We are pleased to announce the launch of “DebtSafe” - a new After The Event Legal Expenses Insurance policy for solicitors acting for petitioners in Insolvency proceedings.

DebtSafe is aimed at firms who specialise in debt recovery on a medium or large scale basis and protects clients against the risk of paying adverse costs if either Bankruptcy or Winding Up proceedings are unsuccessful. The policy works in a similar way, and has similar advantages to the existing Personal injury Claimsafe policy. As with all policies we arrange, the premium is deferred until the end of the case and is cancelable without cost if no longer required.

With recession looming, the number of Winding Up and Bankruptcy petitions has increased, and we have therefore worked closely with underwriters in recent months to create this new product. Having successfully completed a trial with one of our existing panel firms, the DebtSafe policy will be launched in the New Year.

The product is both competitively priced and innovative; allowing a firm to both protect its corporate clients from the risk of adverse legal costs in Insolvency proceedings, and to receive fees from the underwriter in the event of an unsuccessful claim.