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First Title Insurance has launched the Home Owners’ Protection Policy (HOPP), which it says can provide solicitors with an effective tool to “de-risk” the house buying process, both for clients and mortgage lenders.

The new policy can offset losses from a number of risks associated with buying, mortgaging or using a residential property, including fraud, seller misrepresentation, boundary disputes and lack of planning permissions and building regulation consents.

The “no fault” nature of the cover means that claims can be made without clients having to prove negligence at their own expense.

By shifting the burden of risk from the solicitor’s professional indemnity insurance (PII) to the HOPP, First Title suggests that its offering can contribute significantly to the long-term stabilisation of the conveyancing market and PII premiums, which are currently running at record levels in the UK.

In related news, the Law Society has this week launched a new scheme to help law firms struggling to secure PII renewal terms.

SafetyNet will provide assistance to “distressed” firms, or firms seeking to avoid entering the Society’s assigned risks pool, or attempting an exit.

The scheme, which is managed by Lloyd’s broker PYV Limited, will provide such firms with access to insurers that specialise in distressed risks.

The cost of insuring the legal profession against professional negligence claims has soared in recent years because negligence claims tend to increase during times of economic uncertainty.

In addition, legal firms focused on real estate business have been singled out for a specific loading because if mortgage fraud has occurred, lenders may be inclined to sue.

Churchill home insurance has issued a warning to users of social media websites like Facebook and Twitter not to make their whereabouts known to thieves. Users of websites such as these often update their status to include what they are doing that day, and where they are going, which could be seen by people they had not intended to show, and used against them. Social networkers who update their status in such a way as to advertise to thieves when they are not home could cause a rise in house burglary, the home insurance provider warns. Like the location updater Foresquare, there is now also Facebook Places, which pinpoints the user’s exact location, potentially letting more people than just their friends gain knowledge of their whereabouts. Read more…

A home and contents insurance policy is a good idea, and renters can also get this type of coverage, although they call it home insurance. A consumer may not know what items this type of policy will or will not replace and insurance companies may exclude certain items or the conditions under which they may be replaced.

Normal home contents insurance insures the items into the home up to a certain value, but this includes items that have a value. Pictures, nick-knacks and mementos are generally not covered under this type of policy, although furniture, computers, and electronics are. Read more…

Insurance is one of the most important things that you could possibly pay for. There are a variety of different areas that can be insured including everything from your favorite jewelry to your entire life. However, for most kinds of insurance the choice of whether to be insured or not is totally up to the individual. There are those people who cannot afford things such as life or health insurance as a result of living on a fixed income; there are also those who simply need cheap car insurance because of their fixed income. Whatever the reason, it should be completely possible to find cheap car insurance on a fixed income.

Regardless of whether you can truly afford it or not car insurance is a requirement to driving and owning an automobile. Read more…

Householders could see their home insurance premiums rise, or find themselves uninsured, as a result of proposed cuts to Government spending on flood prevention. AA Insurance has warned that the spending cuts laid out in the Government’s latest Comprehensive Spending Review could leave millions of homes uninsured, and others could end up paying more for their home insurance. The AA is urging the Government not to cut spending on flood defences, such as ensuring storm drains are kept clear and are improved to remove surface water, which can protect flood-prone areas of the UK, because some households could find themselves uninsurable and therefore ineligible for mortgages. Read more…

As you are well aware that today’s world no longer functions the way it did a couple of decades ago. There’s a lot more economic instability than before and it is very important to insure your business against theft or loss that is incurred on a regular basis. If your business qualifies to be a public house, then you must take public house insurance. This is a special kind of policy, amongst 150 common insurance policies, this type would usually be sold as tradesman insurance. What you can do here, in order to make your life easier is to compare the cost of quotes online and then decide on which one really satisfies your needs as a tradesman. Read more…