Services for London Market Insurers
The London Insurance Market is un-paralleled and un-rivalled the world over. It is a unique market place in relation to how it operates and the territories in which it operates. At Pinnacle, we have an extensive knowledge and understanding of the complexity of the global subscription market that spans in excess of 40 years.
That understanding means we can offer a bespoke range of services geared to saving money while preserving the relationship between underwriter and advocate, whether that be for volume claims or large and complex claims, both here and abroad.
We recognise that the market cannot operate without the specialist lawyers and advocates it employs. We also recognise that lawyer’s fees go largely unchecked.
Adverse costs should never be paid as rendered. First party costs, ie the costs of your own lawyers or loss adjusters is a different issue altogether. In many cases your service agreements will define how costs are charged, but very often they will only stipulate the hourly rate agreed, they are silent as to what hours charged and the grade of fee earner responsible. Furthermore a lot of the bills will be electronic in the form of an e-bill. Whilst that should provide a level of comfort and control, in our experience it does not tell the whole story.
So confident are we that we can enhance the savings you achieve, unless we make a saving, we will not charge you a fee and where we do it will be restricted to a small percentage of what we save.
The management of costs is imperative to any business no matter what it does. For London market insurers it is critical, given the reliance put on lawyers, advocates and loss adjusters.
Whether a leader or a follower, whether claims fall into the volume tranche or are a large and complex matter, cost management is an effective way of maintaining control of your legal spend without upsetting the relationship between underwriter and your panel law firms or loss adjusters.
In our experience, where we can manage costs from the outset, it serves to enhance relationships rather than damage them.
We can assist where necessary is all areas of advocacy including:
- interlocutory applications
- setting aside default costs certificate
- enforcement proceedings
- representation at detailed assessment hearings