We have launched a new partnership with the FTSE 100 insurer Legal & General to support its advisers when they are writing Business Protection policies.
Our lawyers will provide a review service which checks for conflicts between the legal documentation of a business and any Cross Option Agreement that could be affected by a Share Protection policy. This includes documents such as the Articles of Association and Shareholder Agreements.
As part of the agreement, advisers using Legal & General for their business protection business will also have access to this new review service, with the intermediary or the company then dealing directly with specialist lawyers at FBC Manby Bowdler.
Share Protection policies allow the remaining partners, directors or family members to remain in control of a business after the death of an owner or shareholder. Without this protection, the surviving business owners could lose control over their business as shares become tied up in probate.
James Sage, Head of Corporate, FBC Manby Bowdler, said: “When putting in place a shareholder protection policy, making sure your corporate legal documentation is in order is vital in ensuring the outcome you expect is the outcome you get.
“Our shareholder protection documentation checking service offers a quick, simple and cost effective referral service providing peace of mind that all the relevant legal documentation has been reviewed and if it was used in the future it will deliver the outcome expected. We’re delighted to be able to offer this cost-effective checking service to Legal & General policy holders, providing peace of mind to both the adviser and their client.”
Richard Kateley, Head of Intermediary Development at Legal & General, said: “We are delighted to have teamed up with FBC Manby Bowdler to provide this very cost effective and simple process for advisers.
“A big area of concern that we find intermediaries have when discussing Share Protection is around legal documentation and the potential for something like a Cross Option Agreement to conflict with their client’s Articles of Association. This is precisely where a relationship with a solicitor can make all the difference, using their expertise to ensure that more businesses are protected from critical events and advisers are confident when discussing a policy with their client. I hope that if clients or advisers do not have their own legal connections, this service will prove hugely beneficial to them.”
To take advantage of our new partnership with L&G, visit our Shareholder protection service page.
Alternatively, for any other Business & Company Law enquiries, feel free to submit an enquiry below.