After the Event Insurance (ATE), also known as Legal Expenses Insurance, is where an insurance company provides an indemnity for your legal costs up to the level of cover taken out, in the event you should lose your case.
ATE insurance is available only to litigants who are already involved in, or who are contemplating, a legal claim. It is widely used in the United Kingdom for cases being litigated or arbitrated and it can also be used for international litigation or arbitration disputes. ATE can be used on its own or in conjunction with Third Party Funding.
ATE insurance is usually taken out to protect the adverse costs potential exposure, however it can also include cover for own disbursements costs and sometimes a proportion of your legal costs. However, in order to get cover, your case needs to have good prospects of succeeding. Some insurers, prefer different case types over another, have different levels of cover available, different terms and conditions and various premium options. We will clearly set out the pros and cons of each which will help you to make a fully informed choice.
Some of the options can include fully deferred, part deferred, upfront and staged premiums. This will depend on the basis of how you are funding your legal costs and the risks associated with the litigation. Where clients cannot afford to pay for their legal fees and the additional costs of insurance and disbursements, then Third Party Funding may be a better solution for you and we will consider carefully with you, what are the best options available for your particular case and circumstances. Please take a look at our Third Party Funding section.
There are various insurers in the market place, some are ‘A’ rated and others are ‘unrated’. Maxima carry out their due-diligence on the various insurers that we work with, to ensure that they are reputable, financially strong and can meet the level of insurance that you require. Maxima are specialists in the ATE Insurance market and have placed cases from as little as £20,000 to millions of pounds worth of insurance cover on a single case. We differ from other market competitors in that our service is personal, creative and focussed on managing our clients expectations, as well as their case requirements.