Sloan Mandel, a partner at Thomson Rogers, specializing in serious personal injury and medical malpractice claims, recently secured a significant advance payment from an insurer to help fund his client’s rehabilitation and care requirements. The client, an out of-country resident, suffered incomplete quadriplegia as a consequence of a motor vehicle crash. She did not have access to OHIP coverage.
The accident benefit insurer denied catastrophic impairment status and the tort insurer initially refused to make a voluntary, without prejudice, advance payment.
On behalf of the client, Mr. Mandel contacted BridgePoint Financial Group. BridgePoint agreed to provide a general line of credit (for a considerable amount) to be used for the purpose of funding the client’s rehabilitation and care. The line of credit/loan was secured against the client’s claim.
After the loan agreement had been executed, BridgePoint’s term sheet was forwarded to the insurer. The insurer was advised that any and all interest charges incurred would be sought as a “special damages claim” in addition to the more usual claims that follow a devastating injury of this kind. Shortly thereafter, the insurer tendered a meaningful advance payment (such that BridgePoint’s financing did not need to be accessed).
The BridgePoint Financial Group provides litigation financing solutions for Plaintiffs and law firms, including litigation loans, disbursement financing, treatment financing and legal costs indemnity protection. BridgePoint can be reached at 647 427 3922.