2 min read: ARC LEGAL IN THE NEWS… ‘TIS THE SEASON TO RECEIVE CLAIMS ABOUT...
The first strains of Christmas music are in the air and Mariah Carey is...
Arc Legal Assistance (Arc), the bespoke legal costs insurance provider set-up in April this year, is launching a new legal costs insurance package for private landlords including covering lost rent as well as the costs incurred as a result of gazumping and the provision of tenant referencing services, an industry first.
Targeting insurance providers, intermediaries and affinity groups, Arc Landlord Protection Insurance will offer legal costs and rental guarantee cover. Optional features also include:
– Insurance to pay legal costs to defend criminal prosecutions under the Gas, Electricity and Soft Furnishing Fire and Safety Regulations
– Insurance to cover property owners for conveyancing and survey fees should they have to abort a property purchase or sale for a number of specified reasons including gazumping
– An emergency and property maintenance tradesman assistance program
In a move believed to be unique in the insurance market Arc has also arranged a facility to enable Landlords to obtain tenant reference checks directly from recognised providers, a service previously only available via letting agents who include the premium within the management fee charged to the landlord.
“Traditional home legal costs insurance policies do not cover the risks associated with property lets, yet legal costs insurers have failed to provide a genuine alternative for this market.”
Finan continues: “The tenant referencing facility has enabled Arc to develop a range of solutions that ‘open the door’ to the provision of legal costs and rent guarantee insurance for distributors of landlord’s buildings & contents insurance. Thereby creating specific up-sell opportunities to this growing market.”