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See all the news storiesTokio Marine HCC specialises in Business and Management Consultants Errors & Omissions insurance and our underwriting team has deep expertise in the contractual, professional, and emerging exposures inherent to modern businesses, providing tailored coverage for consultants operating across a broad range of industries and areas of business.
Our Business and Management Consultants E&O policy is purpose-built for the Canadian market, to provide up-to-date coverage, written by experts and backed by a specialist underwriting team who understand the specific exposures associated with the Business and Management Consultants market.
Strategic Development
Organisational Change
Quality Management
Business Process Improvement
Compliance/Regulatory Advice
Marketing Strategy
Human Resources Consultancy
Training and Development Consultancy
IT Systems Consultancy
Interim Management
Insured engaged to project manage the implementation of a new IT system and appoint IT contractors:
It became apparent early on that the insured was negligent in performing this task. Delays occurred and deadlines were missed. The customer became increasingly frustrated and sacked the IT contractors involved. A claim was then made against the insured for the negligent management of the implementation and also the cost involved with hiring new IT contractors.
Insured engaged to provide the customer with general consultancy to improve the firm’s processes and make them more efficient:
The work was carried out over an extended period in order to accommodate the complex day-to-day activities of the client. After the contact period was over the Insured issued their final invoice. The customer refused to pay the invoice in full as they felt the project was not completed and the results had not been delivered. The contract however had not set out clear objectives and, therefore, there were ambiguities over what each party felt was the agreed outcome.
On receipt of the Insured’s final invoice the client intimated that they would pursue a claim against the Insured for the costs incurred by their business at management level over the period of the contract and that these costs were substantial, furthermore they would issue a counter claim should the Insured pursue them for settlement of the outstanding fees. In order to avoid a significant claim against them for professional negligence and in the absence of a contract that provided a useful basis of defence, Insurers paid what was considered Irrecoverable Fees in order to avoid a far greater and potentially successful counter claim.
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Tokio Marine HCC is a leading specialty insurance group with offices in the United States, Mexico, the United Kingdom and Europe, transacting business in approximately 180 countries and underwriting more than 100 classes of specialty insurance.
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