Ironshore Australia has a new product to mitigate commercial litigation loss exposure
Posted at Legal Practice Intelligence - 25 October 2016
IRONSHORE AUSTRALIA INTRODUCES
LEGAL EVENT EXPENSE COVERAGE
Ironshore Australia announces a new product to cover After-the Event Legal Expenses to mitigate commercial litigation loss exposure. Ironshore Australia will offer insurance protection for litigants to be underwritten in conjunction with Ironshore’s Pembroke Managing Agency Limited.
Ironshore’s After-the-Event Legal Expenses product covers costs related to the adverse outcomes of commercial litigation. The coverage, which is standardised within the U.K. legal community, has been adapted specifically for the Australian market. Katherine Simmonds, Managing Director, Ironshore Australia, will oversee product distribution and David White, Director of Professional Lines, will oversee product management.
“Ironshore’s new professional lines product has proven successful in protecting against litigation losses that can have an unexpected impact on representative law firms and litigants,” stated Mark Wheeler, Chief Executive Officer of Ironshore International. “After-the-Event legal cover is particularly relevant to insolvency practitioners or other litigants to alleviate the potential risk of significant financial losses.”
Ironshore Australia operates in Australia and New Zealand and underwrites specialty classes on behalf of Pembroke’s Lloyd’s Syndicate 4000 and Ironshore company insurers, among others. Ironshore Australia underwrites a range of specialty business lines, including Mergers & Acquisitions and Tax Liability, Political Risk, Trade Credit, Marine, Cargo, War and Terror, Fine Art and Specie, and Agriculture. In addition, business lines underwritten by the wholly owned Savannah Coverholder include Professional Indemnity, Property, Personal Accident, Cyber, Management Liability and Public and Products Liability.
Ironshore provides broker-sourced specialty property and casualty insurance coverages for varying risks located throughout the world. Select specialty coverages are underwritten at Lloyd’s through Ironshore’s Pembroke Syndicate 4000. The Ironshore group of companies is rated A (Excellent) by A.M Best with a Financial Size Category of Class XIV. Pembroke Syndicate 4000 operates within Lloyd’s where the market rating is A (Excellent) by A.M. Best, AA- (Very Strong) by Fitch, and A+ (Strong) by Standard & Poor’s. For more information, visit: www.ironshore.com
The information contained herein is for general informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any product or service. Any description set forth herein does not include all policy terms, conditions and exclusions. Bound insurance policies, rather than summaries thereof, govern. Not all insurance coverages or products are available in all states and policy terms may vary based on individual state requirements. Some policies may be placed with a surplus lines insurer. Surplus lines insurers generally do not participate in state guaranty funds and coverage may only be obtained through duly licensed surplus lines brokers.
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