There was a time when we did not sue the professionals we employ on our behalf, but instead swallowed our losses when we could and learned from our mistakes. Those days are gone! Disappointed clients are quick to seek recompense for financial loss and the business of protecting professionals from the financial consequences of their own and others’ mistakes has grown enormously over the last few decades.
This is a market that fluctuates continually. When cover is readily and cheaply available for one profession, it can shrink away to almost nothing for another. A sudden influx of claims against one sector can impact upon premiums for years. The various professional and regulatory bodies impose minimum terms and conditions that are continually reviewed; keeping abreast of them to ensure cover is gap-free is a challenge in itself.
There are few teams in the market with greater experience of PI or with stronger links with the specialist underwriters than the Windsor team. Several of us have spent twenty years or more getting to know the firms who buy cover and the underwriters who provide it. There are few negligence claims we haven’t seen before, no stage of the market cycle we haven’t coped with and rare are those clients whose needs cannot, in some way, be met.
We are specialists in providing PI to:
Claims handling The working life of the most successful professional can be thrown into chaos by the arrival of a negligence claim. However spurious the claim may be, time will be invested as footsteps are retraced and the matter investigated, fees will be incurred by hired experts and opportunities lost as attention is focussed on areas other than the core business. Should the claim succeed, not having the right cover in place can prove catastrophic.
No professional indemnity cover can be complete without an expert and sympathetic claims handling service. Over the years many clients have found that talking to us at an early stage – often as soon as a mistake is discovered – can go a long way to mitigating a claim and sometimes even avoiding it altogether.
Risk management With millions being spent on settling claims every year it is hardly surprising that strong emphasis is put on risk management. For years, Windsor’s PI team have been offering risk management advice to clients, running seminars and writing articles. We were delighted when, in the Autumn of 2006, Steve Ray, formerly a partner in McCavitt Ray and Co, joined us to offer a stand-alone risk management advisory business. Steve Ray can be contacted on 020 7133 1200
Directors & Officers liabilityThis cover protects directors and officers of companies from claims arising against them in the course of the performance of their duties. The most frequent and severe claims are those made by shareholders of companies traded on US Stock Exchanges. However, whilst these cases occupy the headlines, claims can also arise from employees, regulatory authorities, customers, competitors and creditors.
D&O cover is frequently bought in conjunction with professional indemnity and the Windsor PI team is well placed to advise on the right package for all professional firms.
Employment Practices liability This cover protects companies from the threat of employment claims by their employees. The policy, developed by Windsor in conjunction with a leading firm of employment solicitors, was the first of its kind to be offered in the UK and arose from the need to protect companies from potential liabilities arising under employment law.
The increase in the willingness of employees to pursue claims and in the size of the awards themselves has been accompanied by a new willingness of solicitors and others to act on a no-win-no-fee basis. The overall effect has been to increase the number and cost of claims and to make companies unwilling to bear the risk without insurance.
“Professional indemnity is a crucial cover for all professional firms. Even more important is getting the right advice.”