Insurance giant Allianz has announced that it is teaming up with a national law firm to develop a professional negligence insurance product which, it says, will empower the consumers of legal services, including both private and commercial clients, to make claims against legal firms for incidences of alleged professional negligence.
The product, which the insurer describes as a “bespoke After the Event (ATE) insurance solution” is intended to give the clients of legal service providers the financial freedom to litigate where necessary by providing the means to pay the costs and disbursements of defendants in the event claims are unsuccessful.
“Customers with lower value claims are struggling to find appropriately priced and suitable ATE insurance cover that meets their needs,” commented Steve Rowley, business development manager at Allianz Legal Protection.
“This often means these cases never progress, even though the customer has suffered some form of negligence.”
Meanwhile, in higher-end professional negligence case news lawyers at London’s High Court have secured a £11.7m professional negligence settlement for a German food flavourings manufacturer for allegedly negligent tax and financial advice it received in relation to the takeover of another company.
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