Insurer raises fears over new 'ghost' ATE policies
Allianz Cornhill Legal Protection has warned insurers could be hit by the emergence in the market of...
Allianz Cornhill Legal Protection has warned insurers could be hit by the emergence in the market of 'ghost' after-the-event (ATE) policies.
A ghost ATE policy is created when a solicitor approaches an ATE underwriter for a policy on the understanding that they will never make a claim on it. In return the policy is 'written' at a low premium.
The policy subsequently provides evidence to reassure the client that cover is in force, which can then be used to charge defendant insurers at a
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