First Title to launch PI Insurance cover

First Title Insurance recently announced the launch of their new Home Owners’ Protection Policy; a new professional indemnity product that will enable solicitors to more effectively limit the amount of risk in the process of purchasing a home for both mortgage lenders and their clients.

The new business liability insurance policy has will offset a myriad of risk-related losses that are normally associated with the actions of using, mortgaging, or buying a residence or related property; including boundary disputes, fraud, building regulation consents, and lack of planning permissions.

The nature of theĀ professional liability insurance cover is that of having no fault, meaning that claims can be brought without the necessity of clients proving an occurrence of negligence at their own expense.

First Title makes the suggestion that shifting the risk burden to its HOPP cover instead of any cover the solicitor might have in regards to professional indemnity will result in a significant contribution to the stability of both professional indemnity premiums and also the conveyancing market, both of which are experiencing record highs in Britain.

Meanwhile, the Law Society has recently announced its launch of a brand new scheme designed to aid law firms that are currently experiencing difficulties securing professional indemnity cover renewals.

The new scheme, dubbed SafetyNet by the Law Society, will endeavour to provide a helping hand to firms that are in distress or are currently either looking to exit the assigned risks pool or attempting to avoid it altogether.

The scheme will be managed by PYV Limited, a Lloyd’s broker, and will provide firms in such precarious positions higher accessibility to insurers that have specialised in providing cover to distressed risks.

Recently the costs associated with insuring legal firms against negligence claims has skyrocketed due to the propensity for such claims to increase historically in times of economic turmoil.

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