ATE Blog
Abortive Transaction Insurance
21st March, 2014
We have launched a new Abortive Insurance product aimed at the Residential Property market.
Our MoveSafe product insures a purchaser or seller's legal fees, disbursements and expenses. For a reasonable premium, if a purchase or sale fails to go ahead i.e. it proves abortive, then the policy pays for the wasted legal fees and expenses.
Abortive Transaction Insurance is not new but it has often in the past been a difficult sell. The reason is that the terms and conditions have historically been drafted very narrow with claims being quite restricted. This has kept prices down but not realistic. Our Abortive Transaction Insurance is much more flexible and easy to use. What's more - it pays out!
With gazumping rearing its head again and mortgage companies continuing to be cautious, the number of residential purchases or sales that fall through are higher than you think - around 10 to 15% of all instructions.
This is then quite a gamble for a purchaser or seller - should they insure or not? Well, the great thing about our MoveSafe Abortive Transaction Insurance policy is that the premium is only payable if the matter completes - so there isn't really now a reason not to insure all clients.
Having spoken to many solicitors, there is a need for a properly priced Abortive Transaction Insurance product in the market. We believe our Abortive Insurance product fills a very wide gap. Clients can now buy or sell without the risk of having to write off hundreds or thousands of pounds, and conveyancing solicitors can now off a true 'no-completion, no-fee' service AND receive payment for their time even if a purchase or sale fails to complete.
To find out more about our new Abortive Transaction Insurance product, please visit our main website: www.boxlegal.co.uk/movesafe
Our MoveSafe product insures a purchaser or seller's legal fees, disbursements and expenses. For a reasonable premium, if a purchase or sale fails to go ahead i.e. it proves abortive, then the policy pays for the wasted legal fees and expenses.
Is Abortive Insurance new to the market?
Abortive Transaction Insurance is not new but it has often in the past been a difficult sell. The reason is that the terms and conditions have historically been drafted very narrow with claims being quite restricted. This has kept prices down but not realistic. Our Abortive Transaction Insurance is much more flexible and easy to use. What's more - it pays out!
Is there really a need for an Abortive Insurance product?
With gazumping rearing its head again and mortgage companies continuing to be cautious, the number of residential purchases or sales that fall through are higher than you think - around 10 to 15% of all instructions.
This is then quite a gamble for a purchaser or seller - should they insure or not? Well, the great thing about our MoveSafe Abortive Transaction Insurance policy is that the premium is only payable if the matter completes - so there isn't really now a reason not to insure all clients.
Having spoken to many solicitors, there is a need for a properly priced Abortive Transaction Insurance product in the market. We believe our Abortive Insurance product fills a very wide gap. Clients can now buy or sell without the risk of having to write off hundreds or thousands of pounds, and conveyancing solicitors can now off a true 'no-completion, no-fee' service AND receive payment for their time even if a purchase or sale fails to complete.
To find out more about our new Abortive Transaction Insurance product, please visit our main website: www.boxlegal.co.uk/movesafe
