We provide strategies that enable claimants to manage the level of exposure to legal expenses and disbursements that they wish to retain in the event that they lose in their claim.
Our standard approach is to use an adverse outcome insurance that can indemnify opponent AND/OR own-lawyer costs and disbursements in litigation and arbitration:
Should a case be lost at trial, legal fees and disbursements up to the pre-agreed limit of indemnity will be reimbursed.
The limit of indemnity can cover up to 100% of an adverse cost award and any own-side disbursements (e.g. to barristers and expert witnesses) and up to 75% of own lawyer legal costs.
A premium is paid, typically, in three instalments to reflect the stages of dispute resolution. If a dispute settles during one of the stages, no further premium instalments are payable. The premium is calculated as a percentage of the total limit of indemnity with each policy and premium plan individually designed.
If a claimant wins at trial or settles pre-trial, the insurance premium will represent a modest offset against the damages received. If a claimant continues to trial and loses, the only cost to the claimant in pursuing the litigation will be the insurance premium and any deductible/excess of costs incurred over the limit – this is a significant reduction in the claimant’s money at risk.
The QLCC adverse outcome insurance policy ensures that the claimant can maximise the upside of litigation whilst significantly reducing the potential downside.
“QLCC” and “Quantum Legal Costs Cover” are trading names of Harbour Underwriting Limited.
Harbour Underwriting Limited is an appointed representative of Bennett Gould & Partners (Dorset) Limited which is authorised and regulated by the Financial Conduct Authority.
Harbour Underwriting Limited. Registered Office: 4th Floor, 8 Waterloo Place, London, SW1Y 4BE.
Registered in England & Wales No. 10384185