2010-07-30

By Editor, CIR

Loss recovery insurance (LRI) provider Lorega has launched a new after the event (ATE) claims preparation, mitigation and negotiation service.

Operated by Lorega’s independent loss adjusting company, Lorega Solutions, the new on demand claims advocate service will run alongside Lorega’s long established LRI product.

While traditionally the loss adjuster represents the interests of the insurer, Lorega only acts on behalf of the claimant to get their business running at full capacity again.

The ATE claims advocate costs will be individually negotiated to reflect the circumstances and complexity of each case and could be charged at an hourly or daily rate, percentage of the recovery, or a flat fee. Brokers will also receive commission.

The ATE service covers the following claims for commercial and corporate clients:

• Physical damage to buildings, contents, stock, plant and equipment
• Business interruption losses
• Computer claims
• Fidelity, fraud and executive crime
• Directors and officers liability
• Goods-in-transit and marine
• Employer’s, products and public liability
• Product recall

The Lorega team will be led by Lorega Solutions director Angus Tucker who, before joining the firm in May, was Grant Thornton’s client services director. He is also immediate past president of The Chartered Loss Adjusting Association.

Malcolm Harvey, chairman of Lorega said: “While working with brokers to provide their commercial and HNW clients with loss recovery Insurance, it has become clear that some policyholders who declined to purchase cover at inception would benefit from the ability to quickly obtain professional advice from a claims expert in the event of claim.

“By setting up a new after the event claims advocate service to supplement our LRI product we can now provide brokers and their clients with the support service they need regardless of how and when they want to pay for it.”

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