Contract Litigation Insurance A Valuable Tool For Business

Many business contracts include “fee-shifting” provisions which require the losing party in any breach of contract litigation to pay attorneys fees incurred by the prevailing party.

The financial risk of being liable for attorneys fees if a breach of contract claim fails can be a disincentive to filing claims to enforce your contact rights.

But a new and innovative form of insurance coverage – Contract Litigation Insurance (CLI) – addresses this issue. Policies offered by Zurich companies in North America can be applied for within the first sixty (60) days after filing a lawsuit, or within sixty (60) days of service for defendants being sued.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Robert Freedman - Partner at Tharpe & Howell, LLP | Attorney Advertising

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