Ironshore Hong Kong has introduced a specialty professional lines product that offers protection for after-the-event legal expenses following commercial litigation.
Ironshore’s After-the-Event Legal Expenses product provides insurance against adverse costs awards, Ironshore explained.
The coverage, which is standardized within the U.K. legal community, has been adapted specifically for the Hong Kong insurance markets in response to client demand. It will be underwritten through Ironshore Hong Kong Ltd.
Senior underwriter Geoffrey Lee in Hong Kong will oversee product development and distribution in the Hong Kong market in collaboration with David White, director of Professional Lines.
“Ironshore’s professional lines product has been well received throughout the U.K and Australia regions to protect against litigation losses impacting representative law firms and commercial litigants,” said White.
“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,” he added.
Ironshore Hong Kong Ltd underwrites on behalf of Pembroke Syndicate 4000 at Lloyd’s. Ironshore said its Professional Lines unit “provides a comprehensive range of liability and specialty insurance products throughout Ironshore International’s global platform.”