BUSINESS UPDATE

NLA responds to economic pressure on landlords with Arc Legal package

According to the NLA, 1 in 3 landlords have tenants in arrears. The impact on landlords can mean significant time and costs chasing rent and dealing with tenant evictions or mortgage arrears which may ultimately lead to the repossession of the property.

In response, the National Landlords Association (NLA) has launched 'NLA Rent Guarantee Insurance' (RGI), a new insurance package and helpline support specifically designed for NLA members. The package through their insurance broker HFIS plc (Hamilton Fraser Insurance) is provided by Arc Legal.

RGI provides legal expenses insurance, rental guarantee protection for tenant and property disputes, defence of criminal prosecutions and rental cover when a tenant defaults. It also provides access to a specialist 24/7 technical legal helpline provided by Arc Legal's panel solicitors which sits alongside the NLA's in-house advice line for members.

Richard Finan, Director of Arc Legal said: "This is a clear indication of how this sector of the landlord market has adapted its business model to provide more support and assistance in difficult financial times."

This insurance package extends Arc Legal's relationship with the NLA, which also provides professional fees and tenancy deposit protection cover to my|deposits, a joint venture between Hamilton Fraser and the NLA.

Groupama Offer Arc Legal's Landlords' services to Lark Insurance

Groupama has appointed Arc Legal to provide claims handling services in relation to legal expenses insurance and rent guarantee cover for Lark Insurance Broking Group. Groupama, which underwrites the cover, have reviewed and approved Arc Legal's claims handling processes for Lark's Premium Let insurance product.

Arc Legal will receive claim notifications and handle all claims through to settlement. This process involves instructing and managing solicitors and other agents to recover possession of properties and making rental guarantee payments.

Richard Finan, Director of Arc Legal, said: "Our business model and experience within this sector means we can provide an effective and responsive claims service which matches the needs of Lark Insurance Broking Group's landlords."

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