ATE insurance is sometimes criticised for being too expensive, too difficult to obtain, and taking too long. In response to this, TheJudge has worked with “A rated” insurers to develop Accelerate.
Accelerate provides a fast-tracked process for obtaining ATE Insurance for commercial cases requiring adverse costs and own disbursements cover of up to £250,000.
The premiums are deferred and contingent upon success and staged to provide for a reduced premium should the case settle early. This means that there is nothing to pay upfront and nothing to pay in the event of a loss.
Importantly, quotations for accelerated ATE Insurance will be provided by ‘A rated’ insurers. As there are multiple insurer participants in Accelerate, your client retains the benefit of a market search.
The applicant's Lawyer submits the application
We approach a selection of insurers and, if eligible, we return within 24hrs with quotations and draft policy wordings
The applicant considers the quotations, accepts their preferred terms and provides documentation to support their case. The applicant is now bound by the acceptance of these terms
The insurer has 5 days to undertake their due diligence and confirm the policy on the agreed terms. If the documentation raises concerns, the insurer can offer alternative terms or can decline to bind the policy
If the alternative terms are offered, the client can accept or reject the terms
|Common criticism of ATE insurance||Benefit of Accelerate|
|ATE insurance is too expensive||Accelerate provides fully deferred and contingent premiums starting from as low as 4% of the cover limit.|
|The ATE process is too slow||All cases that fit the Accelerate criteria will receive quotations within 24hrs.|
|ATE insurance is too difficult to obtain||Accelerate is driven by eligibility criteria based on common underwriting considerations. If the case fits the criteria, it is highly likely that ATE insurance will be available.|