Contingency Fee Protection provides insurance coverage for a portion of the attorneys’ fees incurred by plaintiff attorneys in the event of an unfavorable verdict at trial. When you buy a Litigation Cost Protection policy, you can also opt for fee coverage of up to $25,000 of attorneys’ fees for cases lost at trial, backed by a national insurance company with an “A” rating by Standard & Poor’s.
How it works.
Upon purchasing a cost policy, simply select the option for fee coverage and you will be able to purchase Contingency Fee Protection for an amount up to 20% of your cost policy, with a maximum limit of $25,000. The cost for Contingency Fee Protection is 10%.
Here is an example.
Purchase $100,000 of Litigation Cost Protection for 7% at $7,000 to cover case costs. Opt to purchase $20,000 of Contingency Fee Protection (20% of the case cost policy amount) for 10% at $2,000 to cover attorneys’ fees. In total, pay $9,000 for $100,000 of case cost coverage and $20,000 of fee coverage.
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