LEGAL EXPENSES INSURANCE FOR HIGH NET WORTH INDIVIDUALS

Richard Finan, Director of Arc Legal, has been discussing the role and importance of Legal Expenses Insurance (LEI) for high net worth (HNW) individuals, and the need for policies to be tailored to meet their specific requirements. 

Richard explained that the disputes experienced by HNW clients tend to be more complex with higher values, and that they are also likely to be more confident in their legal understanding, and many will have relationships with their own law firms.

The types of risk exposures HNW individuals face are also different. HNW LEI policies will frequently cover issues ranging from employing domestic staff and owning second homes, to squatters and more complex consumer contract disputes.

Richard also discussed how assumptions made under a standard LEI policy can not necessarily be applied to HNW arrangements, including the conversion of claimants to using a specialist panel solicitor firm. He stressed how important it is for brokers and insurers to recognise the need to treat HNW individuals differently, in particular when it comes to LEI policy indemnity levels and the range of cover available.

Richard was talking to Insurance Age. For the full article, please visit www.insuranceage.co.uk

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