The Singapore branch of specialty insurer
Ironshore has debuted a professional lines insurance product that will cover after-the-event legal expenses to mitigate commercial litigation loss exposure.
The new legal expense insurance product will compensate adverse costs awards in commercial litigation lawsuits. It is standardised for the UK legal system and adapted specifically for the Singaporean market due to demand from clients.
Product development and distribution will be headed in Singapore by senior underwriter Benn Wilson, working in tandem with David White, director of professional lines at Ironshore.
White commented: “Ironshore’s professional lines product has been well received throughout the UK and Australia regions to protect against litigation losses impacting representative law firms and commercial litigants.
“Our experience in this specialty space reveals that the legal expense cover is particularly beneficial to insolvency practitioners or other litigants to mitigate against the potential risk of significant financial losses from adverse costs awards.”
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