07 Aug Why ATE Insurance is Worth Taking Out
If you are planning to bring a case before court, or you know it’s likely that someone will be bringing legal proceedings against you, one thing you may seriously need to consider is After The Event Insurance. This is a type of policy that protects your finances and covers any legal expenses and costs involved in litigation. After The Event Insurance is optional, so it’s certainly possible to go ahead with your case without this cover. However, there are a wide variety of reasons why you’d be better off investing in a policy of this kind before litigation begins.
Reduce the Risk
While you may have complete confidence in your case or your defence, After The Event insurance can offer you a little extra peace of mind. If the court finds in favour of the other side, you may discover that you are required to pay some of your opponent’s legal fees and expenses. This can prove an extra blow on top of the disheartening circumstance of losing your case. However, After The Event Insurance (also known as ATE insurance) covers these costs for you, so the potential risks inherent in making – or defending yourself against – a claim are very much diminished.
A Strong Front
Acquiring After The Event Insurance can provide you with more than just protection for your finances. Your opposition will know that any broker who has approved you for this particular kind of policy will be well aware of the details of your case and its strengths. They’ll know that if you did not have a strong claim or a sturdy defence, it would have been far less likely for you to be able to acquire ATE Insurance. This proves to them that you intend to see the proceedings through to the bitter end, that you are extremely unlikely to settle and that you are in with a good chance of winning.
Security For Costs
If your opposition has requested that you provide security for costs, never fear. It has recently been ruled that After The Event Insurance is acceptable as a means of meeting that requirement. This is a huge step forward in the legal world, particularly for claimants who may not otherwise have been able to meet this kind of demand.
An Even Footing
Speaking of fairness and equality within the justice system, it’s great to know that a means exists whereby a claimant or defendant can meet the financial demands of fighting a court case or defending themselves against a claim, whatever their background or the disparity that exists between them and their opposition. Larger companies and wealthier entities have, in the past, used their financial “clout” to “muscle” smaller companies and individuals into settling or dropping a case, but, with After The Event Insurance, the possibility of this occurring has been all but taken out of the picture. This type of policy can ensure that you are covered for counsel’s fees and expert reports as well as any legal fees you will be expected to pay, so you can afford to ensure that your case has strong support.
After The Event Insurance is a simple and straightforward means by which you can fight a case or defend yourself in court without having to risk your finances. It “levels the playing field” between hugely disparate opposing sides in a case, and also provides the insured party with something that can be used to their tactical advantage.
Get In There Early
One thing that should be noted about After The Event Insurance is that it should be acquired at as early a stage as possible. Many legal specialists offer this cover as part of their services, so if you are entering discussions with lawyers regarding the case in question, it is definitely worth bringing up the subject of ATE Insurance with them too. The later you leave it, the more costly the cover becomes. If you have accrued costs prior to obtaining insurance, they may not be recoverable, and, in the worst case, you may find it much more difficult to actually be approved for ATE Insurance in the first place.
If you’re interested in learning more about After The Event (ATE) Insurance or any other form of legal cover, just get in touch with the specialists at Prosperity Insurance Brokers today. Give them a call on 01481 254954 or email firstname.lastname@example.org, and their knowledgeable brokers and advisors will be more than happy to assist you.