Titlesolv.com covers aimed at property owners and mortgage lenders
Legal indemnity provider titlesolv.com, has unveiled a suite of products for property owners and mortgage lenders.
In a statement the company said the products, allowing cover of up to £2m, would offer "the widest cover in the market" and could be purchased in under three minutes.
Harsit Nakarja, underwriting manager for titlesolv.com, said: “This is a significant new development in the indemnities market where there has been an evident lack of innovation for some years.
"Solicitors need to purchase their residential and commercial indemnities fast, and having these policies available to buy online in a simple format for the first time means it’s largely become an administrative function, freeing up their time for more complex tasks.”
Titlesolv.com’s commercial policies also includes elements of consequential loss clause on its policies, which covers the policyholder from any loss or reduction in land value as well as any associated costs (including costs of demolition or reinstatement) as a result of any defects covered under the policy.
The company said larger risks could be negotiated face to face with titlesolv.com’s in-house underwriters. Commercial policies for indemnities and known defects available online include search indemnities, leasehold title, missing title deeds, missing rent charge, commercial restrictive covenants, commercial absence of rights and easements.
Commercial policies are available from 70p per £1000 of cover, and solicitors can also benefit from a 20% reduction when they purchase more than one policy online.
