1 min read: INSURANCE INFLUENCERS – RICHARD FINAN
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The following claims example demonstrates the benefits of our Family Legal Expenses Insurance (LEI) policy.
The total legal costs to handle this Employment Pursuit case were over £50,000; all of which were paid under the policy.
The policyholder was a high profile CEO of a pharmaceutical company. For years, he had dealt with depression and in more recent time began to suffer from anxiety and panic attacks.
These conditions didn’t prevent him from undertaking his role. In fact, he was regularly praised and received bonuses – suggesting that his employers felt he was doing a pretty good job.
However, the policyholder found himself unexpectedly suspended from work on allegations of gross misconduct. He had been challenging the company’s board over a number of issues, and suspected this was the reason behind the suspension.
Because of the policyholder’s position, his suspension was likely to attract public and media attention. He feared that any negative publicity could ruin his career.
Unfortunately, the stress of the situation led to him suffering a serious mental health breakdown and whilst in the hospital, he was informed that his role had been filled by someone else.
The policyholder decided to take legal action against the company for unfair dismissal and submitted a claim on his LEI policy.
This was a very complex claim, due to both the policyholder’s senior position and the events that led to his replacement. An out-of-court settlement could not be reached, however an award of £250,000 was made in tribunal.
Clearly, this is was very stressful experience and something no one wants to have go through. The fact he had access to LEI cover and quality legal representation provided some comfort and ultimately resulted in a positive outcome.