The system enables users to receive commercial title insurance quotes – up to the value of £15m – underwritten in real time. The resulting quotation is based on assumptive questions that have already been agreed upon by the underwriters.
Once information is entered the premium is displayed on the screen and remains valid for three months. The facility enables users to draft and place a policy on risk with the click of a button.
First Title’s commercial online service enables users to ‘build in’ more than one risk when applying for a quotation and offers either monthly or case-by-case billing.
David Hawkins, First Title’s managing director, said: “Title insurance is becoming increasingly popular, especially with developers looking to mitigate risk in increasingly developed areas.”