New Conveyancing Indemnity Insurance Product from Palladium Insurance
Manchester Law Society Advantage member, Palladium Insurance, has announced that it has launched a new range of conveyancing indemnity insurance policies to complement the existing, wide range of After the Event insurance policies that are currently offered to Manchester Law Society members and a large number of other solicitors nationwide.
When creating our conveyancing range Palladium have not tried to be all things to all men. Palladium have focused on indemnities for the most common residential conveyancing issues that arise such as “No search”, “Lack of Building Regulations”, “Absent Landlord”, “Absence of Easement” and “Breach of Planning Permission” along with twelve other popular covers. Palladium have spent over a year developing these policies in response to requests for cover of this nature and following testing are now launching these policies to the general market.
Palladium appreciate that residential conveyancing is a very competitive sector both in terms of business acquisition and processing costs, which in turn squeezes profit margins, and that in an increasing number of transactions the most cost effective way of completing a transaction and protecting a client is to purchase cover against the potential risks that arise during the conveyancing process. To keep the transaction economical the purchase of any policy, or in some cases policies, is kept short and simple, via the Palladium on-line portal.
Step one is to select the type of policy required from the drop down menu, and the indemnity that is required for the case (the indemnity chosen is up to lawyer and can be a specific sum or the value of the property) and the cost of the policy will immediately be shown.
If this is acceptable, and the solicitor wants to carry on, step two is to enter a few details of the property and answer a few questions regarding the transaction. At this point the system can produce a printable/downloadable personalised document showing the premium, the property details and a summary of the cover provided. Dependent upon what is required, this document can be sent to the client, the lender, or the other parties lawyers, for agreement and approval or by clicking on one box the policy can be purchased and issued.
However Palladium understand that, at this stage, there may be a time lapse between quotation and inception so as an alternative to buying the policy immediately, the Palladium portal will retain and store all the details that have been inputted. The complete package will be stored on the portal and will remain there for 90 days and can be accessed at any time during that period. If the insurance is required there is no need to re-apply or re-enter the details. When the policy is required a single key stroke will produce an insurance documentation package that includes the full policy terms, the policy schedule, a Key Facts document as required under Financial Conduct Authority regulations and the relevant invoice. Depending upon the requirements additional packs can be obtained at no additional cost.
Settlement of the premiums due can be done in respect of each transaction as completed or by a single monthly bordereau settlement for all policies bought in the month. This reduces the administrative burden and costs.
Palladium Insurance has always marketed its’ ATE policies with the strap line that all its policies are designed by lawyers for lawyers. Our range of conveyancing indemnities is no different and recognises the economic and time pressures that residential conveyancers face every day.
Quotations can be obtained in less than a minute. Policies can be loaded on and document packs produced in less than five minutes and premiums are competitive and can be tailored and adjusted to suit each law firms requirements.
Palladium are both pleased and proud to be members of the Manchester Law Society Advantage team and would be more than happy to demonstrate and discuss this new facility with any Manchester Law Society member.
To arrange a meeting or to find out more contact Chris Kelly.
Email: [email protected]
Mobile: 07866 525287
Landline: 0800 5244235
We look forward to hearing from you.