What is After The Event Insurance? - Prosperity Brokers
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Intellectual property law ATE Insurance - Prosperity Insurance Brokers

What is After The Event Insurance?

What is After The Event Insurance?

Have you suddenly found yourself in a difficult legal position, either as the claimant or defendant in a potential upcoming court case? If so, you’ll naturally have a number of concerns regarding the costs involved in the case – whichever side of the matter you may be on. There is, of course, a way in which you can purchase insurance cover to assist you in reclaiming these costs – as long as you obtain it in a timely manner. The world of insurance can certainly seem dense, complex and wide-reaching, particularly when one considers the sheer number of assets that may possibly require cover under specific circumstances, as well as the diversity of the once seemingly unlikely situations you may find yourself in; situations that could be rectified – or at least more easily managed – by purchasing the correct kind of cover. The frustrating thing is that, in many cases, insurance can mean the difference between a safe continuation of regular activities and total bankruptcy should the worst happen, so picking your way through the details of certain types of cover is often necessary in order for you to ensure you have selected the right policy for your needs. Of course, much of the readily available documentation surrounding insurance can be a little wordy and difficult to digest, so members of the team at Prosperity Insurance Brokers have decided to create a few short guides to a number of common types of cover. Here, you can find a straightforward breakdown of a number of the elements of After The Event or ATE insurance, should you need to invest in cover of this kind for yourself or your company. Hopefully, you will find yourself better equipped to understand this area of insurance with the help of this guide.


After The Event Definition

The term “after the event” usually refers to something that is attended to or managed in retrospect. “The Event” refers to the matter in focus – in this case, the incident or behaviour for which a party is being scrutinised – and, when this is placed in the context of this phrase, its meaning becomes somewhat clearer. In legal terms, After The Event refers to an action that is taken once an individual, group or organisation has taken a matter to court or received a summons or subpoena. In this case, it refers to the insurance cover that becomes available prior to the start of legal proceedings.


What is After The Event Insurance?

After The Event Insurance is cover that helps either claimants or defendants in court cases to recover the costs they have been required to pay as part of the legal process – when either making a claim or appearing in court to refute another’s case against them. The solicitors of the parties involved often acquire this insurance on their client’s behalf as part of their practice, but this is not always the case – and many people like to be part of this process personally in order to be sure that they have heard all of the information first hand. If you or your business might be due to enter into a legal battle, you need to make yourself aware of the possibilities that After The Event Insurance could open up for you. It isn’t too late to recover a considerable portion of the expenses you may accrue, so read on to discover a little more about this potentially vital type of cover.


ATE Policy: How It Works

Remember, “The Event” is the incident or behaviour that a defendant is being sued for – not the legal process itself! Generally speaking, you usually need to ensure that cover of this kind is purchased after the occurrences that have prompted legal action, but before you have incurred any significant legal costs. This is why many lawyers or solicitors offer it as part of their service – you should be looking into After The Event Insurance at around the same time as you are beginning to discuss representation with your legal representatives. If you attempt to purchase the policy, later on, it is unlikely that you will be able to reclaim the costs that have already been incurred, as After The Event Insurance very rarely works retrospectively. This could mean that the whole experience turns out to be very costly. Don’t hesitate to look into policies whatever the legal issue you may be facing, as After The Event Insurance can be used to cover any type of litigation procedure, including personal injury or employment tribunals and many others. It’s likely that you will be able to discover the perfect policy for you whatever the case involves.


Average Cost of After The Event Insurance

For cases that fall under fairly similar risk categories – such as those in which the claimant is seeking damages for personal injury – After The Event Insurance can usually be found at a standardised premium. Of course, as this type of cover may be used for any number of a huge variety of cases, it is difficult to be able to apply a wholly accurate estimate of the typical premiums you could expect to pay when taking out After The Event Insurance under any possible circumstance. However, there are ways of working out the likely costs involved to a degree, plus there are a number of different forms this payment may take:

Staged Premium: If you opt for a staged policy, the pricing increases the further the matter progresses in court. You could consider it a “pay as you go” option. To cover your costs for pre-issue matters, you can expect to pay less than 10% the level of cover you’re seeking. For matters that arise post issue, you could be paying between 25% and 60% of the cover sought, depending on the stage at which the matter is settled.

Fixed Premium: As the name suggests, this type of policy required that you pay a set amount, regardless of when matter settles. For example, if you are claiming £100,000 of cover for your costs, you’re likely to need to pay a fixed premium of around £35,0000. This could easily work to your advantage, as the amount would almost definitely prove to be less than what the premium would come to under a staged policy if the case ran for any length of time. However, you may find you have overpaid unnecessarily if the matter is settled extremely quickly – so this type of premium can prove something of a gamble under specific circumstances.

Percentage of Damages: This type of premium can also come in staged or fixed form, and means that the amount you should receive is easy to discern at the various stages of the court proceedings as the figure you pay is directly related to the stage of the court proceedings.

In terms of the time you would be required to pay, this is often negotiable when you are looking into different policies, though most insurers have particular ways in which they prefer to work. You can either pay the premium after the case is settled, in full up front, or in two amounts – one as a deposit – usually of around 10% to 20% – prior to proceedings, with the rest to be paid after the claim’s conclusion should the result prove favourable. This option enables you to protect yourself against the possibility of overpaying.

For a more detailed quote, it is always best to approach your insurers directly, being sure to offer them as much detail as you can regarding your case.


Is It Better To Acquire After The Event Insurance Through My Solicitor?

 Many individuals like to take ownership of their own cover and prefer to find and manage a policy themselves. While this could be considered commendable, the amount of attention to detail and administration that is required can often prove extremely burdensome. When one considers the additional stress of having to appear before a court to either fight or defend oneself within a court of law, a vast majority of people prefer to pass this responsibility over to an experienced and knowledgeable legal professional while they themselves focus on the task at hand, which means that they will face a reduced amount of pressure and avoid the risk of becoming swamped. Many legal specialists have years’ worth of experience within After The Event Insurance, so it is certainly worth putting your trust in them – however much you may prefer being on the front line in all matters.


Where Can I Acquire After The Event Insurance?

 After The Event Insurance is offered by a wide selection of brokers across the country, so you’ll have a good amount of opportunity to explore your options and select the cover that is correct for your needs and preferences. Even if you do not have a pressing legal matter looming, it’s worth checking to see if your lawyer or solicitor offers an After The Event policy as part of their services or whether you might need to look into it separately should any issues arise, as having this knowledge may save you time and stress should you run into any trouble.

If you’re interested in exploring the ATE options that Prosperity Insurance Brokers has available, you’ll be in very safe hands. The company has had a lengthy and successful history of providing the perfect cover for their clients during particularly difficult times, working to make the whole process as straightforward, understandable and uncluttered as possible. Prosperity Insurance Brokers is a fully licensed and capitalised general insurer employing specialist lawyers who have in-depth experience of advising on exceptionally complex and sensitive matters. They have a diverse practical and in-depth knowledge of their clients’ needs, and strive to deliver only the best results. With both bespoke and ready-made standard policies available, the organisation offers flexibility and convenience. If you would like to discuss your requirements with them or seek any form of legal advice, whether, regarding the subject of After The Event Insurance or any other legal issue, Prosperity Insurance Brokers will be very happy to hear from you and more than able to assist. All you need to do is call them on 0800 524 4235 or email info@prosperitybrokers.co.uk today. You can also contact them via their handy online form and expect a speedy and forthcoming response. Prosperity Insurance Brokers also specialises in cover and representation for personal injury, road traffic accidents, public liability, employer liability, holiday sickness, industrial disease, clinical negligence, noise-induced hearing loss and abuse, so they have even more to offer you. Visit their website – prosperitybrokers.co.uk – today to discover what they could do for you.

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