BTE and ATE Legal Expenses Insurance
If you ever got into a situation where you were being sued, what would you do? How would you pay for the high costs associated with defending yourself in a lawsuit? Or ponder this. What if you got into a car accident and were severely hurt, heaven forbid, and needed to bring a lawsuit against the other driver? How would you pay for that? The answer to both of these questions is legal expenses insurance, also known as LEI. With two main types of LEI, it’s important to know about each, and which one would be able to best protect you in either of the above mentioned examples.
First we have before the event insurance, or BTE insurance. This type of policy is bought in order to protect the policy holder from potential legal expenses in the future. BTE legal expenses insurance is commonly offered as a package with other policies such as household and car insurance policies. In the event of a lawsuit, a BTE policy would cover expenses such as regular court fees, solicitor’s fees, expert witness fees and any damages awarded to the other side, if you are the defendant.
The second type of LEI is after the event insurance, or ATE insurance. These policies can be taken out after an event has occurred that warrants legal action, and are available for purchase both by the accuser and the defendant. This legal expenses insurance is often required by solicitor’s who work on a no-win-no-fee basis, to assure that they will still get paid even if the case is lost. ATE insurance isn’t as well known as BTE insurance, which is regularly found as an add-on to other policies, as discussed above.
By far, the best way to prepare yourself from the possibility of future legal action is to purchase BTE insurance. However, if you find yourself already in a legal situation, there’s ATE insurance specifically for those in your situation. In this case, you’ll want to consider purchasing both - ATE insurance for your current situation, and BTE legal expenses insurance to protect you in the event that you find yourself in a similar situation in the future.
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