Insurance in Albania
The insurance policy is a contract between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. The practice of law surrounding insurance is majorly important both to individuals and the commercial sector. It primarily includes the regulation of the business of insurance, regulation of the content of insurance policies and claim handling. Our attorneys represent clients in a wide range of matters that include policy audits, litigation for coverage recoveries, and complex resolution options that include strategic settlements.
LPA Law Firm Albania advise on the full spectrum of insurance policy types, including: Professional Indemnity, Property Damage and Business Interruption, Construction (All Risks and Delay in Start-Up), Cyber Risks, Public and Employers’ Liability, Product Liability, Directors and Officers (D&O), Trustee Liability, Warranty & Indemnity, Title, Political Risk, Credit and Financial Institutions.
Areas of focus for insurers
- Drafting policy wordings.
- Reviewing policy documentation and promotional materials for regulatory compliance.
- Advising on the development and distribution of insurance products and services.
- Advising on authorisation of firms and approved persons, appointed representatives and passporting.
- Advising on the sale and purchase of insurance businesses, joint ventures and outsourcing.
- Negotiating buy-ins, buy-outs and longevity swaps.
- Advising on mis-selling complaints.
- Assisting with regulatory investigations and enforcement action, including by the Financial Conduct Authority (FCA).
- Representing insurers in subrogated claims.
- Representing brokers in claims, including professional negligence and breach of restrictive covenants.
