Jacqueline Harvey talks about who today's consumers of legal expenses insurance are, in short - An increasing range of those using dispute resolution services.
4-Pager PDF, Confidential Executive Summary for our $3M Private Placement for Settle-Now. The document outlines the market, our products/services, competition, our differentiation and defines the opportunity for investment.
Eyes Wide Open: Avoiding Nightmare Scenarios in Secured TransactionsLexisNexis
Most of what’s new in Article 9 is technical and addresses shortcomings perceived in the more comprehensive set of UCC amendments approved in 2001 and subsequently enacted across the country. Nevertheless, the changes are significant given the importance of perfecting security interests, particularly in commercial lending, and the enormous amount of litigation that occurs in matters relating to incorrect information included in UCC financing statements.
More precisely, the 2010 Amendments include provisions designed to remove potential ambiguities in naming individuals and organizations (such as corporations, limited partnerships and limited liability corporations) as debtors. Other aspects relate to perfection arising on after-acquired property when a debtor moves to another jurisdiction or is a successor entity resulting from a merger.
To learn how you can stay current in today’s rapidly changing banking and financial industries, visit http://www.lexisnexis.com/banking.
For more topics that are transforming the legal industry,
visit http://www.thisisreallaw.com.
Do arbitration clauses lead to lower prices for consumers?ArpitaGupta92
Arbitration is a mechanism of dispute resolution between the parties to a contract who voluntarily agree to submit their claims to a neutral third party. #PrivateCourt provides claim settlement which is benefitial to resolve the legal issues faced by the SMEs and freelancers.
Sookman law socity_12_minute_civil_litigatorbsookman
Last fall, the BC Supreme Court canvassed in great detail whether "web wrap" also known as "browse wrap" agreements are potentially enforceable. I gave a talk at the Law Society of Upper Canada that summarized the conclusions and reasoning of the court in the Century 21 Canada Limited Partnership v. Rogers Communications Inc., 2011 BCSC 1196 case. These are the slides from my talk.
4-Pager PDF, Confidential Executive Summary for our $3M Private Placement for Settle-Now. The document outlines the market, our products/services, competition, our differentiation and defines the opportunity for investment.
Eyes Wide Open: Avoiding Nightmare Scenarios in Secured TransactionsLexisNexis
Most of what’s new in Article 9 is technical and addresses shortcomings perceived in the more comprehensive set of UCC amendments approved in 2001 and subsequently enacted across the country. Nevertheless, the changes are significant given the importance of perfecting security interests, particularly in commercial lending, and the enormous amount of litigation that occurs in matters relating to incorrect information included in UCC financing statements.
More precisely, the 2010 Amendments include provisions designed to remove potential ambiguities in naming individuals and organizations (such as corporations, limited partnerships and limited liability corporations) as debtors. Other aspects relate to perfection arising on after-acquired property when a debtor moves to another jurisdiction or is a successor entity resulting from a merger.
To learn how you can stay current in today’s rapidly changing banking and financial industries, visit http://www.lexisnexis.com/banking.
For more topics that are transforming the legal industry,
visit http://www.thisisreallaw.com.
Do arbitration clauses lead to lower prices for consumers?ArpitaGupta92
Arbitration is a mechanism of dispute resolution between the parties to a contract who voluntarily agree to submit their claims to a neutral third party. #PrivateCourt provides claim settlement which is benefitial to resolve the legal issues faced by the SMEs and freelancers.
Sookman law socity_12_minute_civil_litigatorbsookman
Last fall, the BC Supreme Court canvassed in great detail whether "web wrap" also known as "browse wrap" agreements are potentially enforceable. I gave a talk at the Law Society of Upper Canada that summarized the conclusions and reasoning of the court in the Century 21 Canada Limited Partnership v. Rogers Communications Inc., 2011 BCSC 1196 case. These are the slides from my talk.
Transforming Legal Profession To Legal Services (Legal Industry Analysis)Timothy LaBadie
Report on the "New Normal" and the changing nature and disruptive forces affecting the legal profession. Actionble advice for providers (attorneys and in-house counsel) and users (clients)of legal services.
I was fresh out of college and working as a Clipper programmer for a large independent mortgage banker. One of my first assignments was handling the company’s Home Mortgage Disclosure Act (HMDA) submission. The changes in the law in the early 1990s had brought our company under the coverage of HMDA. We had to scramble to get ready for our first submission of approx. 33,000 applications.
Bringing transparency in Construction through technology: Gauri Seth at No-c...Kianda technologies
With hands-on experience in driving digital transformation at the ground level, Gauri talks about how digital tools can drive transparency for the industry.
This session was part of the No-code effect event. Watch it here: https://events.kianda.com/no-code-effect
A briefing on what are "unbundled legal services", sometimes called "Limited Legal Services" and how this approach can serve consumer needs and the DIY consumer.
The outlook according to key players across the construction sector and the insurance industry
Key players in the construction sector recently met with leading construction insurers to discuss current trends and debate the future outlook for their industries. The meeting of minds was organised by Lucas Fettes & Partners and Constructing Excellence, the organisation charged with driving the change agenda in construction.
Read the report: The future for construction insurance
Lucas Fettes and Constructing Excellence have published a report that presents an overview of some of the insights that emerged from the initial discussion, including some direct extracts from the transcript of the evening.
Ninety white paper: The Sharing Economy - An insurance briefingEmma Redington
This white paper deals with the impacts and opportunities of the sharing economy on the insurance sector. Lord Wei, Chair of Ninety’s Future Strategy Board, says in his foreword to this white paper: “The Sharing Economy gives rise to both significant opportunities and challenges as new technology enables all kinds of people to access the "on demand" lifestyle. In insurance, these challenges are well documented in this excellent and practical briefing from Ninety, which I hope will not only inform the industry but also policy-makers and politicians such as myself."
Top 5 Consumer Expectations in the Insurance Industry - InvensisInvensis
Read what Consumers want from their Insurers (http://goo.gl/wJxHKE) and how outsourcing can help insurers to satisfy customers in the insurance industry. Top Five Consumer Expectations in the Insurance Industry which will help to keep insurance companies agile and efficient, and make them ready to meet the changing demands of their patrons.
Invensis Technologies (http://www.invensis.net) a leading IT BPO company with more than 14 years of experience, specializes in providing customer care, document process automation and IT services to insurance industries which helps insurance companies enable to leverage the new opportunities.
Please contact us at sales {at} invensis {dot} net OR Call us Now from US +1 (302)- 261-9036, UK +44 203 411 0183, AUS +61 3 8820 5183, IND +91 80 41155233 or browse (http://goo.gl/xmCoeO) for more details on our services.
Transforming Legal Profession To Legal Services (Legal Industry Analysis)Timothy LaBadie
Report on the "New Normal" and the changing nature and disruptive forces affecting the legal profession. Actionble advice for providers (attorneys and in-house counsel) and users (clients)of legal services.
I was fresh out of college and working as a Clipper programmer for a large independent mortgage banker. One of my first assignments was handling the company’s Home Mortgage Disclosure Act (HMDA) submission. The changes in the law in the early 1990s had brought our company under the coverage of HMDA. We had to scramble to get ready for our first submission of approx. 33,000 applications.
Bringing transparency in Construction through technology: Gauri Seth at No-c...Kianda technologies
With hands-on experience in driving digital transformation at the ground level, Gauri talks about how digital tools can drive transparency for the industry.
This session was part of the No-code effect event. Watch it here: https://events.kianda.com/no-code-effect
A briefing on what are "unbundled legal services", sometimes called "Limited Legal Services" and how this approach can serve consumer needs and the DIY consumer.
The outlook according to key players across the construction sector and the insurance industry
Key players in the construction sector recently met with leading construction insurers to discuss current trends and debate the future outlook for their industries. The meeting of minds was organised by Lucas Fettes & Partners and Constructing Excellence, the organisation charged with driving the change agenda in construction.
Read the report: The future for construction insurance
Lucas Fettes and Constructing Excellence have published a report that presents an overview of some of the insights that emerged from the initial discussion, including some direct extracts from the transcript of the evening.
Ninety white paper: The Sharing Economy - An insurance briefingEmma Redington
This white paper deals with the impacts and opportunities of the sharing economy on the insurance sector. Lord Wei, Chair of Ninety’s Future Strategy Board, says in his foreword to this white paper: “The Sharing Economy gives rise to both significant opportunities and challenges as new technology enables all kinds of people to access the "on demand" lifestyle. In insurance, these challenges are well documented in this excellent and practical briefing from Ninety, which I hope will not only inform the industry but also policy-makers and politicians such as myself."
Top 5 Consumer Expectations in the Insurance Industry - InvensisInvensis
Read what Consumers want from their Insurers (http://goo.gl/wJxHKE) and how outsourcing can help insurers to satisfy customers in the insurance industry. Top Five Consumer Expectations in the Insurance Industry which will help to keep insurance companies agile and efficient, and make them ready to meet the changing demands of their patrons.
Invensis Technologies (http://www.invensis.net) a leading IT BPO company with more than 14 years of experience, specializes in providing customer care, document process automation and IT services to insurance industries which helps insurance companies enable to leverage the new opportunities.
Please contact us at sales {at} invensis {dot} net OR Call us Now from US +1 (302)- 261-9036, UK +44 203 411 0183, AUS +61 3 8820 5183, IND +91 80 41155233 or browse (http://goo.gl/xmCoeO) for more details on our services.
How can knowledge of types of ‘legal funding’ available for dispute resolutio...Priya Saggar
How can knowledge of types of ‘legal funding’ available for dispute resolution be improved? - Jacqueline Harvey, Underwriter at AmTrust Law discusses with Modern Law Magazine
A presentation a friend and I worked on while brainstorming ideas for a technology startup. Our objective was to explore opportunities in industries we're familiar with and industries we believe are ripe for disruption. The presentation lays out key industry metrics and profiles successful companies (somewhat startup-focused) within each industry.
Digital technology has changed how people shop, bank, travel, and live. Real-time location services, free global communications, and information on demand have become the norm, raising consumer expectations for more personalized customer experiences, when and where they want them. The insurance industry is no exception, as heightened consumer expectations are driving innovation and creating opportunities for new entrants to challenge industry bellwethers. As a result, consumer-facing industries have had to adapt or perish.
Many insurers are struggling to enhance their customer experience while facing stiff competition from digital savvy, data-intensive, agile insurtech companies. The digital disruption is radically altering how insurance is bought, distributed, serviced, commercialized, and ultimately, perceived by the general public. The result is the emergence of insurtech companies engaging customers in ways traditional insurance companies have never offered before.
The traditional model of insuring customers for specific events (or circumstances) is being supplanted by a new model based on a lifecycle of customer needs. Equally important is the capability to go from responsive to predictive practices more accurate than conventional actuarial techniques.
The enabler of these new capabilities is effectively leveraging the expanding quantities, sources, and distributions of data. Doing so requires innovative data-driven technologies designed to discover and integrate this data with semantically enriched data fabrics that strengthen the insurance industry’s fundamental use cases—making new ones possible.
laims management software is a digital software that helps insurance companies manage their claims process more efficiently. It enables insurers to automate their claims workflow, reduce errors, and improve customer service.
Carriers have historically been backwards-focused and have tended to maintain established processes without question. They also have the propensity to be risk-averse. These characteristics need to change. Carriers must be willing to try new things without betting the ranch or subjecting the company to undue risk.
Similar to Who are today's consumers of Legal Expenses Insurance? (20)
Can ATE be an ‘answer’ to a threatened security application? MLM 23Demi Edmunds
Matthew Williams answers the following question: After the event legal expenses insurance - can it be an ‘answer’ to a
threatened security application?
Matthew Williams answers the following question: Can my commercial client get ATE legal expenses insurance for
an appeal? (Their ‘solid’ claim most unexpectedly lost at trial – there is no policy currently in place.)
Might looming limitation affect prospects for obtaining an ATE cover? MLM 18Demi Edmunds
Matthew Williams answers the following question: ‘Looming limitation’ – Might this affect prospects for obtaining commercial after the event legal expenses insurance (ATE) or the terms on which it’s offered?
Points to keep in mind when looking for an ATE on a multi claimant commercial...Demi Edmunds
Matthew Williams answers the following question: When looking for ATE on a multi claimant commercial claim, are there additional points to keep in mind?
In this post recoverability era, what should we keep in mind when applying fo...Demi Edmunds
Matthew Williams answers the following question: My corporate client is bringing an action for breach of contract. I have discussed with the directors options on funding and the potential for ATE insurance. They have expressed an interest in applying for cover ‘at some point’. In this post recoverability era, what should we keep in mind?’
Is there anything we can do to help expedite an ATE application? MLM 5Demi Edmunds
Matthew Williams answers the following question: My corporate client has a good commercial claim,
and would like to obtain after the event legal expenses
insurance (ATE) for it. The directors are keen to take
advantage of the current provisions on premium
recoverability. As such the idea is to get a policy in
place prior to the forthcoming implementations of The
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the implementations are scheduled for 1st April 2013,
time is now very tight. Is there anything we can do to
help expedite an ATE application?
How should I prepare an ATE application? MLM 4Demi Edmunds
Matthew Williams answers the following question: After discussing funding/insurance options on a new commercial claim, the client wishes to apply for after the event legal expenses insurance (ATE). How should I prepare the application? What cover should the client seek?
WINDING UP of COMPANY, Modes of DissolutionKHURRAMWALI
Winding up, also known as liquidation, refers to the legal and financial process of dissolving a company. It involves ceasing operations, selling assets, settling debts, and ultimately removing the company from the official business registry.
Here's a breakdown of the key aspects of winding up:
Reasons for Winding Up:
Insolvency: This is the most common reason, where the company cannot pay its debts. Creditors may initiate a compulsory winding up to recover their dues.
Voluntary Closure: The owners may decide to close the company due to reasons like reaching business goals, facing losses, or merging with another company.
Deadlock: If shareholders or directors cannot agree on how to run the company, a court may order a winding up.
Types of Winding Up:
Voluntary Winding Up: This is initiated by the company's shareholders through a resolution passed by a majority vote. There are two main types:
Members' Voluntary Winding Up: The company is solvent (has enough assets to pay off its debts) and shareholders will receive any remaining assets after debts are settled.
Creditors' Voluntary Winding Up: The company is insolvent and creditors will be prioritized in receiving payment from the sale of assets.
Compulsory Winding Up: This is initiated by a court order, typically at the request of creditors, government agencies, or even by the company itself if it's insolvent.
Process of Winding Up:
Appointment of Liquidator: A qualified professional is appointed to oversee the winding-up process. They are responsible for selling assets, paying off debts, and distributing any remaining funds.
Cease Trading: The company stops its regular business operations.
Notification of Creditors: Creditors are informed about the winding up and invited to submit their claims.
Sale of Assets: The company's assets are sold to generate cash to pay off creditors.
Payment of Debts: Creditors are paid according to a set order of priority, with secured creditors receiving payment before unsecured creditors.
Distribution to Shareholders: If there are any remaining funds after all debts are settled, they are distributed to shareholders according to their ownership stake.
Dissolution: Once all claims are settled and distributions made, the company is officially dissolved and removed from the business register.
Impact of Winding Up:
Employees: Employees will likely lose their jobs during the winding-up process.
Creditors: Creditors may not recover their debts in full, especially if the company is insolvent.
Shareholders: Shareholders may not receive any payout if the company's debts exceed its assets.
Winding up is a complex legal and financial process that can have significant consequences for all parties involved. It's important to seek professional legal and financial advice when considering winding up a company.
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INTRODUCTION
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Who are today's consumers of Legal Expenses Insurance?
1. The speed
factor
Are law firms modernising at the same pace as the third parties
they work with, and what effect does this have on client care?
he On-Demand Economy is revolutionising commercial
behaviour around the world. Firms like Airbnb, Uber and
Deliveroo have capitalised on intuitive digital technologies
to transform their respective markets. These companies have
reaped the benefits of building their businesses to fulfil consumer
demand for immediate solutions.
Although companies in specific sectors are enjoying success, that
doesn’t mean that the on-demand delivery of goods and services
in other areas has been tackled. A recent survey by LMS, a leading
legal conveyancing outsourcer, recently reported that 63% of
home buyers polled thought that better technology would speed
up the house buying process and 57% said that it would reduce
stress. Conveyancing practices were seen as lagging behind
mortgage brokers and lenders.
In the conveyancing industry, the good news is that many search
providers have built comprehensive online platforms to streamline
the supply of conveyancing information to solicitors, freeing them
up to focus on providing better care to clients. Conveyancers can
readily tap into the value-added services at no additional cost.
Our online ordering process offers a few great examples. Our
intuitive mapping tool uses Land Registry data to identify property
boundaries more accurately, suggesting relevant searches and
speeding up turnaround times. The site also offers information on
search due dates and allows conveyancers to access completed
searches 24/7. We believe it is important to introduce greater
transparency and speed to the search process, as both are key
factors for home buyers.
However, we also recognise that many of our customers operate
in different ways, with different processes and levels of technical
sophistication. We also have a number of services in place
to manage the ordering process for them. This includes the
management of multiple searches, mapping of boundaries and
new-build identification.
In line with other industries, it won’t be long before speed also
becomes a factor when choosing a conveyancing firm. Law firms
that are unable to respond run the risk of being left behind. Yet, for
those who use technology to refine and improve their client care,
there is a great opportunity to capitalise on digital transformation.
It’s now well within the reach of all conveyancing departments to
free up important time for fee-earners and build the reputation of
their firm.
Susan Fairbrass, Marketing Manager, Geodesys.
Q: Who are
today’s
consumers of
legal expenses
insurance?
A: An increasing range of those using dispute resolution services.
egal expenses insurance provides protection against the
costs of being involved in a legal dispute. There are two
types of policy: ‘Before the event’ (BTE), which provides
cover where a future set of circumstances occur that could involve
the insured in a legal dispute, and ‘After the event’ (ATE), which is
potentially available once they have. BTE can cover own costs and
disbursements, as well as ‘adverse’. With ATE the emphasis is on
adverse. Each is provided up to a specified amount/limit.
In the UK, BTE is typically purchased alongside other insurance
products (e.g. motor, home, or liability cover etc.). It will often
include helpline advice services as a first port of call should an
‘event’ occur. ATE is provided on a ‘bespoke’ basis and is tailored
to specific dispute circumstances. It will typically involve levels of
cover in excess of those available for BTE.
BTE grew out of the motor sector. It diversified into providing
protection to employers for employee claims, and into ‘consumer’
products for disputes relating to personal injury, property, goods
and services and general contract etc. Its scope continues to
expand, and there is an increasing focus on particular dispute
types, e.g. construction, and intellectual property and specific
niche contract issues such as school fee disputes. In his review of
civil litigation costs, Lord Justice Jackson emphasised the potential
for the use of BTE.
ATE has its roots in the personal injury sphere where it developed
alongside the conditional fee agreement ‘regime’. CFAs and ATE
in tandem enabled claimants to pursue claims without having to
‘fund’ their own costs, or face liability for an opponent’s costs on
a failed claim. The advantage of offsetting adverse risk became
apparent for claims in other dispute arenas, for both ‘consumer’
and commercial users. Some claimants cannot afford their own/
adverse cost risks; others have the financial capacity to do so,
but choose to offset a part of the risk to free up resources for
use elsewhere. Another attraction of ATE is its growing relevance
where security for costs could be an issue. It can be used for high
and lower value claims (subject to proportionality) and is likely to
prove a good ‘fit’ for claims in the anticipated fixed cost regime.
It can be used irrespective as to how own costs are dealt with (so
can sit alongside standard paid retainers, third party funding, as
well as CFAs and DBAs). It can also be tailored for use in different
resolution forums, be that for litigation, in a tribunal, for arbitration
regimes and so on.
Legal expenses cover has developed into part of the overall costs
landscape, and has become a pre action consideration for an
increasing range of claimants.
Jacqueline Harvey, Underwriter, AmTrust Law.
T
L
August/September 2017 Modern Law 27
EDITORIAL BOARD