Litigation Costs insurance
First Legal Indemnity litigation insurance products have been developed by practicing solicitors and experts in the insurance field for use by practicing solicitors and their clients.
The following insurance cover is available:
| Opponent’s costs and Disbursements |
Insurance cover for insured against liability for an opponents costs and disbursements. |
Insured's Costs and
Disbursements |
Insurance cover for insured against failure to recover own costs and disbursements. |
The amount insured is known as the limit of indemnity.
The Premium
Each proposal is individually assessed. The premium is calculated as a percentage of the limit of indemnity. The better the prospects of success, the lower the premium.
Premiums range from 15%-50% of the amount insured which is called the limit of indemnity.
The premium can be insured as part of own costs and disbursements.
Payment of the Premium
The premium can be paid in 3 ways;
- when the policy is taken out;
- where the tranche option is selected, the premium is paid as and when each tranche of cover incepts;
- where the deferred premium option is selected, the premium is paid at the end of the litigation.
Added benefits include:
- The possibility of using an Opponent's Costs and Disbursements policy or a Deed of Indemnity from the Insurer in favour of the opponent as security for costs;
- UK based leading insurers (Standard & Poors A+ rated)
- capacity to insure costs between £100,000 and £1million
- option of insuring the premium
- increased prospects of recovering premium from opponent
- increased incentive for opponent to settle
- CPD accredited presentation available
|
