Because fiduciaries spend much of their time in Court, they can become the targets of legal claims with little or no warning. Fortunately, Underwriters at Lloyd’s Claim Counsel have identified telltale signs of brewing problems that, if heeded, can foreclose the potential of contentious circumstances ripening into actual claims. The key is early intervention.
To make it convenient and comfortable for fiduciaries to confide to a listening ear, Underwriters at Lloyd’s has established a Risk Management Hotline for their policyholders. Furman Kornfeld & Brennan LLP manages the Hotline on a confidential basis, free of charge to Underwriters’ at Lloyd’s policyholders. Thus policyholders can feel confident to discuss fully thorny situations without the fear of jeopardizing their insurance coverage. In the event that the notified circumstance does ripen into a claim, the matter will be handled by a different claims representative not privy to any of the prior conversations. The policyholder does of course have the option of continuing with the same claims representative, if desired.
The Hotline is intended to relieve stress on fiduciaries who engage in an extremely complex job that requires great attention to detail and an understanding of both financial and legal issues. The nature of their job forces fiduciaries to encounter unique and complicated situations on an almost daily basis.
Because it can be difficult to assess which types of conflicts and legal challenges may rise to the level of a Claim, Underwriters at Lloyd’s, encourage their policyholders to make liberal use of the free Fiduciary Risk Management Hotline. The Hotline provides access to experienced Claims Counsel who can assist Fiduciaries with their every-day claims needs and questions. Common types of questions asked by Fiduciaries who call into the Hotline include: “I made a mistake, should I notify my carrier?”; “The family of the principal is demanding I withdraw as a Fiduciary, is this a Claim?”; “I received a letter demanding I pay $40,000, what do I do.” While formal legal advice is not offered through the Hotline, the Claims Counsel are able to work with the Fiduciary in an effort to mitigate the occurrence of a Claim depending on the circumstance or in the alternative, guide the fiduciary appropriately if the matter appears to rise to the level of a Claim or require notification to the Carrier.
If you believe that a Claim has been made against you, require assistance in mitigating a potential Claim, or have any questions about your Policy, please contact the Hotline at: 212-376- 8599.