Press release -
ALLIANZ LEGAL PROTECTION LAUNCHES RE-ENGINEERED EQUITY PRODUCT
Allianz Legal Protection (ALP) has refreshed its Equity ATE Insurance product as part of its continuing support for law firms and their clients in a rapidly evolving market.
Equity ATE Insurance protects customers against the adverse cost risk associated in bringing a personal injury claim. The policy will cover defendant costs if the claim is lost or fails to beat a Part 36 offer, as well as covering the cost of any unrecovered disbursements such as expert reports and counsel’s fees.
The product provides two cover options for law firms to consider with their customers, with the option to choose cover with or without disbursement coverage. Whichever level of cover is taken however, Equity is good for the entire journey, whether settlement is pre, post issue or at trial.
Another benefit is the new banded pricing structure which is proportionate to damages. It reflects the risk exposure by case type, with seven premium bands (three fast track and four multi-track), all provided on a fully delegated authority basis.
Following consultation with law firm partners ALP has now also implemented a low touch approach to claims handling empowering firms to concentrate purely on running their cases. ALP respects the decisions of law firm partners and this approach means that they will not need to justify their process by providing constant updates.
As part of the refresh ALP has also extended delegated authority permissions to include Clinical Negligence.
Steve Rowley, business development manager commented: “In a time of so much uncertainly for claimant personal injury lawyers, one area which is constant is ALP’s continued provision of appropriate ATE protection. We are fully committed to the claimant personal injury market and continue to develop our products and pricing to meet the needs of both the client and law firm.
This re-engineered product will provide law firms with flexible cover and the freedom to get on and run a case in the best interest of their client.”
ENDS
Notes to Editors
- A Part 36 offer, as referred to during court proceedings, describes when one party makes an offer to settle the claim to the other party and does so in accordance with Part 36. Part 36 is the section of the civil procedural rules that governs Part 36 offers and sets out the format of a Part 36 offer and its consequences.
- Allianz Insurance is one of the largest general insurers in the UK and part of the Allianz SE Group, the largest property and casualty insurer worldwide. Around 85 million private and corporate customers rely on Allianz's knowledge, global reach, capital strength and solidity to help them make the most of financial opportunities and to avoid and safeguard themselves against risks. In 2014, over 147,000 employees in more than 70 countries achieved total revenues of approximately 122.3bn euros.
For further information contact:
Amy Yorston
Media Relations Officer
01483 552632
07794266474
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Allianz Insurance is one of the largest general insurers in the UK and part of the Allianz SE Group, the largest property and casualty insurer worldwide.
Around 85 million private and corporate customers rely on Allianz's knowledge, global reach, capital strength and solidity to help them make the most of financial opportunities and to avoid and safeguard themselves against risks. In 2014, over 147,000 employees in more than 70 countries achieved total revenues of approximately 122.3bn euros.
