Underwriting agency launches first in a series of specialist products

Underwriting agency launches first in a series of specialist products

Underwriting agency launches first in a series of specialist products Axis Underwriting Services has teamed up with a specialist Lloyd’s syndicate to launch a legal expenses product tailored specifically for doctors and dentists.

This “innovative” product specifically designed for medical practitioners covers a range of legal expenses including employee disputes, disputes arising from commercial contracts, tax audit and partnership disputes. This is the first of a range of legal expenses products which Axis plans to roll out during 2014.

Managing director of Axis, Gary Dawson, said: “Individual medical practitioners are not usually covered for management liability and have no protection against the heavy burden of legal expenses if they arise”.
“With the launch of Axis’ legal expenses products, brokers can now offer their medical clients protection against the very high legal fees which can be incurred in a range of disputes.”

Some examples of the legal expenses which are covered are:

Employment dispute: An employee terminated for poor performance instructed solicitors and issued proceedings at Victorian Equal Opportunity and Human Rights Commission claiming discrimination and bullying. The doctor is expected to win the case but defence costs could reach $20,000.

Contract dispute: A dispute over a contract of sale of a medical practice and alleged breach of the associated restraint of trade. Proceedings were issued against the doctor for injunction and damages. The defence costs are estimated at $90,000.
Axis has arranged the cover with the specialist legal expenses team at one of Lloyd’s syndicates.