Law firm Watson Burton wins new contract with international insurance provider Hiscox

Watson Burton, the Newcastle-headquartered commercial law firm, has secured a long term contract with international insurance company, Hiscox.

The law firm, which also has offices in Leeds and London, has partnered with Hiscox to offer its policyholders a collateral warranty review service.

Hiscox has operations in 14 countries and works with more than 200,000 UK businesses. The service has been designed to help companies minimise the risks associated with contract clauses.

Watson Burton called on its Construction and Insurance team to develop the tailored service. Hiscox policyholders who are required to enter into a collateral warranty, can now have these warranties reviewed by Watson Burton under their policy, to ensure they meet with the terms of their insurance.

The review service will provide guidance to companies on the contractual terms which pose a risk and will help them to manage commercial risks more effectively.

Under the agreement, Watson Burton undertakes a traffic light report which is issued to the insured company, identifying the high-risk, industry standard and non-critical clauses before the company signs up to the collateral warranty.

The review will include examination of key clauses relating to ‘fitness for purpose’ guarantees, limitation of liability, liquidated damages and fines, and will identify and provide comment on any terms that would be regarded as commercially onerous and unusual in a contract.

David Smith, professional indemnity underwriting manager at Hiscox, said: “Watson Burton are one of our long-standing and trusted partners and were the obvious choice to assist us with our collateral warranty service, given their vast experience in the construction sphere.

“Hiscox prides itself on excellent service delivery and added value and having already started offering this service, I am delighted to see that our policyholders are receiving prompt attention and valuable advice from Watson Burton.”

Richard Palmer, head of Watson Burton’s Construction and Insurance team, added: “We’re delighted to be able to partner with Hiscox to offer a service that will reduce the risks and unexpected challenges faced by contractors through collateral warranties, and to be bringing our depth of expertise in both the insurance and construction arenas to bear in supporting Hiscox’s policy holders.”

Bal Manak, associate in Watson Burton’s Construction and Insurance team, continued: “This is a fantastic opportunity for Watson Burton and it’s exciting to be working with one of the leading companies in the global insurance market.

“Our ability to offer this service – on this scale – is testimony to the strength of our multi-disciplinary approach and deep understanding of the construction industry and commercial landscapes.”

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