Expedite Re SA is currently entering a new area of funding and protection for a type of legal expenses cover commonly referred to as After the Event (“ATE”) insurance.
ATE insurance is a form of legal expenses cover that insures against the costs risks of losing litigation, and is taken out once the litigation is in the contemplation of the insured party. This enables the risk of losing the litigation to be assessed based on the merits of the case or cases being insured.
ATE insurance is often taken out in conjunction with third party litigation funding. Third party litigation funders invest into cases by funding the legal costs as the case progresses in return for a share in the award if the case is successful. Expedite Re SA can provide cover for both funders and individual claimants.
Funders can limit their exposure by insuring all or part of their potential downside should a case be unsuccessful. Funders often require funded litigants to take out ATE insurance in relation to the risk of having to pay their opponent’s costs, and Expedite Re SA can provide cover for either or both types of risk.
Claimants can also hedge their own risk in this respect, whether or not a case is funded.
Types of cover available
For funders, Expedite Re SA will provide coverage for whole account protection, protecting a specific Fund from insolvency or specified loss from a series of calls on unsuccessful cases, and direct participation in an ATE prospect with facultative participation coverage.
Expedite Re SA will also look at individual ATE opportunities on a case-by-case basis for funders and/or for the litigant themselves. Cases are individually underwritten, and tailored to the exact requirements of the case involved.
Limits and Authority
- Cover for individual cases up to £3million as standard. Higher limits can be made available.
- Cover for a portfolio of cases (e.g. fund protection) of up to £20million as standard.
- Cover available for opponent’s costs, own disbursements (including Counsel’s fees), own solicitor costs, premium, and Part 36 risks.
- Specialist bespoke cover available for fund protection tailored to an individual funder’s requirements.
Features and Benefits
- Cover available for most types of commercial litigation and arbitration
- Clear and straightforward policies tailored to the insured’s requirements
- Our experienced underwriters ensure the best premium rates for our clients
- No assessment of review fees
- Staged premiums and deferred and self-insured premiums available
- Proactive and responsive assessment process designed for the fastest possible turnaround time
- Top up cover available
- Flexible and innovative partner that will work with you to find the best solution for your insurance requirement
•No requirement for solicitors to be on CFA