In true James Bond fashion, the ATE bond offering from amberis shakes up the claims sector, offering a sleek, efficient and resilient alternative to traditional ATE insurance.
Join us as we dive into the world of the amberis bond and explore how it stands apart from traditional ATE products, with features and benefits that are forever, from amberis with love.
Why choose the amberis bond?
In the fast-paced world of legal claims, flexibility and protection are paramount, and the amberis bond is designed to provide significant capacity and protection, allowing both funders and solicitors a greater degree of flexibility.
Here’s why the amberis bond is a game-changer:
- It’s an alternative solution: unlike traditional ATE insurance, amberis bond offers a new solution tailored to meet the diverse needs of the claims sector
- It has a wider market capacity: which ensures sufficient market capacity for a wide range of claims, from small to large
- Capital protection is ensured: we the bond provides robust capital protection for funded claims, safeguarding investments
- And investment opportunities are opened up: specifically within the claims sector
But ultimately, the amberis bond offers complete protection for all client liabilities. It’s a product which has been engineered to provide comprehensive protection for all client liabilities in the event of a loss, including funded disbursements, adverse costs and ancillary costs.
Product features: the name’s bond, amberis bond
Just like its namesake, the amberis bond comes packed with features that are built to impress, such as:
- Comprehensive coverage: which covers funded disbursements and clients’ adverse costs risks
- No win, no fee: which allows law firms to indemnify claimants, maintaining the ‘no win, no fee’ agreement
- Indemnity coverage: whereby the bond covers the indemnity provided by the law firm
- Hybrid agreement: combining a law firm indemnity with a charge to the claimant for the bond
- Non-cancellable processes: as the bond cannot be cancelled and operates as a pay-on-demand bond between the provider and the funder
- And recoverable fee: whereby the bond fee is recoverable from the claimant
Product benefits: more than just a license to thrill
The benefits of the amberis bond extend beyond mere coverage, it also offers:
- Versatility: suitable for small claims, fast track, multi-track, and group litigation orders (GLO)
- Transparent processes: via vetting criteria and reporting processes are agreed upon from the outset
- Continuous audits: where ongoing audits of cases ensure compliance and transparency
- Full funder protection: to provide funders with full protection, eliminating the need for debentures or personal guarantees
- A collaborative approach: to encourage collaboration with funders, enhancing the overall process
- And additional coverage: which offers coverage for work-in-progress (WIP) and acquisition fees, not just claimants’ disbursements
The bond difference: more than meets the eye
The amberis bond is a revolutionary alternative to standard ATE products, offering unparalleled protection and reliability for:
- Guaranteed claims payment: whereby unlike traditional ATE policies which can be voided ab initio, the amberis bond ensures that every claim is met in full, guaranteeing that funders receive their funded disbursements every time a claim loses
- And dual coverage: which provides cover to both the funder and the law firm, allowing the law firm to indemnify the claimant for all disbursements and any adverse costs in the event of an unsuccessful case
Client responsibilities: for your eyes only
Under the amberis bond, the client’s role is straightforward clients must provide factual and accurate information regarding their claim, and clients must also authorise case updates and audits by the bond provider and its representatives.
Fee responsibility: funded by the best, paid by the best
The bond fee is the responsibility of the solicitor and must be paid at the inception of the bond per claim.
Funders that support the bond arrangement must provide sufficient finance per claim in order to cover the bond fee and facilitate payment by the solicitor of disbursements.
Security and compliance: a fortress of protection
The bond offers unparalleled security compared to traditional ATE in the following ways:
- Law firm and funder benefits: where the bond benefits both the law firm and its funder
- Due diligence: where funders have conducted extensive due diligence on the regulation and security of the bond, ensuring complete satisfaction
- And compliance: where the bond operates within an SRA-compliant model and is backed by current case law
The impact on current CFA and retainer: shaken, not stirred
Using the amberis bond may require some adjustments to your current Conditional Fee Agreement (CFA) and client retainer, for example:
- Indemnity adjustments: whereby changes will reflect the indemnity provided by the bond provider rather than the law firm’s client
- Or documentation support: where amberis provides additional documentation to assist with the necessary compliance and regulatory changes
From amberis with love
The amberis bond is not just an alternative to traditional ATE insurance – it’s a revolutionary product that offers comprehensive protection, unparalleled reliability and a collaborative approach to claims funding.
With its robust features and benefits, the amberis bond ensures that both funders and law firms can navigate the claims process with confidence and ease, delivering a service that is, in every sense, from amberis with love.
