Time is running out for Recoverability on Professional Insolvency Premiums
We are sure you are aware that from the 31 March 2016 the recoverability of After the Event Insurance premiums from the losing party for professional insolvency litigation cases shall cease.
Is there an impact upon you, your clients and your business?
Put simply, if you have any professional insolvency cases where you consider there is the potential to pursue litigation in the next 3 months now is the time to review your files and take some action.
So what are the options? When premiums were no longer recoverable from 1st April 2013 following the implementation of the Jackson Reforms within the civil litigation sector, Acasta European Insurance Company presented a unique, pragmatic, economical solution to ensure that premiums would still be recoverable on cases which settled after that date.
In this context we offered a basic insurance policy that could be taken out before the 31st March 13 which provided a low level of cover on a deferred and contingent premium basis. As the case developed we were able to offer an increased level of indemnity to meet the increasing exposure to adverse costs and disbursements.
Pre-Professional Risks Cover (PPRC) for Professional Insolvency Cases
It has been our decision to make this facility, which we call Pre-Professional Risks Cover (PPRC), available to professional insolvency practitioners and their solicitors over the next 3 months.
Additionally, we can also offer variable funding options to solicitors running insolvency related cases that can be used to fund disbursements and or own costs.
We believe this genuinely provides all parties with a tangible solution without complication. Clearly, time is of the essence with less than 3 months before recoverability of After the Event premiums cease following a successful outcome.
Further, it important to remember in addition to premiums being deferred to the end of the case they are also contingent upon success which means if the claim fails there is no premium to pay.
For further information or to contact Acasta Europe Ltd, click here.
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