The third party litigation funding application process is administered by Acasta Europe Ltd, who assess the legal merits of the case. This includes applications where the claim may already have secured ATE insurance from another party.
The application is made by the claimant’s solicitor by completing and submitting the below third party litigation funding application form. We would advise that the application form is submitted with as complete information and documentation as possible.
Acasta aim to give a in-principle decision within 3 business days. So as not to waste anyone’s time and costs, any case which is unlikely to pass any further due diligence requirements will be rejected.
If an positive in-principle decision is given, further information and due diligence will be required. Provided the information required is supplied in whole and swiftly, a formal offer can be made within 14 days. We would advise that issues may come up in this process which results in a formal offer not being made, but we ask that any adverse issues that may arise are highlighted on the initial third party litigation funding application form.
Upon acceptance of a formal offer, the various standard transaction documentations will be prepared and as soon as these are executed (usually within 3 days), monies can be drawn down immediately.
(1) On receipt of the proposal, Acasta’s only obligation is to decide whether to offer insurance and if so, on what terms.
(2) If you are a consumer (see the explanatory note below), you must take reasonable care to ensure that all the information you
give us is correct.
If you are not a consumer (see the explanatory note below), you must provide us with a fair presentation of the risk you wish
to insure disclosing every material circumstance which you know or ought to know.
For these purposes:
- A ‘material circumstance’ is one which would influence the judgment of a prudent insurer in deciding whether to insure the risk and, if so, on what terms
- ‘You’ means yourself, your senior management and those responsible for your insurance (including your brokers and solicitors).
- In your presentation to us, you must ensure that every material representation as to a matter of fact is substantially correct and that every material representation as to a matter of expectation or belief is made in good faith.
This is only a summary of your obligations under the Consumer Insurance (Disclosure and Representations) Act 2012 if you
are a consumer and under the Insurance Act 2015 if you are not a consumer.
In both cases, your obligations are extensive and demanding. Failure to comply with them will affect your ability to
recover an indemnity under your insurance policy.
If you are in any doubt about your obligations, you should seek advice from your broker or solicitor or speak to us.
A consumer is a person who enters an insurance contract wholly or mainly for reasons unconnected with his or her trade, business or profession. A non-consumer is anyone else – typically (but not always) a business.
For these reasons, it is essential that you answer all of the questions in this proposal form fully and accurately.
The papers submitted will be confidentially disposed of should the proposal be declined, unless required otherwise.