Zurich and Sonoma Risk Insurance Agency are now offering an attorneys’ fees insurance program in the U.S. called Plaintiff Contract Litigation Insurance (PCLI). This new PCLI program is designed to insure plaintiffs in contractual lawsuits against the risk of paying their adversary’s attorneys’ fees if unsuccessful in prosecuting their contract claim.
“We anticipate this new program will provide plaintiffs with added budgeting certainty for their litigation by decreasing one of the significant unknown financial exposures in contract litigation,” said Craig Fundum, president of Programs & Direct Markets for Zurich North America Commercial.
Key information regarding the PCLI program includes:
- Plaintiffs can apply for a policy any time within the first 60 days of filing the underlying lawsuit;
- Policy coverage period matches the duration of litigation; and
- Policy is triggered when the defendant prevails at trial or summary judgment.
Los Angeles-based Sonoma Risk is a new agency focused on product that reduce the financial risk of litigation for individuals and businesses.
Source:
Topics Lawsuits
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