Searches UK turns its attention to help firms with cost of Personal Indemnity Insurance

The hardening indemnity insurance market has resulted in a number of companies including leading conveyancing search providers to contribute towards a Risk Management Rebate Scheme that financially rewards law firms for using leading conveyancing risk mitigation technology.

Solicitors are facing the hardest market for indemnity cover since demutualisation over 20 years ago, with the Law Society reporting premium increases of 5-50% as ‘typical’.

A Law Society spokesperson said recently:

“This situation is not sustainable, so it is essential that members – and those doing conveyancing work in particular – take steps to review their risk management practices and ensure these are adequate to avoid all but the most improbable claims.“

Searches UK is one of a number of companies encouraging firms to upgrade their risk management by financially rewarding them for using technology considered by some insurers and lenders as leading risk mitigation software.

Law firms can claim up to £12,750 + VAT, subject to terms and conditions, as a risk management rebate.

Samantha Manning of Searches UK says:

“Now more than ever firms are eager to know if the adoption of risk management initiatives will impact their PII costs. Having spoken with brokers and insurers we know that management of risk is a key issue for PII insurers and they will view the deployment of appropriate technologies such as COMPLETIONmonitor positively. “

To find out more about how your firm can benefit from a risk management rebate of up to £12,750 + VAT please contact Searches UK.

Kindly shared by Searches UK

Main photo courtesy of Pixabay