Professional indemnity and insurance: Rational resolution
Litigation is expensive, time consuming and often unnecessary when clearing up reinsurance disputes, but arbitration can be too. With this in mind, Lord Phillips of Worth Matravers, the Lord Chief Justice of England and Wales, gave a speech in India on 29 March, 2008, entitled 'Alternative Dispute Resolution - An English Viewpoint'.He said: ". . . It is madness to incur the considerable expense of litigation - in England usually disproportionate to the amount at stake - without making a determined attempt to reach an amicable settlement. The idea that there is only one just result of every dispute, which only the court can deliver is, I believe, often illusory. Litigation has a cost, not only for the litigants but also for society, because judicial resources are limited and their cost is usually born - at least in part - by the state. Parties should be given strong encouragement to attempt mediation before resorting to litigation."
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