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As spring approaches, for some so too does PI renewal

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As spring approaches, for some so too does PI renewal

For anyone involved in the property market (lenders or otherwise), it is perhaps no secret that conveyancers continue to be under tremendous pressure. As the sector as a whole strives to better manage its risk and maximise return, it’s worth remembering that a number of firms are now heading into the one of the highlights of the season: namely, the race for renewal of their professional indemnity insurance (PII).  While this maelstrom may not affect the lending market directly, the wider challenges it represents are worth bearing in mind amongst lenders and facilitators alike.

Since October 2013, the introduction of insurance policies of alternative lengths has enabled legal firms to switch their PII renewal date from the traditional October deadline. Whatever renewal time is chosen, it remains critical that sufficient cover is in place.

Lenders in this market have a role to play in helping their panel firms to better manage their exposure, mainly by encouraging them to explore additional risk management solutions above and beyond PII. As we are likely to see a future world of reduced claims, the use of other risk management solutions alongside PII – such as title insurance – can not only limit a lender’s exposure, but also help to reduce the overall cost of lending.  

Chris Taylor is Chief Executive of Titlesolv, a leading title insurance and property risk solutions provider in the UK and Ireland.

Titlesolv is the trading name of London & European Title Insurance Services Ltd, authorised and regulated by the Financial Conduct Authority.

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