The after the event division of the DAS UK Group announces the launch of two new After-The-Event (ATE) insurance products. Civil Direct and Insolvency Direct from DAS LawAssist provide solicitors and insolvency practitioners with faster access to insurance cover for civil litigation and insolvency claims.
Unlike previous ATE offerings, they introduce a delegated arrangement so that provided the case meets the appropriate criteria, such as a 60% prospect of success, it can be insured without a full individual assessment. This significantly speeds up the insurance process when compared with more traditional schemes and reduces the administration required from the practitioner. It also means greater certainty as to the cost of the premium.
Insolvency Direct provides comprehensive insurance cover of up to £500,000 for conditional fee agreement (CFA) backed insolvency claims, providing full costs and disbursements risk protection to insolvency practitioners when pursuing a recovery on behalf of creditors. There is both a single-stage and multi-stage premium model.
Civil Direct provides solicitors with protection for commercial and personal clients from the risk and cost associated with litigation, covering up to £250,000. The types of cases that can be insured include contract and property disputes, professional negligence, debt recovery and contentious probate.
Richard Whale, ATE Sales Manager at DAS LawAssist, says: “We wanted to provide products that would speed up the process of obtaining ATE cover for solicitors and insolvency practitioners, decreasing the amount of paperwork required to get certain cases on risk.
“Our new products mean that for straightforward, less complex cases, firms will be able to provide clients with the necessary security more quickly and easily. They will also provide greater certainty on cost, a key consideration for clients given premiums are now payable from damages.”
Insolvency Direct and Civil Direct are part of a range of options providing ATE cover for civil and insolvency cases, with alternative products available providing cover of up to £3 million.