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Daily Insurance Industry News
Thursday 18th of January 2018
August 1, 2011

JLT sheds light on real estate legal indemnity market

by Gill Montia

Story link: JLT sheds light on real estate legal indemnity market

JLT Specialty has launched a real estate legal indemnity insurance guide, having experienced a rise in enquiries on the topic in recent months.

Legal indemnity insurance is traditionally handled by a lawyer direct with an insurer, with little in the way of any price or coverage comparison.

However, JLT points out that increasing demands of regulation, which affect both the insurance and real estate professions, have put this mode of operation under scrutiny.

The broker’s European real estate and construction partner, Bill Gloyn, explains: “In particular, the preparation of demands and needs statements with accompanying evidence of market research, are not matters that usually fall within a client’s brief.”

The new guide aims to remedy this by outlining the main types of legal indemnity insurance and details of their associated requirements and processes for quotes.

Last month, JLT launched a European real estate practice group, drawn from its established real estate team in London and its network partners throughout Europe.

The move should allow the broker to capitalise on its combined premium turnover with various pan-European insurers.

 

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