A new insurance policy that provides greater protection for home buyers and mortgage lenders than that offered by solicitor’s professional indemnity insurance (PII) is now available.
A new insurance policy that provides greater protection for home buyers and mortgage lenders than that offered by solicitor’s professional indemnity insurance (PII) is now available.
The Home Owner’s Protection Policy, launched by First Title Insurance last week, covers risks associated with buying, mortgaging and using a residential property.
Its developers say the product will help to reduce PII premiums, which are currently at record levels.
Phillip Oldcorn, director of First Title Insurance plc, believes the current status quo is untenable.
“Conveyancers and their clients are at risk and the policy can help address the systemic problems in the conveyancing market,” he says.
Oldcorn believes the breadth of risks the policy covers is “unheard of in the UK” giving consumers and lenders a much greater degree of security.
“For the legal profession, the Home Owner’s Proctection Policy will help to protect a key practice area that for many
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