On 22nd February, Harry Fehily, Michael Murphy and Aoife Skehan of HOMS Solicitors spoke about ‘Creative Legal Solutions to Challenging Financial Lines Claims’ to Liberty Mutual Insurance Europe, Dublin office, and a number of invited brokers.
This included an analysis of recent innovative results achieved by HOMS on behalf of Liberty -indemnified professionals and the significant savings achieved as well as the benefits that accrued for the indemnified professionals concerned. Some of the topics discussed included the use of the ‘no transaction’ principle as a shield rather than a sword, some of the mechanisms that can be used to remediate title/security defects in breach of undertaking claims and how best to deal with claims involving private venture funds.
There was also a very constructive discussion surrounding the interactions between insurers, brokers, indemnified professionals, and panel solicitors when claims arise and how both panel solicitors and brokers can add value to those relationships. The presentation concluded with a review of recent professional negligence claim trends and future potential areas of risk and why insurers such as Liberty will continue to require creative solutions.
For those interested in this topic, Michael Murphy will be presenting an abbreviated version of this presentation for the Insurance Institute of Ireland at an upcoming CPD event in May. For further details please contact the Insurance Institute of Ireland directly.