25th June 2010
After The Event Litigation Insurance Can Make Any Claim Straightforward
after the event litigation insurance policy is meant to protect a solicitor’s client after that person or entity becomes aware of the need to litigate to protect their interests.
after the event litigation insurance policy is meant to protect a
solicitor’s client after that person or entity becomes aware of the need
to litigate to protect their interests. The client can be either the
claimant or a defendant in a legal action. This type of insurance is
relatively new to many people and has not been particularly popular
within the commercial litigation sector. It is all due to its quite high
premiums and tough application processes, which can make the product
really unattractive to claimants and their representatives. However, due
to the increasing demand of this insurance, you can now get more
innovative and variety of these products to assist you in difficult
Whatever the nature of your business and your instructions, there are
many insurance companies who can tailor a fee charging structure
according to your specific requirements.
• After the event litigation insurance policy is to offer cover to the
client or insured against what could possibly be the substantial costs
that the client or insured will be liable for should the legal action
prove to be unsuccessful.
• Most companies are keen on offering not only a choice of commercial
litigation insurance policies but also, by ensuring that the insurance
is reflective of the needs of solicitors and also that of their clients
in this area.
• Some of the fast track after the event litigation insurance policies
are quite simple to understand, with fast application process for
straight forward, lower value commercial litigation claims. You can also
take advantage of bespoke policies, which are specifically designed to
the client’s individual case, providing varying levels of indemnity for
higher risk as well as higher value claims.
• Depending upon the volume of work, some providers can offer very
competitive rates for secondments. Their application procedure, systems
and processes are quite cost-efficient as well as user friendly.
• In some cases, there is a fixed fees on a work product based on the
scope, complexity and estimated time required to undertake a piece of
work. The premium is usually deferred until the conclusion of the case
and is often recoverable from the other side if you are successful in
the case. It may always not be the case, but you could also get discount
rates, for example, if you are unsuccessful in your dispute, the
insurance company will bear the cost differential between their normal
fees and the discounted fees. However, any deficit must be borne by the
client, himself. In event of unsuccessful dispute, the client will have
to pay the fees and expenses of the other side.
• This type of insurance usually covers many things like professional
negligence, property disputes, defamation, contractual disputes,
employment disputes and many more.
After the event litigation insurance policy is often taken out after a
dispute has arisen. The policy will offer coverage for your own expenses
such as counsel or expert's fees as well as against any order to pay
other party’s costs and expenses in the event that you are unsuccessful.