Allianz Legal Protection (ALP) has developed a bespoke After the Event (ATE) insurance solution for inheritance act disputes.
The solution was developed in close collaboration with Irwin Mitchell, with the law firm providing vital adverse cost protection cover to claimants through their Support4Dispute brand. To ensure the process is effortless for customers Allianz has provided Irwin Mitchell with full delegated authority.
The cover provides protection for customers against the potential adverse cost risk, including disbursements when bringing a legal action for contentious probate, including disputes over inheritance and wills under the Inheritance (Provision for Family and Dependents) Act 1975.
A unique feature of the ATE insurance policy is the transparent staged premium facility that is linked to the amount of any recovery made, providing customers with certainty of costs from the very outset of their claim. In addition, the ATE insurance premium is deferred until the case is settled, and only payable if the case is successful.
Steve Rowley, business development manager at Allianz Legal Protection, said: “Inheritance dispute claims can be very emotive, especially when the estate has a very real limit on its worth. It was important that we were able to design a product that addressed the financial risk issues faced by potential claimants, whilst the premiums were proportionate to any recovery made. We worked with Irwin Mitchell over several months to jointly develop a product specifically aimed at addressing the risks and issues faced by customers trying to bring an inheritance disputes action”.
Adam Draper, Partner said:“With an increasingly ageing population we have seen a huge growth in the number of Inheritance Claims we are dealing with on a national basis. Funding and risk are of primary concern to our clients. This innovative product enables us to provide our clients at the outset with certainty in relation to their own costs and any adverse costs exposure”.
Amy Yorston, Media Relations Officer, Allianz Insurance plc
Tel: 01483 552632
Allianz Insurance is one of the largest general insurers in the UK and part of the Allianz SE Group, the largest property and casualty insurer worldwide.
Around 85 million private and corporate customers rely on Allianz's knowledge, global reach, capital strength and solidity to help them make the most of financial opportunities and to avoid and safeguard themselves against risks. In 2014, over 147,000 employees in more than 70 countries achieved total revenues of approximately 122.3bn euros.property and casualty insurer worldwide.