28th June 2010
After The Event Insurance Is Crucial When Planning An Event
After the event insurance is a type of insurance policy that provides cover for the expenses incurred in the pursuit or defence of litigation.
After the event insurance is a type of insurance policy that provides
cover for the expenses incurred in the pursuit or defence of
litigation. Over the past few years, this market has expanded quite a
bit, making it extremely easy for the business owners to take out the
insurance that is best suited for them. This type of insurance allows
cover for anything from large volume caseloads such as road traffic
accident and slip, trip or fall to more complicated type of cases like
clinical negligence and many more. While planning an event, it is quite
important to know, that whatever happens you are fully covered and the
best of all is that if you do not win your case, you do not have to pay
your solicitor's fees.
• After the event insurance is usually taken out after an accident has
incurred and after you have decided of making a claim. The best thing
about this type of insurance is that the costs are usually recoverable
by the successful litigant as part of costs from the losing party.
• Most companies can now insure the premium if the case is lost, meaning
if the premium payment is deferred, it is simply absorbed by the
insurer. In some case, if the premium is paid when the policy is bought,
the premium cost is reimbursed by the insurer. This is also known as a
'self insured' or 'conditional upon success' premium. In either case,
the insurer will have to pay for the client’s insured legal costs
liabilities. Even if you lose your case, you may not have to pay your
• After the event insurance quotation can be applied for through the
instructed solicitor or legal representative rather than the
policyholder himself. The solicitor or legal representative will liaise
with the insurer as the litigation carries on forward and also acts as a
link between the insurer and the policyholder.
• Most insurance companies work closely with solicitors, providing vital
cover to enable them to pursue justice for clients, feeling confident
that they are covered should cases not go according to plan. These
specialist providers are quite efficient and experienced ensuring that
quick decisions can be made. Most insurance providers will only offer
you insurance after they feel you have any chance of winning.
• If you like, you may also be allowed direct access to experienced
underwriters throughout the entire process of the case. You may also be
allowed to monitor your case quite closely and also keep a close eye on
the performance of your scheme.
There is always a lot of risk involved in running an event of any scale
and you need to make proper arrangements to help you against any
financial crisis. For the past few years, many after the event
insurance companies have realised the importance of cash flow to the
legal practices as well as to every other business. They therefore, have
developed a range of funding solutions to meet most requirements and
offer imaginative solutions and high quality products for everyone,
including the solicitors and firms.