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ATE Financial Irregularity

Alpha One Insurance Ltd, in conjunction with specialist legal expenses insurance broker Universal Legal Protection Ltd, is delighted to announce the availability of a new After the Event (“ATE”) Financial Irregularity Insurance Product.

It is underwritten by a recognized and fully authorized Guernsey based insurer and Alpha One acts as exclusive administrator handling and administrating this insurance product. It is available to Solicitors who intend to take on and run a reasonable number of Financial Irregularity Cases, and will be operated on a delegated authority basis.

The Policy will cover any or all combination(s) of the following:-

  • Defective credit agreement(s) regulated by the Consumer Credit Act 1974 (as amended)
  • Payment Protection Insurance (or the equivalent) mis-selling / mis-representation
  • Breach of agency (full or partial secret / undisclosed commission payments)
  • Breach of fiduciary duty
  • Breach of duty of care
  • Assisting or procuring any of the above.

The product is a three staged ATE Policy:-

  • Stage 1: from on or around the signing of the CFA to Allocation
  • Stage 2: from Allocation to 21 days before trial
  • Stage 3: from 21 days before trial to Conclusion.

The amount of cover is also staged:-

  • Stage 1: £3,000
  • Stage 2: £10,000 (an additional £7,000)
  • Stage 3: £25,000 (an additional £15,000).

Cover is for Opponent’s Costs, Own Side’s Disbursements and the cost of the ATE Premium itself.

The Premium is deferred until Conclusion of the Case.

The Premium is (also) staged and insured:-

  • Stage 1: £395 plus IPT deferred until conclusion
  • Stage 2: an additional £1,100 plus IPT deferred until conclusion
  • Stage 3: an additional £3,300 plus IPT deferred until conclusion.

But, if the Solicitor is bringing a Case purely under PPI mis-selling / mis-representation (Head of Claim 2. above), the Premium is only £395 plus IPT.

Also, if the Solicitor is bringing a Case purely under a defective credit agreement(s) regulated by the Consumer Credit Act 1974 (as amended) (Head of Claim 1. above), the Premium is only £395 plus IPT up to Stage 3.

For more information about this Product, or to apply for a Facility, Solicitors are encouraged to contact:-
David Pease tel: 0116 327 0201 or email: peased@alphaoneinsurance.co.uk

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