The After the Event Insurance market has changed considerably since the introduction of Qualified One-way Cost Shifting (QOCS) on 1st April 2013.
The LASPO Act changed the way that most ATE Insurers operated. Prior to the change, ATE premiums were recoverable from the Defendant, whereas now, with the exception of a select few areas, the Claimant must pay for their own After the Event Insurance cover, out of any damages that may have been recovered.
Since April 2013 there has been fierce competition between ATE Insurance providers in order to tempt solicitors to offer their products and that continues to be the case as we enter a period of further change to the market, that is likely to be brought about by the Civil Liability Bill, which has passed through its Second reading and has now been committed to a Public Bill Committee that will report to the House of Commons by the 9th October 2018.
The Civil Liability Bill aims to reform the claims process for whiplash claims with injuries lasting up to two years resulting from road traffic accidents, significantly reducing the compensation awards for victims of whiplash injury. The Bill will also change the way in which the personal injury “discount rate”, applied to lump sum awards of damages for future loss, is set.
We created Box Legal in 2004 and have grown and developed on the back of some core beliefs, which still stand today. We altered and evolved our products with the onset of LASPO and now, as many law firms look to diversify their business, we are willing and more than able to do the same. Indeed, we have already seen many of those firms who use our products doing just that and looking to new areas of work.
We are always working with solicitors and companies to develop new ATE Insurance products. This has led to a significant increase in the number of policies being written through our ClaimSafe ATE insurance in new areas, with over 60,000 policies placed on cover this year alone.
Our unique position in the marketplace stems from our business being owned and staffed primarily by solicitors who are the driving force behind ClaimSafe’s ATE Insurance policy. This means that our team know not just about After the Event Insurance but what it is like to run a caseload and work in a a firm of solicitors. We can therefore assist you with all aspects of claims and ATE insurance.
So, if your firm are looking for ATE cover, come and talk to us