After the Event Insurance
Legal Insurance Management has been working within the Conditional Fee and Speculative Fee (Scotland) market for a number of years and understand the issues and challenges that this class of business poses.
Since the publicised high profile collapse of certain Claims Management companies, this class of business continues to be under the spotlight and this is unlikely to change in the near future.
It is therefore vitally important to ensure that the policyholder is protected with a contract that has substance and will honour it's promise in the event that a case is lost. This can only be achieved by utilising a policy that provides full cover and is backed by a reputable insurer with adequate financial and reinsurance backing.
Despite what may appear to be attractive terms from some providers with large commission payments available, by ensuring that the policy is not written 'offshore' (which seems to be the current approach of a number of small insurers) the policyholder also has the benefit of the Financial Services Compensation Scheme adding further peace of mind.
LIM only provides facilities with insurers where we are comfortable that correct underwriting is undertaken and the insurer has a sound financial structure to ensure claims liabilities can be met.
We are willing to consider opportunities where it can be demonstrated that acceptance and ongoing pursuit of cases is undertaken following strict vetting procedures, to ensure the correct quality of cases are progressed.
If you are a Solicitor who is interested in arranging a facility for your clients, please submit a Scheme Proposal to us in order that we may discuss the matter further with you.
The completed Conditional Fee Scheme Proposal should be submitted to Legal Insurance by email, fax or post.