One major personal and commercial insurance provider has been expanding as of late, with the announcement that it has not only allied itself with an underwriter to provide professional indemnity insurance to solicitor firms, but also to provide protection to home owners as well.
Business insurance provider First Title has recently stated it has entered into a partnership with Ink Underwriting Agencies Limited in order to provide law firms with professional liability insurance. Additionally, the firm says that it has seen a a large number of those purchasing homes deciding to take out one of its Home Owners’ Protection Policies in order to provide them with cover against any residential conveyancing risks.
Adopted on a regular basis since its inception in September of last year, First Title’s HOPP offering is used by more than 200 conveyancing solicitors on a regular basis. In excess of £150 million worth of new homes have been insured since that date, and more than 4 out of every 5 conveyancers polled by First Title have stated that they recommend HOPP to their clients regularly.
Premiums and sales volumes rocketed to record highs this past August and September, the insurance specialist revealed, highlighting how much exposure the HOPP has gained within the conveyancing industry. One Plympton, Plymouth, Devon solicitor firm, Clark & Weeks, stated that the HOPP is a useful addition to the policies it has access to, adding that it provides both them and their clients with supplemented security and supports the due diligence the solicitors undertake on their clients’ behalf.
First Title received its first Hopp claim this past July, a case of mortgage fraud that is still currently undergoing processing. The lender was given full protection through the policy, even in spite of the borrower’s actions.