The company remains entirely independent being wholly owned & operated by staff
Recoveries & Subrogation
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The journey so far
Pequod Associates Limited are widely considered
to be industry leaders in the provision of
global recoveries & subrogation solutions
Founded in 2004
Located in London, New York & Singapore
Large Subro team
With over 600 years of combined direct service in the industry, including legal, P&I & seagoing experience
Freight liability and adjusting division in Ipswich
Staff & Languages
30 staff & 9 language sets; Brazillian Portuguese, Flemish, French, Italian, Lithuanian, Mandarin, Polish, Russian & Spanish
We currently handle over 2,000 recovery cases, all of which are reviewed annually
Current trend recoveries of over USD 20m per annum
Our clients include world’s largest trading groups, insurance & broking companies
Cases handled from USD 500 to USD 100m in value
Fees are charged on a contingency fee (no win, no fee) basis
Pequod has a breadth of experience in undertaking
recoveries for major global insurers, Lloyd’s of London,
global broking firms, assureds and captives in the following fields:
Fine Art & Specie
Freight Logistics Industry
Hi Tech Products
Marine & Hull
Oil & Gas Products
Most Pequod recovery work is undertaken on NWNF terms. Fees are available upon request.
Almost 95% of Pequod subro work is successfully concluded with little or more usually no third party expenditure by way of lawyers or experts.
In circumstances where services external to Pequod are required:
• Usually to protect time limits or address specific circumstances of loss
• Such legal or expert expenditure is costed prior to instruction
• Upon client approval such costs will seek to be recovered from counter parties
• Any unrecovered costs will be deducted from the gross recovery before application of Pequod fee
Since development of our product in 2017 Pequod has funded almost USD 2 million in legal, counsel, expert and tribunal fees to enable cases with recoverable merit to proceed in circumstances where a client lacks either the appetite or cash flow to fund counter party recoveries.
The product attracts an enhanced contingency fee (charges provided on a case by case basis) but allows suitable recoveries to be run in otherwise cost prohibitive jurisdictions such as England, Singapore or South Africa.
The product has been of particular interest to insurers not wishing to maintain open-ended costs reserves, assureds who underwriters do not support their insurance or subrogation claim and clients are simply not prepared to fund full litigation or run the risk of exposure to counter party cost claims.
Pequod offers a range of “funding-lite” options.
These typically involve only a modest increase in the usual Pequod contingency fee in return for Pequod fronting certain fixed legal and expert expense as a means of driving recoveries more quickly to conclusion.
On such “funding-lite” modelling Pequod would be made whole on such third party expenditure, deducting such expenses from any gross recovery and charging an enhanced fee on the net balance.
The model is particularly attractive to insurance subscription markets (where advance collection of funds can be laborious), captives and high retention assureds.
Retentions & Deductibles
A growing trend in cargo insurance is the increase in the frequency and size of deductibles & retentions.
The upsides to such trending can be improved loss records and more competitive insurance pricing.
The downsides include more additional management time in direct dealings with customer claims and vetting and seeking recoveries from responsible parties such as carriers and warehouse operators.
Clearly, the larger the retention, the higher the potential volumes of uninsured claims.
Pequod offers solutions, both independently and in tandem, to manage this changing landscape.
- Pequod’s recovery team will embed itself with a client’s existing claims processes
- Recoveries from responsible third parties will be undertaken on a No Win, No Fee basis on either a standalone per claim or bordereau basis
- A stream of income will be developed for the client
- Data produced will assist the customer in its dealings with logistics operators, understanding trends & closely managing the threshold benefits of any retention versus insurance costs.
Our global TPA and claims management team have a range of products to manage high volume customer facing challenges. Work can be undertaken on a fixed per claim fee or annual retainer basis, improving the experience of clients & their customers with:
- Rapid minimum documentation claims turnaround KPIs
- Bespoke remote access database systems
- Holding claim funds
- The use of e-Cheques to improve the costs & customer experience of cash management
Pequod has had a range of successes in promoting these services. Relevant examples include:
Global Pharma Account
Undertaking all below deductible recoveries on an annual retainer basis and above deductible losses for insurers on the standard NWNF terms
Household Name Electronics Group
Stepping in on all recoveries above USD 5,000 where a carrier has not responded/ settled with 60 days, again on standard NWNF terms
US Importer/ Distributor of Plumbing Parts
Managing all claims from FNOL through to e-Cheque issuance, maintain a loss fund and recovering all carrier losses from ground-up values
Your Global Recoveries Team
Recovery Case Handler
Pequod - UK
10 Whites Row
Pequod - USA
420 Lexington Ave