SYSTEMS FOR OFFERING AND/OR PROVIDING ATTORNEYS' FEES INSURANCE

• US 20120101851A1
• Filed: 10/21/2010
• Published: 04/26/2012
• Est. Priority Date: 10/21/2010
• Status: Abandoned Application

• Current Assignee: Sonoma Risk Insurance Agency LLC (Argo Group International Holdings Limited)
• Original Assignee: Sonoma Risk Insurance Agency LLC (Argo Group International Holdings Limited)
• Inventors: Martin, Kevin B.
• Application Number:
  US12/909,208
• Publication Number:
  US 20120101851A1
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 10/10 Office automation; Time management
• CPC Class Codes: G06Q 50/18 Legal services

Abstract

The present invention provides an attorneys'"'"' fees policy system, comprising means for importing case leads and disseminating the leads to a sales representative, means for receiving application data of the insured party into an attorneys'"'"' fees insurance database and uploading the application, an attorneys'"'"' fee contract and a related formal legal complaint, means for requesting underwriting approval of the attorneys'"'"' fee policy application, means for placing the attorneys'"'"' fee policy into active status if underwriting is approved, and means for receiving data on the approved attorneys'"'"' fee policy and initiating a policy issuance process.

Claims

1. An attorneys'"'"' fees policy system, comprising:

means for importing case leads and disseminating the leads to a sales representative;

means for receiving application data of the insured party into an attorneys'"'"' fees insurance database and uploading the application, an attorneys'"'"' fee contract and a related formal legal complaint;

means for requesting underwriting approval of the attorneys'"'"' fee policy application;

means for placing the attorneys'"'"' fee policy into active status if underwriting is approved; and

means for receiving data on the approved attorneys'"'"' fee policy and initiating a policy issuance process.

2. The system of claim 1, wherein the insured party provides the sales representative with the completed attorneys'"'"' fees policy application, a check, a surplus lines affidavit, the signed attorneys'"'"' fee contract and the related legal complaint.

3. The system of claim 1, wherein the sales representative fills out a checklist confirming that all required items have been received.

4. The system of claim 1, wherein the sales representative converts the case lead to a pending policy once a sale is made and a unique policy ID is created.

5. The system of claim 1, wherein the policy is placed into pending approval status while awaiting underwriting approval.

6. The system of claim 1, wherein the policy is purchased within a predetermined number of days after the filing of the related formal legal complaint, wherein the policy provides a fixed premium with a fixed amount of coverage and does not require any review of the complaint or any other document.

7. The system of claim 1, wherein the policy is purchased after the initiation of the related legal complaint, wherein the policy is offered after a review of the related legal complaint in order to make a determination as to whether it is financially viable to insure the risk and, if so, at what premium.

8. The system of claim 1, wherein the policy is purchased before the inception of a related legal complaint, wherein the policy is offered at a reduced premium with a fixed amount of coverage.

9. The system of claim 1, wherein the policy comprises a shelf policy offered in a package at a reduced premium for an attorney to provide insurance to clients.

10. The system of claim 11, wherein the policy is priced based on factors comprising:

type of product in which the policy is embodied;

type of legal event;

legal counsel selected by the insured;

type of contract;

amount of coverage desired;

manner in which the policy is marketed;

litigation track record of the insured and its adversary;

frequency by which attorneys'"'"' fees are awarded in a particular location and for a particular final adjudicator;

average time to judgment; and

frequency by which the insured and its adversary settle cases.

11. The system of claim 1, wherein the policy allows the insured to select their own legal counsel for the related formal legal complaint and decide whether or not to settle the dispute.