A new professional indemnity insurer has entered the market, targeting conveyancing firms of up to 10 partners.
In a move that will be welcomed by a sector of the profession that generally has minimal choice of insurer – especially with premiums predicted to go up by at least 10% this year – First Title Insurance has joined forces with INK Underwriting Agencies Ltd, a managing general agency.
The company said it aims to build on First Title’s long-standing position as the major player in conveyancing risk mitigation. First Title is an A- rated insurer, and a Legal Futures Associate.
CEO John Maidens said: “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.”
He added: “Despite the efforts of the Solicitors Regulation Authority 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.”
The new policy will be targeted at high street firms of up to 10 partners, “which specialise in the provision of high-quality, best practice conveyancing services”. Established PII broker Giles Insurance Brokers will be offering access to the scheme.
Jon Cook, UK professional indemnity director at Giles, said: “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 1 October deadline.”