Policy limits raised from £2m to £5m
London & European (L&E) has announced that Zurich Insurance Company has extended the binding agreement between the two companies.
Zurich Insurance Company has been underwriting legal indemnity policies sold through L&E’s titlesolv.com website since 2005. The new agreement will now allow the in-house underwriting team at titlesolv.com to price and deliver complex and high value legal indemnities to the entire real estate market.
The agreement has also raised the limit from £2 million to £5 million on almost all policies sold via the website to allow greater flexibility given the substantial increase of property prices over the past two years.
Valerie Hosty, Legal Indemnities Manager at Zurich Insurance Company, commented: "We have built a strong working relationship with London & European over the past two years, and have been impressed with the results that titlesolv.com has delivered over this period.
"There is considerable opportunity to increase penetration in both the residential and commercial sectors, and we look forward to continuing to work with the team at L&E."
Harsit Nakarja, Underwriting Manager for titlesolv.com, added: “This is a significant indication of the confidence that Zurich has in the abilities of our underwriting team.
"The increased limits of indemnity together with the ability to price and issue cover immediately will enable us to further improve the service levels we provide. titlesolv.com already provides one of the fastest online turnarounds and so the increased limits will ensure that we can apply this turnaround to the more complex risks as well – a particularly important factor in the commercial sector."
