Epoq has launched a new legal expenses insurance (LEI) product aimed specifically at landlords, following the success of a similar offering for businesses. Developed in partnership with Temple Legal Protection, the product aims to provide landlords with enhanced legal support and protection against a wide range of legal risks.
A news release highlighted that landlords often face significant legal challenges, including issues related to rent default, eviction, property damage, and regulatory compliance. These challenges can result in costly legal fees, placing landlords in a financially vulnerable position. Traditional LEI products typically cover these legal costs only when there are reasonable prospects of winning a case. Epoq’s new product, however, offers a proactive approach from day one, it states, ensuring that landlords receive ongoing legal support before disputes escalate.
This new legal expenses insurance includes access to LegalAde, a service designed to help landlords meet their legal obligations. Emile Gerber, head of LegalAde, commented on the increasing demand for such products from brokers, saying, “Our range of legal expenses products for businesses and landlords are designed to support the FCA’s Consumer Duty, making landlords’ legal obligations easy to understand and meet.”
LegalAde offers policyholders access to various legal tools, including customisable smart contracts, notices, and letters specific to the legal frameworks of England, Wales, Scotland, and Northern Ireland. In addition, landlords can receive 24/7 legal advice, document reviews, and guidance from regulated lawyers authorized by the Solicitors Regulation Authority (SRA).
Sean Fayle, senior underwriting manager at Temple Legal Protection, emphasised the importance of informed policyholders in minimizing legal conflicts. “By combining practical and accessible legal advice with the safety net of legal expenses insurance, policyholders are afforded a more complete and holistic way to manage their legal and compliance affairs.”
The product, underwritten by RSA and administered by Temple Legal Protection, will be distributed through brokers. Temple Legal Protection offers a broad range of LEI products for individuals, businesses, and landlords.
What are the challenges landlords typically face? Share your thoughts in the comments below.
