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Our management have decided that we need cover for legal defence costs. Should this be included in the level of cover?

April 26, 2017costs cover decided Defence included Legal level Management

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Our management have decided that we need cover for legal defence costs. Should this be included in the level of cover?

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The insurance mediation directive (IMD) sets out minimum levels of cover that a firm should hold to help ensure that cover is available to meet the costs of claims. The amount of cover your firm holds should not be eroded by legal defence costs or any other incidental costs. Once you have decided that additional cover is needed, then you can either increase the amount of aggregate cover or take out an additional policy for these costs.