Legal & General has agreed a deal to help advisers to review corporate documents that could be affected by a Share Protection policy.

The new agreement with law firm FBC Manby Bowdler LLP has been negotiated at an exclusive price of £200 plus VAT, providing advisers with access to a review service which checks for any conflicts between the legal documentation of a business and any cross option agrement. 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 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.

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.”

James Sage, head of corporate at FBC Manby Bowdler LLP, added: “When putting in place a shareholder protection policy, ensuring that your corporate legal documentation is in order is vital in ensuring the outcome you expect is the outcome you get.

“We’re delighted to be able to offer this cost-effective checking service exclusively to Legal & General policy holders, providing peace of mind to both the adviser and their client.”