Allianz Legal Protection (ALP) has refreshed its Equity ATE Insurance product as part of its continuing support for law firms and their clients in a rapidly evolving market.
Equity ATE Insurance protects customers against the adverse cost risk associated in bringing a personal injury claim. The policy will cover defendant costs if the claim is lost or fails to beat a Part 36 offer, as well as covering the cost of any unrecovered disbursements such as expert reports and counsel’s fees.
The product provides two cover options for law firms to consider with their customers, with the option to choose cover with or without disbursement coverage. Whichever level of cover is taken however, Equity is good for the entire journey, whether settlement is pre, post issue or at trial.
Another benefit is the new banded pricing structure which is proportionate to damages. It reflects the risk exposure by case type, with seven premium bands (three fast track and 4 multi-track), all provided on a fully delegated authority basis.
Following consultation with law firm partners ALP has now also implemented a low touch approach to claims handling empowering firms to concentrate purely on running their cases. ALP respects the decisions of law firm partners and this approach means that they will not need to justify their process by providing constant updates.
As part of the refresh ALP has also extended delegated authority permissions to include Clinical Negligence.
Steve Rowley, business development manager commented: “In a time of so much uncertainly for claimant personal injury lawyers, one area which is constant is ALP’s continued provision of appropriate ATE protection.
“We are fully committed to the claimant personal injury market and continue to develop our products and pricing to meet the needs of both the client and law firm.
“This re-engineered product will provide law firms with flexible cover and the freedom to get on and run a case in the best interest of their client.”