Following a careful appraisal of the Professional Indemnity Insurance (PII) marketplace, and to build on their current position when it comes to conveyancing risk management, First Title have joined forces with INK Underwriting Agencies Ltd (ink insurance) in order to offer PII to law firms.
John Maidens, CEO of First Title Insurance Plc says:
“We’ve been watching the situation very closely over the last few years and believe that now is a good time for us to enter the market with confidence. This new policy fits with our overall strategy to help address the issue of conveyancing risk, both for consumers and solicitors. It is a perfect opportunity for us to invest in the PII market”.
Utilising ink’s underwriting skills within complex insurance areas, Giles Insurance Brokers Ltd will be offering access to the scheme to high street law firms, who specialise in conveyancing services and have up to 10 partners.
UK PI Director at Giles Insurance Brokers, Jon Cook, says:
“In recent years, we have continued to witness rising insurance premiums for this particular sector, resulting in extremely challenging times, especially for smaller practices. This new facility will provide a robust solution which will help to limit systematic issues within the PI market in time for the October 1st deadline”.
With PII premiums remaining the foremost worry of many solicitors and conveyancers a new entrant to the PII marketplace will likely be welcome news.
Maidens concludes:
“Despite the efforts of the SRA and the Law Society, PII premiums remain staggeringly high. We believe that the more conveyancing risk can be reduced, the greater the likelihood of PII premiums also being brought down. This would help to stabilise the PII market and make life more comfortable for hundreds of high-street firms”.
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