Allianz Legal Protection (ALP) and JLT Specialty Limited (JLT) have created Omnium, a specialist After the Event (ATE) insurance solution for Insolvency Practitioners (IP’s).
Omnium is an exclusive scheme which:
- provides relevant adverse costs and disbursement coverage across 5 key stages of insolvency action
- protects IP’s when bringing legal action to secure assets owed on behalf of creditors
- £100k limit of indemnity provided as standard, with additional indemnity available as required.
Once IP’s have been appointed as office holder for a business or individual as part of an insolvency procedure, Omnium will provide access to ATE insurance to cover potential litigation risk and financial protection against adverse costs and disbursements.
The Omnium scheme will be distributed and managed by JLT’s Restructuring & Recovery team.
Allianz Legal Protection’s business development manager, Steve Rowley, commented: “In the provision of insurance solutions for insolvency practitioners the expertise of JLT’s Restructuring & Recovery team is renowned throughout the market. I’m delighted that we have been able to work with JLT to deliver a unique legal expenses solution for this sector. This provides a competitive and innovative solution to protect an insolvency practitioner’s personal liability against defendant costs and disbursements when legal action is necessary.
“In a legal market experiencing uncertainty and change, ALP continues to focus on its core business model of delivering appropriate, valued and timely legal expenses solutions to meet the needs of clients.”
Ed Brittain, head of Restructuring & Recovery at JLT commented: “Omnium is an innovative risk transfer solution for Insolvency Practitioner firms that will assist firms to pursue litigation on a new basis. We are delighted to be working with Allianz Legal Protection to both develop and launch Omnium.”