22nd June 2010
After the event insurance policy is also known as a post-event insurance, usually purchased after the cause of a legal dispute has arisen. It offers imaginative solutions and innovative products for the solicitors and firms, which are designed for the needs of solicitors, policyholders, insurers and the courts alike. This type of insurance usually includes legal expenses insurance policy, offering cover for the costs incurred in the pursuit or defense of litigation. With this insurance, there is usually no upfront premium payable by the client and the premium is payable at the conclusion of the claim, which is usually recoverable and proportionate to the risks in the case.
• After the event insurance policy can be purchased for cases, which require modest limits of indemnity, through to big ticket, heavyweight litigation requiring over millions of pounds of cover for legal costs. Your insurance provider will however, consider your chances of winning before deciding whether to offer you the insurance or not.
• This type of insurance covers almost all areas of litigation and is frequently used in both civil and commercial disputes. The premium payments are usually delayed until the conclusion of the case and contingent upon success and can be recovered from the other side. That is why, this insurance is equally relevant to private individuals, destitute or indebted clients, or large blue chip companies. For some reason, if your case takes longer than expected, perhaps because it is complex, then you might even have to pay a percentage of the original premium on each anniversary of the insurance until the claims has been fully dealt with.
• Most after the event insurance companies are backed up by an efficient, reliable and professional service and can offer your firm the most comprehensive range of insurance and funding solutions.
• The companies dealing in this type of insurance generally offer cover for personal injury, clinical, dental or professional negligence, insolvency, probate, defamation, commercial disputes, breach of contract etc. The insurance will indemnify the opponent’s costs and disbursements. They usually the monitor your case quite closely against the amount declared on the proposal and also keep a close eye on the performance of your scheme and provide you with a feedback.
• Most companies allow a swift and simple application process for your cases, or offer delegated authority schemes giving you the chance to insure cases without referral to the underwriting team. They also allow you to have direct access to experienced underwriters throughout the entire process of the case.
The most important thing for any anyone planning an event is to know, that whatever happens they are fully covered. After the event insurance is usually taken out after an accident has happened and after you have seriously considered about making a claim. The key thing about most of these insurance policies is that if you do not win your case, you do not have to pay your solicitor's fees and if you lose your case, even then you are not liable to pay your solicitor's fees.