Secure Legal Title Ltd., a London-based provider of legal indemnity and title insurance, announced the registration at Lloyd’s of “Secure Legal Title Cover,” which will provide legal indemnity and title insurance for commercial property in the UK and throughout Europe.
The bulletin said the coverage “protects against losses arising from legal risks related to real estate acquisitions and mortgage finance, including the following:
• Covering defects in land titles, including restitution issues, planning permission and building permits;
• Facilitating property sales and mortgage participations;
• Insulating fiduciaries against exposure to litigation.
It added that the “Secure Legal Title Cover is underwritten by Lloyd’s of London, led by Catlin Syndicate 2003, the largest syndicate at Lloyd’s, and is backed by Lloyd’s financial strength.”
The bulletin also pointed out that making this type of coverage available comes at a propitious time, as “institutional investors and banks are increasingly risk averse and subject to stricter regulations.” As a result “legal indemnity and title insurance are becoming important tools for investors and lenders to reduce risk.”
In addition the announcement explained that “Secure Legal Title Ltd. was formed by four senior insurance industry professionals: Sean Dalton, Chairman, has created and run leading Lloyd’s syndicates and agents; Joel S. Peck, CEO, and Jean-Bernard Wurm, Managing Director, previously launched and managed two top US title insurance companies in Europe; and Geoffrey Lynch OBE, Underwriting Officer, has extensive experience as an underwriter at Lloyd’s.”
Source: Secure Legal Title Ltd