New Zealand - a “Capped Conveyancing” insurance policy was recently launched. It allows, for one low premium per policy, per conveyancing transaction, lawyers and their clients to better manage their risks in residential conveyancing.
In a comprehensive interview Jeff Williamson of Mainprice King, which is launching the new service in New Zealand, answered a number of questions in depth about Capped Conveyancing insurance policies, including the following:
- “Risk management” is a term often used, but what does it actually mean?
- How can lawyers reduce risk in the residential conveyancing process?
- Who is covered by Capped Conveyancing insurance?
- What risks are covered by Capped Conveyancing insurance?
- What are the benefits in having cover for each residential conveyancing transaction?
- What is the cost per transaction - is it high?
- How is the Capped Conveyancing insurance policy arranged?
- How long does the policy last?
- What happens if a lawyer only wants conveyancing insurance cover for a one-off transaction?
- What if a risk comes up during due diligence?