What we offer
Claims made coverage including damages, settlements, judgements, defence costs and expenses related to professional negligence, breach of fiduciary duty, and errors and omissions claims
Up to US$/$25,000,000 (non-UK: Limits Up to US$/€5,000,000)
How can we help
When a claim has been made against you by someone else, or where you have a claim because you have suffered a loss, the claims process can too often feel intimidating, drawn-out and even confrontational. Expectations are also naturally high, because our law firm clients understand liability issues. This is why we take a personal and progressive approach.
We understand that businesses, large and small, are run by real people feeling real impact, so we work hard to ensure our clients get the best solution quickly and ensure they feel supported at every step, even if that means challenging the status quo and exploring new ways of doing things.
The Beazley Difference
Freedom lies in being bold. We dare to be different and seek bold possibilities to create more innovative, fair and satisfying outcomes for our clients, brokers and employees. From insuring the highest building in the world, to the first commercial lunar vehicle to operate on the moon - we boldly go where others won’t.
STRIVING FOR BETTER
Good is a start, but we go all-out for better. A driven community of individuals relentlessly push the needle and creating value. From launching the market’s first dedicated ESG syndicate to the establishment of our business unit focusing on designing digital insurance solutions, we pride ourselves on always going above and beyond. Simply put, at Beazley we go to 11.
DOING THE RIGHT THING
Acting with integrity in a straightforward, decent way is instinctive. Open and honest with others, we show respect and empathy however challenging the situation – demonstrated by our multi-award winning claims team. Doing the right thing makes for a fair-minded, rewarding environment and makes work and life better for all.
Examples or Scenarios
A client retained the firm for advice regarding a tax shelter. One of the firm's attorneys advised the client that they were entitled to claim a loss of over $100 million. The client claimed the loss on their tax return and was later audited by the IRS. The client retained the firm to defend it against the audit. The IRS ultimately disallowed the claimed loss and imposed a 40% penalty. The client challenged the IRS determination in court and the same firm was retained to represent the client in the litigation. The court upheld the IRS ruling and affirmed the penalty.
The client sued the firm for malpractice on the basis that the original tax advice had been negligent and that the firm had been conflicted when it represented the client during the audit and in the subsequent litigation. The client argued that, had the firm provided objective advice about the merits of its tax opinion and the likelihood that it could defeat the IRS determination, it would not only have settled the litigation, but would have been able to do so on the basis of a 10% penalty.
Beazley actively participated in settlement discussions with Plaintiffs and another carrier also involved in the defence, and worked to negotiate a seven figure settlement which was shared with the other carrier and resulted in an outcome within the remaining cost of defence. Considering the significant quantum sought and the likely liability landscape, moving quickly and decisively at this early stage of the case enabled both costs and indemnity to be well contained.