After-the-event (ATE) insurance policy

A further definition from The (Alternative) Legal Costs Dictionary:

After-the-event (ATE) insurance policy n. a policy of insurance whereby the insurer seeks a large premium in respect of something which the insurer has assessed as carrying little or no risk.  In the unlikely event that a judge prefers the evidence of the defendant to that of the claimant, the insurer will void the policy on the basis of material non-disclosure and refuse to pay out.