The insurance firm, which has a reputation of highly experienced conveyancing risk mitigation experts, carefully assessed the professional liability insurance market before coming to the decision, said First Title chief executive, John Maidens. First Title had been assessing the situation quite closely over the past several years, added Mr Maidens, and the firm feels that now is the perfect time to confidently enter the business liability insurance market.
The new offering fits within First Title’s overall strategy to aid in addressing the issue of conveyancing risk for both solicitors and consumers, remarked the chief executive. The opportunity is perfect for investing in the professional indemnity insurance market, he also said.
The new cover will target high street solicitor firms with as many as 10 partners that specialise in providing best practice and high quality conveyancing services. It has been developed in collaboration with INK, drawing on the underwriter’s highly developed skills in underwriting complex insurance markets.
INK managing director, Mark Addis, said that the underwriting firm was delighted to be allied with First Title in an endeavour to broaden the professional indemnity insurance options currently available to the solicitor market. Mr Addis called the collaboration between INK and First title an exciting one, as the expertise and skills of each firm complements the other.
Solicitor firms with some familiarity with First Title’s Home Owners’ Protection Policy will find themselves particularly drawn to the new professional indemnity insurance cover, the insurer said, due to the fact that the lion’s share of professional indemnity insurance claims are related to conveyancing.