…extremely responsive and helpful….with a deep knowledge of the ATE insurance market. I would recommend Vie Legal Insurance to anyone seeking ATE cover for their matter.
Since having access to Vie’s continuous support and flexible approach, the processes for obtaining adverse costs cover and security have been smooth and uncomplicated, which has freed up my capacity to attend to day-to-day business.
ATE insurance transfers the financial
risks of a legal dispute
ATE insurance (After the event insurance) is an insurance policy taken out after a legal dispute has arisen and provides cover against an opponent’s costs (can be extended to include disbursement costs*), meaning if unsuccessful, you won’t pay your opponent’s costs.
*disbursement meaning = costs associated with a legal matter, usually organised by the legal practitioner, with the exception of fees for solicitors. Examples of disbursement costs may include: medical records, police reports, expert reports, counsel fees, court fees, witness expenses. A definition by the Federal Court of Australia can be found here.
- ATE insurance can be extended to cover own costs.
- The premium may be payable either upfront, contingent on the success of your legal dispute or a combination of the two.
- Where your policy contains a fully contingent premium, if you are unsuccessful in your legal dispute, the premium will not be payable i.e. you will pay nothing for your cover.
- ATE insurance can also be used as ‘security for costs’ instead of making a cash payment into court or using a bank guarantee.
- ATE insurance can be used for funded (TPF is funding your legal action) or unfunded cases. Third party funding is not a prerequisite of obtaining ATE insurance cover.
- ATE insurance can be used in conjunction with Third Party Litigation Funding.
BTE insurance protects against
BTE insurance (Before the event insurance) gives you, or could enable your business, peace of mind that you could survive the unexpected, and often significant, costs of a potential legal dispute. It can help you understand your rights ahead of a potential issue or legal representation and avoid the expenses from an unexpected claim.
A variety of legal help is available which can be tailored to your business or own personal requirements:
- Commercial Legal Expenses Insurance (e.g. contract disputes or employment tribunals).
- Property Letting Disputes.
- Employment Issues.
- Assistance with Loss caused from severe incidents, like a flood.
- Family legal expenses insurance.
- Motor legal expenses insurance.
- Home emergency insurance.
M&A Insurance saves the stress and time of warranties and indemnities negotiations
M&A insurance (mergers and acquisitions or warranties and indemnities) protects either buyers or sellers against warranty breaches:
- Higher sales prices
- Financial security for buyers and sellers
- Offers a cleaner exit for sellers
- Complements private equity distribution terms
- Protects the buyer and seller’s relationship
- Better value for money than an escrow
- Simplifies and speeds up negotiations.