FLI launches new product for foster carers

Financial and Legal Insurance has launched a new legal expenses insurance scheme for foster carers, which will be distributed by London market broker Circle Insurance Services to its Gloucester-based broker Cass Stephens. The product offers legal expenses and loss of earnings cover.

Ian Kember, business development lead at FLI, said: “Fostering children is a high pressure job and carers who receive complaints face significant reputational risk, as well as loss of earnings.”

“Circle came to us asking for help to develop a product that, as well as covering legal expenses, also protected agency members against loss of earnings.”

“Our product is the first in this specialist field to include cover for loss of earnings. It is competitively priced and will be offered via the broker, Cass Stephens to members of the fostering agency they look after. Many foster parents rely on their earnings from fostering for their income and cannot afford to lose their livelihoods.”

Nicola Bradshaw, account handler at broker Circle Insurance, said: “It’s great that FLI has been able to step in and provide this service for foster carers. The cover will be moulded into a package of products and offered to agency members via monthly subscription. They expect to see 90% take up of this insurance among their members, and will use it to attract new members to the agency.”

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