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Legal Cost Insurance as a Strategic Device

Author

Listed:
  • Kirstein, Roland

Abstract

Legal Cost Insurance (LCI) is not only a device to reallocate risk, but also to enhance an insured's position in a settlement negotiation. The paper points out that this function of LCI is especially important in cases that have a negative expected value for potential plaintiffs. Hence LCI is of interest even for risk-neutral customers.

Suggested Citation

  • Kirstein, Roland, 1997. "Legal Cost Insurance as a Strategic Device," CSLE Discussion Paper Series 97-11, Saarland University, CSLE - Center for the Study of Law and Economics.
    • Handle: RePEc:zbw:csledp:9711
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    File URL: https://www.econstor.eu/bitstream/10419/23055/1/9711lci.pdf
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    Cited by:

    1. van Velthoven, Ben & van Wijck, Peter, 2001. "Legal cost insurance and social welfare," Economics Letters, Elsevier, vol. 72(3), pages 387-396, September.

    More about this item

    Keywords

    Legal Cost Insurance; Bargaining; Settlement;
    All these keywords.

    JEL classification:

    • K41 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Litigation Process
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies

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