Zurich's programs unit is expanding its first-of-its-kind contract litigation policy to now help protect defendants. The policy will be provided through Sonoma Risk Insurance Agency.
The new defendant contract litigation insurance program is designed to insure defendants in contractual lawsuits against the risk of paying their adversaries' attorneys fees if unsuccessful in defending against a breach of contract claim.
Both defendant and plaintiff contract litigation insurance can offer a variety of benefits to businesses and individuals some of which might include:
- Reduced financial risk exposure
- The ability for companies and individuals to pursue strong claims that otherwise may be abandoned due to potential financial liability
- The ability for general counsels and business owners to budget litigation costs more effectively
To provide the maximum amount of flexibility to businesses and individuals, the defendant contract insurance can be applied for 60 days from the date a defendant is served with a complaint. The policy coverage period matches the duration of the litigation and is triggered when the plaintiff prevails at trial or if a summary judgment is issued against the defendant.
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