A Satirical Look at How Professional Indemnity Claims Really Get Handled
Exciting news. We’re launching a new professional indemnity insurer.
After extensive consultation with the market, lawyers, brokers, underwriters, claims professionals and several investors who apparently have no idea what a claim is, we’re delighted to announce the formation of:
- Continuity Perpetuity*
Our vision is simple:
To redefine the continuing future of professional indemnity insurance by ensuring that claims are managed with the same degree of meticulousness, patience, diligence and existential uncertainty that the industry has come to expect.
That’s our promise - not just to claimants but insureds!
Our proprietary claims methodology, Perpetual Continuity means every claim can enter our carefully curated claims journey through:
- notification of circumstance;
- request for documents;
- request for further documents;
- consideration of whether notification constitutes notification;
- reconsideration of whether notification constitutes notification;
- appointment of lawyers;
- appointment of more lawyers;
- consideration of whether the lawyers need lawyers ;
- coverage analysis;
- further coverage analysis;
- reservation of rights;
- further reservation of the right to reserve rights; and, ultimately…
- a vigorous defence.
Yes, we won’t make ‘claims made’ easy, we will be disciplined to our claims philosophy.
At Continuity Perpetuity, we believe claims should not simply be accepted and paid.
They should be perpetually considered and then defended.
Aggressively.
Strategically.
Continually!
Why pay a claim today when tomorrow may bring new facts, new arguments, a new lense on exclusions and of course a continuing legal process.
Our underwriting model is equally innovative.
We intend to carefully assess risk, price it accordingly and then write the business no other insurer would dare AND collect substantial premiums!
Importantly, we will never say “no” too quickly.
Instead, we aim to provide a sophisticated, nuanced and evolving uncertainty that we call ‘Perpetual Maybe’
We’re also investing heavily in legal infrastructure because frankly, if there’s one thing the PI market has taught us, it’s that lawyers are experts at ‘fashioning an argument’, finding another perspective and of course reserving of rights… (whatever that means) but it doesn’t matter, we’ve got loads of lawyers to figure that out - a whole panel of them climbing over each other to win our business!
You see, at Continuity Perpetuity, we know every professional just needs proof of a policy.
And should a claim ever make it all the way to trial?
Well… that’s what we’ve got reinsurance for? Don’t we?…
don’t we have any reinsurance?
Anyway - More exciting announcements to follow.
This article is a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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