Given the pressure on underwriting returns, paid property claims are no longer being treated as “dead money” by many insurers who are looking at recoveries as a genuine source of income.
To maximise recovery income, the decision to pursue subrogation needs to be made quickly and with the right tools. That’s why insurers need lawyers who can think like plaintiffs but understand the boundaries, protocols and pressures of an insurance company. In other words, lawyers who think about both sides of the claim equation.
Our subrogated recoveries team has a breadth of experience across Australia and New Zealand and is focused on:
- Return on investment – ROI for recoveries depends on how much you can get back, how long that takes and what it costs. We achieve the best outcomes with an informed commercial strategy and early decisions on reserves, prospects and settlement. We negotiate effectively and with momentum through the recovery process. We keep costs down with appropriate resourcing, a streamlined methodology and by delivering what’s needed in the way preferred.
- Quick, quality results – to help fast track portfolios of commercial subrogated claims, we have the right recovery, first party and industry experience, and have a clear methodology to resolve claims quickly for the maximum potential amount. We’ve done enough claims to know which ones will stick, and which ones to let go early. We help you manage the evidence, contain privilege, and drive analysis. We have the experience to test the lay and expert evidence in “real” terms.
- Preventing fuss – clients benefit from our market experience and relationships because we know how to work effectively with insurers, loss adjusters, brokers and the co-insurer market.
- Being easy to work with on claims portfolio – recoveries often need a “light touch” for claims officers and recoveries teams. We are proactive, efficient and good communicators. We get in front of reporting demands, including reserve reporting and activity schedules. We’re viable communicators, and report in a style that is manageable for your business.
We have two specialist recovery teams with overlapping skills. One is focussed on fast-tracking lower value volume claims for commercial results. The other is focussed on major losses in industry categories where the emphasis is on early detection, managing the evolution of factual and forensic issues in the relationship between indemnity and recovery, and protecting all relationships within the insurance contract.
Examples of some of the subrogated recoveries claims we’ve worked on include:
Lane Cove Tunnel collapse
Advised on the successful $28 million subrogated recovery arising from the collapse of the Lane Cove Tunnel, with a significant damages award at trial against one party and settlements with others.
Advised on a successful mediated outcome, in four sets of multi-million dollar subrogated proceedings arising from a fire at Moore Park Super City, with a significant recovery result.
Viaduct Basin (NZ) helicopter incident
Successful recovery for hull and consequential losses after an insured helicopter was erecting a 25m tall Christmas tree when ground staff pulled a line into the path of the rotor causing the helicopter to disintegrate mid-air.
Multiple related proceedings
Advised on a complex subrogated recovery proceedings following destruction of an industrial rehouse, while defending 18 related proceedings.