Legal expenses cover — can you choose your adviser?
Businesses facing a regulatory investigation need access to specialist lawyers right away. In a crisis, the regulators will begin investigating at once so immediate legal assistance is vital to protect the interests of a business and its senior management team.
Most businesses have employer’s liability (EL) and public liability (PL) insurance and many nowadays also have directors’ and officers’ insurance (D&O) to provide cover when there is a problem.
Historically, insurers have often insisted on using a predetermined panel of lawyers to deal with any claims. Panel lawyers usually have an agreement with the insurance company to provide legal representation for insured businesses at an agreed and often reduced fee in return for the volume of work they can expect to receive as a result. This can cause an obvious conflict when the insured business wishes to use its own lawyers and the insurer insists that they use one from the ‘panel’…
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Remember that professional indemnity insurance policies will not cover fitness for purpose obligations.
In property transactions a deposit is usually paid by the buyer. In the event that the buyer does not complete its purchase the seller is usually able to keep the deposit and any interest accrued on it.
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