Insurance
Transport Dispute
Case Study
- 100% Confidential & No Obligation
INSURANCE MEDIATION DISPUTES
Insurance mediation was required for a transport dispute. A transportation company had their insurance removed incorrectly following an accident of one of their Lorries and a subsequent audit of all their fleet. One of the conditions of insurance was to only provide insurance cover for all vehicles providing they were 3 years old or less.
The vehicle in question which led to all of this was nearly 4 years old, the claimants advised that vehicle alongside a few others was insured under a different policy with the same insurer, once the mistake had been established and rectified some 25 days later, losses in terms of business revenues had spiralled and a claim of £170,000 was made.
Although temporary insurance had nearly been arranged and then not pursued as the original company resumed its cover of insurance, the companies whole fleet had been on standstill till this matter had been resolved.
INSURANCE MEDIATION DISPUTE SOLUTION
At mediation the insurers admitted that they had clearly made a mistake, but could not justify £170,000.
After several hours passing encompassing private and joint meetings with all present and their legal teams.
The actual loss experienced by the insured was more closer to £90,000 rather than the £170,000, equally had the insured acted slightly quicker and more appropriately it was established and reluctantly and finally admitted by them their loss could have been negated further. Possibly by another £14,000, therefore their global figure of loss was realistically £76,000, rather than £170,000. A deal was finally struck and the parties settled at £70,000.
INSURANCE MEDIATION DISPUTE STATISTICS
The mediation took 1 day compared to the 11 months this insurance dispute had already gone on.
The mediation cost each party only a fraction each, compared to the thousands they had already spent on legal fees, and the thousands they would have had to spend, had they continued with Court action.
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