PI Insurance
First Title Insurance plc has joined forces with underwriter, INK Underwriting Agencies Ltd (ink insurance), to offer professional indemnity insurance (PII) to law firms, for the first time.
Why have First Title decided to become a PI insurer?
First Title is the market leader in risk management for residential and commercial conveyancing. Adding professional indemnity insurance to our current portfolio of products is a further step towards our objective of being the market leader in risk management for the legal profession as a whole, and dovetails with the launch of our innovative Home Owners' Protection Policy (HOPP), and our strategy to change the way in which risk is managed in the residential conveyancing market.
Firms who insure with First Title will be encouraged to educate their clients about risk in residential conveyancing and the benefits of the HOPP, although this will not be a requirement of the scheme.
Which firms are eligible?
The scheme is aimed at, but not limited to, firms with up to 10 partners.
As an existing user of First Title's products, will I get preferential terms?
Sadly, no. All solicitor PI insurers operate under the same set of minimum terms and conditions, as laid down by the Solicitors Regulation Authority. There can be no deviation from these terms.
Existing clients of First Title will be assessed in the same way as any other applicant. Businesses that are well run and can demonstrate a modern, thorough and evidential approach to risk management are more likely to be offered terms than those firms that cannot.
If I offer my clients the HOPP how will this affect my firm's risk profile?
First Title considers the HOPP to be a modern risk management tool aimed at reducing your clients' exposure to risk in the same way as other risk management tools do currently in use in the market now. Any risk management tools will be taken into account in the future for the purposes of the firm's risk profile in respect of future applications for professional indemnity insurance.
How do I arrange a quotation?
For more information or to request a proposal form, please speak to your insurance broker.
If your insurance broker does not have access to the scheme, please contact Sally Gillum at Giles Insurance Brokers on 0121 200 4927 or email her at sally.gillum@gilesinsurance.co.uk who will be able to provide you with more details.