ATE provides cover for the costs incurred in the pursuit or defence of litigation
Lockton has introduced After-the-Event insurance product (ATE) in Singapore, which will be underwritten by First Capital Insurance.
According to Lockton, ATE insurance is a legal expenses insurance policy that offers cover for the costs incurred in the pursuit or defence of litigation. It allows litigants to minimise the uncertainties and financial risk.
ATE will cover an insured’ liability for his opponent’ legal costs, besides his disbursements and some part of solicitor’ fees.
Tony Mitchell, President, Lockton Singapore, said: “There are two other unique features of this product: Insured and Deferred Premiums. Premiums are usually insured under the policy. If an insured pays for a policy and his suit is unsuccessful, not only do the insurers pay the insured’s adverse party & party costs, they also reimburse the insured for the cost of the premium.”
Lockton Singapore will be working with Law Firms on applications for ATE insurance.