ACE Global Markets, a subsidiary of ACE Limited (NYSE: ACL), and one of the largest providers of insurance capacity at Lloyd's and Hammond Suddards Edge, the UK's seventh largest commercial law firm, today announced the launch of a dedicated claims service for solicitors.
From 1 September 2000, solicitors will purchase the first layer of their compulsory professional indemnity cover from the open market. ACE Global Markets ("AGM") was one of the first insurers to be approved by the Law Society to provide professional indemnity cover under the new open market arrangements. The policies will be led and underwritten by Syndicate 2488 via traditional brokers and AGM's service company, ACE Underwriting Services Ltd ("AUS").
The service to AGM policyholders will be provided by a Hammond Suddards Edge/AGM joint venture, Solicitors Practice Protection Limited ("SPPL"). SPPL's administration and broking suite will be based in Lloyd's.
SPPL will provide a comprehensive claims service offering:
- a national claims helpline and facilities for email, fax, postal or broker notification;
- claims information for policyholder's brokers and following market insurers via a remote secure extranet;
- instant access to highly experienced lawyers in all disciplines and in key UK locations at Hammond Suddards Edge, who will work hand in hand with the firm's 30 strong professional risks team;
- reporting systems for top-up and in-fill insurers by agreement with AGM; and
- assistance with risk management and claims prevention from practitioners qualified in the insured's area of expertise.
At the centre of the SPPL claims team is Hammond Suddards Edge's professional risks team. Solicitors insuring with AGM will have access to a national claims hotline manned by professional indemnity solicitors and backed up by partners and staff from Hammond Suddards Edge core practice areas including: banking, commercial dispute resolution, commercial property and planning, construction and engineering, corporate finance, employment, insolvency and business recovery, intellectual property and e-commerce, pensions and sports law.
Litigation will be referred to a panel of national and regional law firms all of whom have extensive experience of professional indemnity including many with a track record of acting for the profession under SIF. SPPL and AGM will maintain performance standards of the highest level focused on protection of the policyholder.
Stuart Wright, Head of Liability Underwriting for ACE Global Markets, commented: "We are aiming to insure a significant number of top quality and forward-looking firms of solicitors, with whom we expect to form long-standing relationships. As part of that approach, we are setting new standards in terms of a dedicated and pro-active claims service. Society has become increasingly litigious and practitioners will continue to be bombarded with legislation and regulation in every area. Hammond Suddards Edge's size, resources and reputation will mean they can provide high quality servicing and guidance when it is needed most".
David Simon, partner of Hammond Suddards Edge Commercial Insurance practice, added: "We are delighted to be associated with this product which will set a new level of excellence for professional liability insurance. The combined resources of AGM's claims managers and Hammond Suddards Edge will enable experienced practitioners to give rapid guidance aimed at the mitigation of loss and swift resolution. In many cases, this will allow solicitors to retain their clients and their reputation".
ENDS
Notes for editors:
The ACE Group of Companies provides international insurance and reinsurance for a diverse group of clients. The ACE Group conducts its business on a global basis with operating subsidiaries in nearly 50 countries. Additional information can be found at: www.acelimited.com.
Hammond Suddards Edge is one of the UK's leading commercial law firms. The firm was created following the merger of Hammond Suddards and Edge Ellison on 1 August 2000. The firm has 185 partners, 900 lawyers and more than 2000 staff in offices in London, Lloyd's of London, Leeds, Manchester, Birmingham and Brussels.
The firm is recognised for its expertise in banking, commercial dispute resolution, commercial property and planning, construction and engineering, corporate finance, employment, insolvency and business recovery, intellectual property and e-commerce, pensions and sports law.