Property recessions can have a significant impact on solicitors’ professional indemnity insurance costs, largely due to conveyancing claims. At some point in the future, another property recession could occur. Close analysis of these claims and challenging perceptions of what drives them may help to prevent future losses.
As past losses begin to fade from the experience, PII premiums have generally fallen. However, when the property market falls solicitors are often held to account for negligently performing conveyancing and, more recently, in particular failing to follow the instructions set out in the Council of Mortgage Lenders’ (CML) Handbook. For those who ha...
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