Specific Claims Finance Insurance
Almost all Canadian First Nation Bands have experienced failure on the part of the Crown to fulfil obligations to First Nations under their treaties. As these Bands have heavy demands on their resources, many Bands do not have the financial resources to advance their Specific Claims. Specific Claims Finance Insurance, designed by Redress Risk Management, fills this gap by insuring schedule A Bank lines of credit used to advance the Specific Claim to resolution.
How does the program work?
From a high level, you as counsel work with your Band client to assess their specific claim and methods of financing the legal fees through successful settlement. If required, the Bank’s program provides loans to the Bands to advance the Specific Claims against the Federal Government and Redress’ Specific Claims Finance Insurance backstops the bank loans. The insurance premium is paid from the bank financing and if the claim is unsuccessful, the insurance policy will cover the loan.
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