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Titlesolv: The battle over professional indemnity

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Titlesolv: The battle over professional indemnity

 As conveyancing law firms shoulder most of the risk for a PII market, fraught with inequity and caught on a downward spiral, the relationship between these firms and PI insurers is increasingly strained.

Although the Solicitors Regulation Authority (SRA) is attempting to address premium inequality via regulation, it won’t make a decision until 2015. Issues ranging from aggregation of claims, lowering the minimum compulsory coverage threshold to £500,000, or overlooking the root causes of PII claims, not only place the SRA at loggerheads with organisations such as the Council of Mortgage Lenders, but also contribute to escalating tensions in the PII market.
As title insurance policies exist independently of PII and are not dependent on proof of negligence – and therefore benefit from lower premiums – they may be a more attractive alternative to lenders. Perhaps title insurance offers an alternative route to helping to mend the relationship between the conveyancing solicitor and his PII insurer?
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