U.K. court deals a mixed hand: not all lawyers insured

Article Abstract:

The UK's insurance industry is coping with historic losses, and US law firms insured by British providers are concerned about payment on their claims. The issue in Ackman v The Policyholders Protection Board is whether claims by US law firms and other professional entities against insolvent British insurance companies will be covered by the UK's insurance bailout funds. The parties in the suit decided that corporate claims would not be paid, so Fried, Frank, Harris, Shriver and Jacobson, one of the plaintiffs, may lose out since some of its attorneys have professional corporations.

Legal malpractice insurance

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Insureds will pay in U.K. failure

Article Abstract:

Policyholders with the insolvent British KWELM insurance companies learned at an Oct 7, 1993, meeting for US creditors that they may not be covered to the extent their policies state. The 'Scheme of Arrangement' for the insolvent companies will not pay more than $10 million in pending legal fees and will limit participation with co-insurers in legal costs. As much as $500 million of the $9 billion in KWELM claims outstanding is estimated to be professional liability claims.

Finance, Tort liability, Tort liability of insurance companies, Insurance companies

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