Lawyers and firms can qualify for a Redress delegated authority LEI program. If the firm is prepared to advise their clients of the coverage on qualifying cases, they can be entrusted with the authority to insure cases which meet the program's eligibility criteria. This arrangement is known as a delegated authority program.
Under a delegated authority program, cases can be insured immediately and there is no need to individually underwrite each case. The firm assesses the merits of the case using pre-agreed criteria and as long as the case fits the criteria, it can be bound immediately.
- Traditionally the policy level of coverage is $100,000 (additional coverage available)
- The premium paid by the Plaintiff is contingent on successful resolution of the claim and is deferred, due upon successful resolution of the claim
- Coverage begins at the Certificate Date for your new files and is applied retroactively to your Contingency Fee Agreement with the client for your existing portfolio
- The insurer will pay interim cost orders
- Disbursement costs are protected
Key benefits of this program are the lower premiums, more comprehensive coverage and ease of administration for firms that demonstrate the necessary credentials. The benefits include:
- Coverage for all existing files
- No plaintiff signature required
- Only takes minutes to bind the client
- No solicitor client confidential information required
- No influence over litigation