[1]Agricultural property: new option for legal indemnity insurance
RSA, the UK’s second largest insurer, has today relaunched into the legal indemnity market.
Working with independent broker Litigation Protection, RSA will underwrite a wide range of legal indemnity insurance products, including providing delegated authority to law firms on 19 products for residential, agricultural and commercial properties with cover of up to £3m.
RSA said it was confident the current opportunities offered through this class of business, and its partnership with Litigation Protection, will ensure a dominant position in the market.
Litigation Protection was the first to introduce legal expenses insurance to solicitors back in 1992 and now also provides special risks insurance, together with facilities for professional indemnity insurance and third-party funding of commercial litigation through associated companies.
Peter Turrell, director of RSA’s Professional and Financial Risks practice, said: “RSA has a long heritage in the legal indemnity market and we’re pleased to be working with a partner like Litigation Protection who knows the market inside out.”
Litigation Protection will deliver the products to solicitors online and through self-issue kits. Bespoke cover and higher indemnity limits can also be arranged. The 19 products cover a full range of situations that can arise during a property or land transaction, including: restrictive covenants, absentee landlord, chancel repair, registered possessory title and unknown/adverse rights.
Brian Hall, managing director of Litigation Protection, says: “Our own research tells us that solicitors want an easy-to-use product, backed by an insurer with a good reputation and great service. We’re delivering all three and take great pride in forming this unique relationship with RSA.”