BUSINESS UPDATE - Q4

Caravan Guard appoints Arc Legal for enhanced specialist schemes

Arc Legal has been appointed by specialist caravan insurance intermediary Caravan Guard to provide dedicated Legal Expenses Insurance schemes for its Touring Caravans, Holiday Caravans, Park Homes and Holiday Homes business.

In addition to the offering uninsured loss recovery, personal injury, contractual disputes and employment related cover, Arc Legal is also providing enhanced coverage with increased limits of indemnity, the removal of some excesses together with new covers including eviction of unauthorised occupants.

The enhanced schemes are offered on an optional basis with Caravan Guard’s specialist insurance products including their Defaqto 5 Star rated caravan insurance policy.

 

Arc Legal supports Competition Commission proposed remedies for motor insurance add-on products

Arc Legal has indicated its full support for the Competition Commission's proposed remedies to provide customers with a greater level of understanding about motor insurance related add-on products.

Richard Finan, Director of Arc Legal, commented that the add-on market must continue to work with motor insurance retailers to ensure that customers are being given the information they need to make an informed purchasing decision, and explained that Arc Legal has been proactive in providing training and fulfilment materials to business partners to ensure that sales teams can fully explain the benefits of Motor Legal Expenses Insurance.

 

Gap in Identity Fraud Insurance market needs to be filled with robust and ethical products

The increasing levels and awareness of identity fraud, consumer concerns over insurance product mis-selling and calls for more help for victims, highlight the need for identity fraud insurance product providers to focus on robust and ethical cover if the market is to grow.

A recent survey of over 2,000 adults in the UK commissioned by Arc Legal and conducted by YouGov found high levels of awareness of identity fraud, coupled with a concern about becoming a victim of this kind of fraud. The survey also highlighted that while nearly a quarter (24%) of respondents indicated they would be likely to buy an insurance product to cover related expenses, losses, and fees, if it was available at an acceptable price, only 23% said they were aware of such an insurance product.

Richard Finan, Director of Arc Legal, commenting on the results said: “Our survey shows that consumers want to see more done to tackle the issue but insurance to address the impact of this kind of fraud is not well known about. This is a worrying matter especially as the average cost to each victim is in excess of £1,190. We have our own initiatives including sales training on product benefits for our distribution partners, to try and increase awareness but more can be done to ensure consumers are aware of the protection available addressing the actual needs of victims of identity fraud.”

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