Lawyers and Solicitors

Senator provides a suite of services on behalf of several of the UK’s top 20 Insurance Lawyers and Solicitors operating within the UK and internationally. 

We are also considered the Market leader for both Invoice Collection & Loss Fund Establishment & Management
 

Invoices:

We process and collect the resultant fee invoices following engagement by underwriters and insurance brokers operating at Lloyd’s of London and within the London Market.

Our range of cash collection services and capabilities for expert invoice collection will include:

• Processing and collection of current & aged fee invoices – either part or whole.
• Full Account reconciliations and credit control functions.
• Collection of invoices when debtor information is incomplete or unknown to the expert
• Collection of aged/historical/previously uncollectable debt. 
• Capability to purchase aged debt in part or entirety from the expert.

 

Why the need for expert fee collection?

Most Lloyd’s Brokers and Underwriters do not provide an expert fee collection service and appointed experts and professionals often find themselves with no method to secure payment for their services. This problem is magnified when the expert is not authorised or unable to access or interrogate the numerous complex London Market software systems. Aside from the leading underwriter it is commonplace that they are not even informed of the full participants who are required to settle the invoice for services provided.

Ther are numerous cases where experts have been forced to exit the London Market due to the delays and complexities associated with invoice collection.

Senator fulfils the full collection process alongside the credit control function and liaises closely with designated account managers. Decades of experience and a vast network of contacts accelerates the process and strengthens balance sheet liquidity.

At Senator we recognise the importance of guiding all our potential new clients through an introductory process to clarify and simplify every stage and aspect of our service provision. A senior member of management will undertake this process, and, upon instruction, a team of account managers will be allocated as a principal point of contact.

Loss Fund Establishment & Management:

Insurance loss funds are insurance reserves managed by a third party, such as Senator, to cover insurance claims and claims costs (e.g. legal fees). They operate to ensure that policyholders and those involved in managing claims receive prompt and fair payment.

How do insurance loss funds operate?

• Establishment and Management: A third-party administrator, lawyer or insurance broker collects cash from insurers and holds these funds in trust.
• Claims and Costs Payment: The funds are allocated to pay claims and claim costs up to a predetermined value or on authorisation from the lead underwriter or other authorised parties.

Why are insurance loss funds important?

• Fair Compensation: They help to ensure that policyholders and those involved in managing claims are paid fairly and quickly.
• Financial Stability: They help to ensure that insurers are financially able to pay out claims, litigation and other third-party claims costs.

 

Senator Loss Fund Services: Establish - Collect - Administer

Senator provides the full range of Loss Fund establishment and management services, from simple cash collection and fund top-ups to full Loss Fund administration and reporting. 

Our clients range from Managing Agents, underwriters, insurance companies and many insurance law firms. We have unrivalled expertise and particular recognition within the Aviation Market.

Our capability has assisted insurers, lawyers and experts globally by collecting and establishing substantial Loss Funds that can be drawn down immediately upon request by the lead underwriter or other authorised parties. 

When significant and frequent fee collections are expected to be incurred, authorised payments can be deducted from an already established Loss Fund which results in:

• Swifter settlements of indemnities/fees, elimination of the usual submission delays.
• Significantly reduced operational costs.
• Reduced banking charges.
• A fully documented reporting and audit trail.