Allianz partners with JLT for after the event insurance
Allianz Legal Protection (ALP) and JLT Specialty have created Omnium, a specialist after the event (ATE) insurance solution for insolvency practitioners (IP’s).
Omnium provides adverse costs and disbursement coverage against insolvency action, according to a Jan. 29 press release. It protects IP’s when bringing legal action to secure assets owed on behalf of creditors. It also provides £100k limit of indemnity as standard, with additional indemnity available as required.
Once IP’s have been appointed as office holder for a business, or individual, as part of an insolvency procedure, Omnium will provide access to ATE insurance to cover potential litigation risk and financial protection against adverse costs and disbursements.
“This provides a competitive and innovative solution to protect an insolvency practitioner’s personal liability against defendant costs and disbursements when legal action is necessary,” said Allianz legal protection’s business development manager Steve Rowley.
Ed Brittain, head of restructuring & recovery at JLT, commented: “Omnium is an innovative risk transfer solution for Insolvency Practitioner firms that will assist firms to pursue litigation on a new basis."
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