Solicitors will only take fee when action has been successful under terms of offering
Oxford Insurance Brokers Ltd (OIB) has announced the launch of a new ‘bolt on’ fee recovery service as part of its professional indemnity insurance.
OIB has partnered with a firm of London based solicitors with vast experience in professional liability and fee recovery actions for the offering.
The fee recovery service offers a cost-effective legal package to clients who take out PI insurance with OIB. The solicitors will only take their fee once the action has been successful.
Collecting payments from debtors is a major issue for businesses in the UK. Research shows that businesses across the country were owed £33.6bn, 10% higher than the previous year and the highest figure since records began (in Sept 2007).
The cost of the service is a one off payment upfront of 5% for those customers who purchase PI cover through OIB. The solicitors will also pay for any ongoing court fees and disbursements incurred during the process. Access to this service is only available through OIB, even if there is already a fee dispute.
Oxford Insurance Brokers managing director Neill Cotton said: “Everyone is feeling the pinch. Businesses have got to focus on survival through the economic storm. Late payments choke the life out of businesses, SME’s in particular. We hope that our innovative product will provide peace of mind to our customers if they find they spend more time chasing money than achieving their business goals.”
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