Alan Riley of Property PSL has kindly allowed us to publish a recent article he has written on the First Title HOPP.
Home Owners’ Protection Policy
Posted by Alan_Riley on Fri, 01/10/2010 – 10:33
First Title have introduced a Home Owners’ Protection Policy. It is for the residential market. It covers the client against matters the conveyancer might reasonably not have been able to discover or foresee. Click on Home Owners’ Protection Policy
. Providing full title and conveyancing insurance cover for a buyer or mortgagee is an Americanised approach to conveyancing, but one that is steadily coming this way. First Title’s literature says that its policy “offers greater protection to a client than Professional Indemnity Insurance (PII), and allows consumers to claim on a ‘no fault’ policy, therefore removing the need for a client to bring a negligence claim at their own expense.” The question for conveyancers is to what extent they feel compelled, as a matter of best practice, to make a client aware of this kind of policy? Or do they just leave the client with its ordinary remedies through the courts if something unforseen goes wrong?