Competitors welcome new Loss Assist product

The DAS Group’s new product aimed at helping business with submitting material damage and business interruption claims has been welcomed by the competition.

Loss Assist Insurance, which was launched by the legal expenses insurer on Friday, offers the client a complete personal service from the moment the loss is reported through to settlement by their insurer.

Lorega’s chairman Malcolm Harvey: “I am a great believer in open market competition. Having established the loss recovery market some 15 years ago we have been expecting a second player for some time now and, of course, imitation is the sincerest form of flattery.

“The impending DAS launch absolutely validates everything we have been doing since 1997 and will certainly create even more market and public awareness. From our perspective, this move by a major German insurer elevates Lorega and our product into mainstream insurance. It also demonstrates very clearly the growing need for an underwritten product that provides a loss adjuster to help commercial and HNW policyholders with their claims submission in the event of a major loss.”

He continued: “We have known about the launch of this new product for some time. Although there are common elements, Lorega’s Loss Recovery Insurance remains the only product whose service is both unlimited and delivered exclusively by truly independent chartered loss adjusters who will not be conflicted by any relationship with an insurer.”