Time is running out to arrange After the Event Insurance (ATE) on Insolvency matters that potentially may proceed to litigation. The Government has changed the law and as a result from the 1st April 2016, ATE premiums and success fees charged by lawyers will no longer be recoverable from the opponent when you win your case.
We have launched a product which allow solicitors/IPs to arrange immediate cover on all insolvency files they are dealing with.
In summary, the product offers the following:
- No proposal form is required – automatic acceptance with no review by underwriters.
- The policy provides stage 1 cover for £2,500 of adverse costs with a deferred premium of £100 plus IPT.
- If proceedings are issued a full proposal form must be submitted and stage 2 will be offered subject to assessment.
- If the premium is larger than the sums recovered, we will not claim the shortfall from the client.
With only 4 weeks left Insolvency Practitioners and Solicitors MUST ACT quickly to arrange cover before the deadline date.
What You Must Do Now
- Provide us with basic details of all cases on the spreadsheet where you can download below
- Do this before the 31st March 2016 to ensure the premium is recoverable
What We Will Do
- Confirm basic cover has been arranged
- Will provide increased cover as required subject to assessment.
For further details please see the attached and our website:
If you have any queries, questions or concerns please let us know. You can email or call to discuss with our Solicitors in the underwriting team on:
Phone: 0800 668 1350
Please do not wait to act as the volume of requests may prevent us from arranging cover within the deadline date.
DDI: 0800 668 1350