Solicitors have a duty to advise their clients with regards to potential insurance/funding options available to them under the SRA Standards and Regulations (“STaRs”). This can be time consuming when in the midst of dealing with a litigation matter and is where a specialist insurance broker can assist.
If you are not sure what cover is, or may be, available to your client; a broker is able to discuss the case and advise you as to what options may be available. A broker will then conduct a market search and approach multiple markets, ensuring the best chance of securing terms. This ensures that all markets are approached at the same time; avoiding the position you can find yourself in where your usual insurer declines cover on a matter and this must be declared to anyone else approached.
Searching the market can be time consuming and by using a broker, this not only removes the time burden but also relieves the cost as we do not charge an application fee for our services. We are paid by the insurer when they receive their premium which means that in most case, as the premium is contingent, we do not receive our commission until the successful conclusion of the case; ensuring that our interests are aligned to those of the client.
It is important that the policy provides the client with the appropriate cover to meet their needs and that they have a clear understanding of the policy terms and wording. As a broker, we are able to explain the terms, conditions, benefits, and exclusions for each policy and ensue that they choose the most appropriate coverage. It is easy to assume that pricing is the only relevant factor but as all insurers have different policy terms, understanding differences between the cover offered by each provider is just as important.
We, TheJudge, are one of the most well-connected brokers within this specialist area of insurance and have been in operation for over 20 years. We are able to provide a unique service by tailoring any insurance arrangements to meet the client’s needs and fee objectives. By using our specialist knowledge and extensive insurance relationships, we can provide a range of options.
A further benefit to using TheJudge is that we are also able to help law firms attract new business by facilitating fee arrangements that offer an ideal solution for both clients and law firms. In addition, our affiliate litigation funding arm, Erso Capital, is able to consider any third-party funding requirements to relieve cash flow.
By instructing TheJudge, this ensures that both the solicitor and the firm meet the standards required to discharge their duty and enables them to offer the best advice to their clients.
For further details, please contact Donna Nortcliffe or Kyle Hunter.