What You Need to Know About After the Event Insurance

After the event insurance is a type of insurance that provides financial protection to individuals or businesses that have taken out a loan or made a large payment for an event, such as a wedding or a business conference.

This type of insurance can cover unexpected costs or losses that occur after the event has taken place, such as cancellation fees or damage to equipment. For example, if you've paid a large deposit for a wedding venue and the event is cancelled due to unforeseen circumstances, after the event insurance could help cover the cost of the deposit.

The main purpose of after the event insurance is to provide peace of mind and financial protection for individuals and businesses that have made significant investments in an event. It's a safety net that can help mitigate the financial risks associated with event planning and execution.

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After the event insurance is designed to provide financial protection to individuals and businesses in the event of a lawsuit or dispute. It's specifically tailored to cover the costs associated with civil litigation.

The types of cases that can be covered by ATE insurance include commercial litigation, clinical negligence, and personal injury. These are typically high-risk areas where the costs of litigation can be substantial.

ATE insurance can cover a wide range of civil litigation cases, including insolvency cases, professional negligence, and group actions. It's not just limited to these areas, but can also be tailored to cover specific needs.

The policy can cover an individual's or business' own disbursements as well as potential liability to pay an opponent's legal costs if the opponent(s) wins. This can provide peace of mind and financial security in the event of a lawsuit.

Some of the key areas for which ATE insurance is typically requested include:

Dispute resolution is a crucial aspect of after the event insurance. For 20 years, Markel UK has been a leading provider of after the event insurance solutions for solicitors.

Markel UK's clinical negligence product suite is designed to offer flexibility and choice to law firms. Their solutions have been developed in partnership with prestigious law firms, giving them a deep understanding of clinical negligence risks.

These solutions provide several benefits, including delegated authority and conditional premiums. With conditional premiums, you only pay when you win, ensuring that your costs are aligned with your success.

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Dispute resolution can be a complex and costly process, but with the right support, you can navigate it more effectively. Markel UK has been a leading after the event insurer for 20 years, providing 'A' rated insurance solutions for civil litigation risks.

Their clinical negligence product suite is designed to offer flexibility in this specialist area of litigation. Through partnerships with prestigious law firms, Markel UK has gained a deep understanding of clinical negligence risks.

Their solutions provide a range of benefits, including delegated authority, which allows law firms to make decisions about their clients' cases. Conditional premiums mean that you only pay when you win, which can help manage costs.

Floating premiums based on damages ensure that the premium you pay is proportionate to the damages you receive. This can help law firms budget more effectively for their cases.

Here are some of the benefits of Markel UK's dispute resolution solutions:

Clinical negligence is a critical area of dispute resolution, especially in the UK. For 20 years, Markel UK has been a leading after the event insurer, providing 'A' rated insurance solutions for solicitors dealing with clinical negligence risks.

Personal injury litigation has undergone significant changes over the past decade, and there is no one-size-fits-all approach. Markel UK understands the evolving needs of claimants and solicitors, offering innovative products to meet those needs.

Markel UK's extensive range of delegated authority and bespoke products helps reduce the financial burden on law firms in the post-LASPO landscape. This gives law firms the freedom to run their cases as they see fit.

Some of the specific areas covered by Markel UK's products and services include:

After the event insurance policies are tailored to cover specific areas of risk, such as insolvency cases and professional negligence.

We can insure a wide range of cases, from straightforward RTAs to complex life-changing injury cases, and even niche risks or portfolios.

Some of the key areas for which ATE insurance is typically requested include:

Our policies offer a range of coverage benefits, including delegated authority and conditional premiums.

You only pay when you win with conditional premiums, and the premium you pay is proportionate to the damages you receive with floating premiums based on damages.

Cover is available up to £250k, and our online policy administration makes it easy to manage your policy.

A dedicated account manager is also assigned to you to provide support and guidance throughout the process.

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ATE insurance can be purchased at any stage in the litigation process, but it's usually best to buy it before significant legal costs are incurred.

Our brokers can help explain the pros and cons of applying for ATE insurance early in the process or later in proceedings, as it's a case-specific question.

You can apply for ATE insurance with a balance between upfront and deferred premiums, with the balance being contingent upon success.

Staged and discounted premiums are also possible, helping to keep the premium due proportionate to the risk insurers have taken.

The cost of ATE insurance can be a choice between single or staged premiums, and between a monetary or percentage premium.

Firms with a good track record can benefit from lower premiums than others, as premiums can be tailored to the success rates of your firm and type of claim.

ATE insurance is usually purchased at the point a solicitor begins acting for a claimant, protecting the claimant against their costs risks from the outset.

The cost of ATE Insurance can be structured in various ways to suit your needs. Essentially, you can choose between single or staged premiums.

Larger policies often involve a balance between upfront and deferred premiums. This means insurers receive some premium upfront, but the majority is contingent upon success.

Staged and discounted premiums are also possible, allowing you to keep the premium due proportionate to the risk insurers have taken.

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You can make an application for after the event insurance at any stage in the litigation process, but it's usually best to do so before significant legal costs have been incurred.

The timing of the application depends on the case specifics, and our brokers can help you weigh the pros and cons.

Some cases may not attract competitive quotations unless key information like expert reports is obtained first.

It's possible to get retrospective cover for costs already incurred, depending on the insurer's appetite for the case.

As a policyholder, it's essential to understand that you're responsible for ensuring the accuracy of the information provided when purchasing after the event insurance.

You'll need to provide detailed information about the event, including the date, time, location, and expected number of attendees.

This information will be used to determine the premium and coverage of the policy, so it's crucial to get it right.

Administering Box Legal's products can be a time-consuming task, especially when it comes to their After The Event (ATE) insurance products. Most other ATE insurance policies require solicitors to go through a lengthy administration process.

This process involves requesting a policy to reporting to the ATE insurer, which can be a significant burden. In fact, some solicitors have been known to avoid insuring cases until they become risky and/or costs are high.

However, with Box Legal's products, this is not the case. Their ATE insurance policies are designed to be easy to request and administer, with minimal reporting requirements.

This makes them an ideal choice for claimants, as it saves them time and hassle. The courts have confirmed that it is permissible to purchase After the Event Insurance late in the day, but this can come with significant drawbacks.

The main disadvantage of insuring late is that a high level of costs will have been incurred, making it more difficult to convince the insurer that the claim is still likely to succeed.

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The Proposer is the person making the application for ATE insurance. This can be either the client or solicitors acting for the client.

It's recommended that the application is completed by the instructed legal representative on the Proposer's behalf. This is because legal representatives can more readily answer technical questions asked by underwriters.

Legal representatives are considered more objective in answering questions about the merits of the claim than the individual or business seeking the cover.

In the world of after the event insurance, relationships and options are key. The way premiums are structured can vary depending on the type of case and the limit of cover required.

There are several ways premiums can be structured, including single price, staged structure, and premiums calculated as a percentage of the proceeds due to the Insured.

One major benefit of ATE insurance is that premiums are contingent upon success, meaning the Insured only pays the premium if the threshold for success is met. This has two major benefits: no cash call to start the cover, and if the case is lost, the Insured can make a claim on the ATE policy without paying a premium.

In most ATE policies, the premium is only payable to the extent that there are sufficient proceeds from which to pay the premium to the insurer, protecting Insured parties from owing more to the insurer than they were notionally entitled to.

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Buying after the event insurance at the right time is crucial. Most ATE insurance policies are purchased when a solicitor begins acting for a claimant.

You can purchase ATE insurance at any stage in the litigation process, but it's usually best to buy it before significant legal costs are incurred. This is typically when a claim is about to be notified to a court or arbitration.

If you buy ATE insurance too late, costs and disbursements that occurred before the policy date won't be covered. This is like most insurance policies, where you're only protected for future costs.

Some cases may require key information, like expert reports, before you can get competitive quotations from the market. In these situations, it's best to wait until you have this information before applying for ATE insurance.

It's possible to get retrospective cover for costs already incurred, depending on the insurer's appetite to cover the case.

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A CFA, or Conditional Fee Agreement, is essentially a "No win, no fee" arrangement where the claimant's solicitor doesn't charge for their services if the claim is unsuccessful.

The Law Society's recommended form of CFA states that the claimant may still be liable for their solicitor's disbursements if the claim fails.

ATE Insurance, like ClaimSafe, can cover this risk, protecting the claimant from having to pay their solicitor's disbursements and potentially some of the defendant's costs if they lose.

Even if there's no CFA in place, ATE Insurance is still usually a good idea, as the claimant will still want to avoid being liable for their solicitor's disbursements and the defendant's costs if they lose.

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In relationships, having options can be a game-changer. There are several ways to structure premiums, depending on the type of case and the limit of cover required.

One option is a single price, also known as a "flat premium." This means you pay a fixed amount regardless of the outcome.

A staged structure is another option, which increases as certain milestones in the case are met. This can be beneficial if the case is complex or has multiple stages.

In most cases, premiums are contingent upon success. This means you only pay the premium (or some part of it) if the threshold for success is met.

Here are the typical premium structures:

This approach has two major benefits. Firstly, there's no cash call to start the cover because the premium is only payable at the end when the outcome of the case is known. Secondly, if the case is lost, you can make a claim on the ATE policy without having to pay a premium.

The main advantage of after the event insurance is that it removes the risk of having to pay the other side's costs, as well as your own solicitor's fees and disbursements if the case is lost.

Notifying the other side of your ATE insurance can actually strengthen your case in their eyes, as they'll know the insurer has assessed the merits of your case before issuing the policy.

You pay a premium upfront for the policy cover, similar to any other form of insurance.

If you win your case, you can't recover the ATE insurance premiums from the losing party, unless your case falls under one of the exceptions: privacy and publication proceedings, or claims for damages in respect of mesothelioma.

These exceptions were introduced after 1st April 2013.

The good news is that some premium mechanisms allow you to only pay if your case is successful, or to pay a reduced premium if you win.

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The main advantage of ATE insurance is that it removes the risk of having to pay the other side's costs, and also covers own solicitor's fees and disbursements if the case is lost.

Having ATE insurance can strengthen a case in the eyes of the opponent, as they'll be aware that the insurer has carried out their own assessment of the merits of the case before issuing the policy.

The policyholder pays a premium upfront in exchange for insurers providing the policy cover, which can be a worthwhile investment for those seeking to mitigate potential costs.

The existence of ATE insurance can lead to improved settlement leverage, giving policyholders more bargaining power in negotiations.

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If you're considering After The Event (ATE) insurance, it's essential to understand how premiums are handled, especially in case of a loss. After all, you want to minimize your financial burden.

ATE insurance premiums are no longer recoverable from the losing party if the case is successful for policies commencing after 1st April 2013. This means you'll need to factor in the premium cost upfront.

Exceptions to this rule include some privacy and publication proceedings, as well as claims for damages in respect of mesothelioma.

If you're unsure about the specifics of your case, it's best to consult with a qualified expert.

In the ATE market, a unique feature is the contingent premium, which only charges you a premium if your case is successful. If your case is unsuccessful, the insurer pays up to the agreed limit of indemnity without charging a premium.

Here are the main premium recovery scenarios:

This can be a significant cost savings, but it's crucial to understand the terms and conditions of your policy.

After the event insurance is a type of coverage that can be a game-changer for individuals involved in court litigation or arbitration.

It's essential to consider and discuss with your lawyers whether you have insurance in place covering your potential liability for another party's costs.

If you don't have insurance or if it's insufficient, you should seriously consider purchasing ATE insurance.

ATE insurance can significantly reduce your exposure to financial risk if you lose the case.

Here are the basic general principles of how ATE insurance works:

To obtain ATE insurance, you'll need to satisfy the insurers that your chance of success on the merits of the case is at least 60%.

The insurance premium is usually between 20% and 50% of the amount of costs being insured.

The premium may be deferred and contingent upon success, meaning you don't have to pay it up front and are only liable to pay it if you win the case.

If you lose the case, there's no premium to pay and the insurer pays out under the policy.

The level of premium can also be staged, increasing in amount as the litigation/arbitration progresses.