14th July 2010
After the event insurance providers can help their customers manage
their potential cost liabilities where the case is being run on a
conditional fee agreement. They offer clients bespoke insurance
packages, providing cover for the costs incurred in the pursuit or
defence of litigation and help minimize the uncertainties and financial
The policies can be purchased after a legal dispute has
arisen and have been around for a while, helping tens of thousands of
litigants to offset a considerable portion of their litigation costs
risk. In this policy the insured has a nominal premium to pay upfront
and nothing after that in the event, if the case is unsuccessful. He or
she will only liable to pay the full premium in the event that the case
has been successful.
After the event insurance providers can
help manage disputes and assess the premiums individually for each case
depending on the financial exposure faced by the insurers and their view
of the prospects of success.
These professionals can give the
clients greater control of the litigation process, by providing them
with the scheme that enhances their offering and protect claimants
against the risk of adverse costs and their own disbursements. The
losing litigants will have to pay their opponents legal costs, which can
have a deterrent effect on claims. The insurance premium only becomes
payable in the case, where claimants win, and can be recovered from
After the event insurance providers can offer the
legal protection products to brokers, affinity groups and law firms.
They provide perfect solution for litigation cases across many different
fields including partnership, warranty and shareholder disputes,
property and also general commercial litigation.
In some case
you have to pay lower premiums if the case is settled early and premium
recoverability won’t be a problem, either. There are normally staged
discounts in the premium for most insurance products. You must never
underinsure your event as this could have the effect of reducing the
amount paid in a claim in proportion to the extent of underinsurance.
the event insurance policies are completely flexible so that the
insurance can be tailored to the requirements of each client and that of
each event. They can be taken out after an event has occurred and
covers all legal costs of settling the compensation claim including
going to court and also the other side’s legal bill if your case is
lost. The policies are specifically designed to help insurers pursue
their subrogation rights in a cost-free, risk-free way as well as
support standard personal injury claims on a delegated-authority scheme
Any potential legal costs can be so daunting at times that
they may prevent a financially stressed party from pursuing or
defending his legal rights. After the event insurance providers can help
you get the cover at very short notice and for various areas of the
events market, also offering extensions which are appropriate to that
type of event.