Besso Advance Fee Services
Besso Advance Fee Services was originally set up after a number of different US law firms had inquired if Besso could help assist in the collection of large amounts of outstanding fees and facilitate prompt settlement of invoices going forward. After in-depth research, Besso decided, in 2005, to set up a separate unit within its Claims Department to specialise in this specific area.
Advance Fee Services has two primary service levels which are as follows:
The first is to aid in the collection of third party receivables on other broker accounts, where the original broker has failed or will no longer be pursuing the collection of old or current fees going forward. We are flexible on rates for this service and can negotiate depending on size and age of invoices.
This service is not just limited to the Lloydâ€™s market, but has been successful in collecting outstanding receivables from company and domestic markets. Regarding monies owed by domestic insurers, we offer a new option of an agreed quarterly retainer/fixed fee, rather than the standard commission rate structure. We provide this service by working closely with clients accounts teams, helping to periodically chase outstanding balances on invoices. All money recovered will be paid direct to the client rather than through Besso Advance, therefore reducing the work load for both parties. This is just another option that is available in order to help reduce any outstanding balances on clientsâ€™ books.
Secondly, Besso Advance aims to secure the collection of third party, adjuster and attorney fees, on current Besso accounts, within 30 days of receiving a billing advice.
Since early 2005, Besso Advance has been able to eradicate the issues surrounding old outstanding accounts and has successfully taken on the collection of various third party billings on other broker accounts resulting in prompt payment. The aged debt of several well respected law firms has also been dramatically reduced as a result of Bessoâ€™s Advance Fee Service being retained. We are happy to work on one bill at a time but have found that the most cost effective way for all concerned is to actively work on a number of different bills at the same time. We can work on part payments or 100 per cent bills and this service is not just limited to Lloyds but has also been successful in the company and domestic markets.