Stewarts launches ATE insurance facility
UK law firm Stewarts has launched a ground-breaking ATE insurance facility in conjunction with AJ Gallagher. ‘Stewarts Litigate’ is designed to work alongside the firm’s alternative funding agreements. The facility provides the firm’s commercial disputes clients with rapid access to comprehensive ATE insurance at pre-agreed market leading rates. The facility can provide coverage of up to £4 million in three business days and up to £18 million within ten business days.
The litigation funding market has grown rapidly during the past decade. Cost orders and security for costs decisions have made funders understandably more wary of the risks of litigation costs. Virtually all funders now require fulsome after the event (ATE) cover in place before they will finalise their litigation funding agreement, and securing sufficient ATE cover has historically been difficult. Few insurers offer it, and those that do only offer limited coverage or seek large deposit premiums.
Julian Chamberlayne, Partner, Head of KM & Compliance and Head of the Aviation and International Injury department at Stewarts comments:
“The litigation funding market has grown rapidly over the last decade and in our experience, litigation funding is widely available. However the rapid inception of comprehensive ATE cover has been more challenging. Our solution meets that challenge.”
Alan Pratten, Head of Major Risks/Litigation Practice at Gallagher comments:
“Delighted to be working with Stewarts, clients and Insurers in a collaborative way to deliver the ‘best fit solution’ for our clients.”