoing compliance of the client’s contracts with its insurance.
Speak to our insurance solicitors
If you are a policyholder or insurance company looking for expert advice on any legal issues related to an insurance policy, our specialist team are here to help.