After The Event Insurance Is Crucial When Planning An Event

28th June 2010

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

solicitor's fees.

• 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.