Insurance – Wayne Forman

After the Event Insurance – Mitigating Risk Related to Legal Costs

Wayne Jay Forman is a New York City-based executive who serves as president and CEO of DJF Global Group and offers a range of insurance solutions. Among the options that recently became available to American clients of Wayne J. Forman’s firm is after the event insurance (ATE).

A common policy in the United Kingdom, ATE provides coverage related to the costs a defendant may be awarded, as litigation proceeds in a court of law. Among the areas covered are adverse costs, costs of the insured, and disbursements and cross-undertakings related to covered damages.

The time when ATE is purchased is prior to a legal claim being filed and before legal costs and disbursements have accrued. In cases where the claim is unsuccessful, the claimant will be liable for a range of legal costs unless ATE is held. Thus, this form of coverage acts as a hedge against potential costs related to a lawsuit decided against the plaintiff.

In most situations, standardized costs for ATE coverage are determined based on the broad risk category into which a case falls, and at the earliest stages of the legal process. DJF Global Group is able to underwrite ATE policies up to $3.125 million, and can often secure co-insurance arrangements in situations were coverage needs exceed this threshold.

A Look at After the Event Insurance

Wayne Jay Forman, a public accountant, graduated from Long Island University before beginning his career in the consulting and insurance industry. Following more than a decade as the president of Forman International, Wayne Forman assumed the positions of CEO and president of DJF Global Group, an insurance firm in New York where he serves to this day.

Recently, DJF Global released a new product known as after-the-event insurance (ATE). Designed for plaintiffs in court cases, ATE provides insurance coverage for sums awarded to the defendant of a lawsuit. Specifically, the product typically protects clients from paying the legal fees and expenses of an opponent in the case of an unsuccessful claim for compensation.

ATE is one form of legal-expense insurance, the other being before-the-event (BTE) insurance. While ATE insurance protection for a specific legal event that has already occurred, BTE is purchased before an event has taken place and provides protection against an unforeseen legal event.

In addition to insurance protection, ATE provides external validation of a legal case’s strength. This is because an insurance company completes a thorough risk assessment of a legal case and client before issuing an ATE policy.

Basics of After-the-Event Insurance

After spending more than a decade with the international insurance firm Forman International, business developer Wayne Forman began the bi-national insurance broker DJF Global Group, which operates out of New York City and the United Kingdom. Under Wayne Forman’s leadership, DJF Global Group will offer after-the-event insurance products to plaintiffs based in the U.S.

If a plaintiff loses a legal claim, they may be responsible for the defendant’s costs. Furthermore, filing a claim can also incur court, lawyer, or solicitor fees. For these reasons, many law firms that represent personal injury or other claims that request compensation often purchase after-the-event (ATE) insurance.

ATE policies allow law firms to offer no-fee legal services to injured plaintiffs, unless the client wins the case and receives compensation. Policy costs can vary and depend on specific case details and the stage of the claim process. ATE policies can be purchased as a stand-alone product or combined with before-the-event insurance, which is purchased before a legal action begins.