Legal Cost

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Legal Cost The cost of defending a claim from a third party and claimant's cost for which an insured is liable. Usually covered by a liability insurance policy. Legal expenses insurance can be an affordable way to help individuals, and business owners get access to legal support when they need it. For example a doctor who buys a professional liability policy to cover his/her acts or omissions. In the case of a liability against that doctor taking to court the legal expense will be cover by the insurer since it is part of the policy cover. What is included in legal expenses/cost are any and all liabilities, obligations, losses, damages, penalties, fines, claims (whether fraudulent, groundless, false or not), demands, actions, suits, judgements, legal proceedings (whether civil or criminal), investigations, costs, disbursements and expenses (including legal fees and disbursements) of every kind and nature whatsoever, other than taxes of any kind. There are some things that is not generally included in legal cost. These might be: -Issues that started before you bought the policy; -Legal costs you pay for before your claim is accepted; -Claims where the likelihood of success or ‘reasonable prospects of success’ are evaluated as being less than 51% likely to succeed; and -Anything specifically excluded - the policy documentation will set out what is and what is not covered. Many people have legal expenses insurance but do not know that they have it and, if they have it, many people are clueless as to what it covers. Most legal expenses insurance policies require their policyholders to report a claim to them as soon as possible, over the telephone or in writing. #benewinsurance #insurtech #inclusiveinsurance #insurance #reinsurance #takaful

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