There is a new insurance solution on the market for Insolvency Practioners – and it comes with some big-name backing.
Allianz Legal Protection and JLT Specialty Limited have partnered up for a specialist After the Event insurance solution, known as Omnium.
“Omnium is an innovative risk transfer solution for Insolvency Practitioner firms that will assist firms to pursue litigation on a new basis,” explained Ed Brittain, head of restructuring and recovery at JLT.
In a release announcing the partnership, the firms highlighted that Omnium will cover potential litigation risk and financial protection against adverse costs and disbursements and that it also offers protection when bringing legal action to secure assets on behalf of creditors; as well as a £100k limit of indemnity, as standard.
“In the provision of insurance solutions for insolvency practitioners the expertise of JLT’s Restructuring & Recovery team is renowned throughout the market,” said Allianz Legal Protection’s business development manager Steve Rowley. “I’m delighted that we have been able to work with JLT to deliver a unique legal expenses solution for this sector. 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.”