Protecting your client for risks
arising out of the transfer of assets
Designed to protect your client for risks arising out of the transfer of assets
Consistent with a solicitors duty to properly manage a clients risk.
Reduced potential for future professional indemnity claims arising from insured transactions.
4 Key covers available
First Ireland Assets Protection
First Ireland in partnership with Dual Asset Underwriting offer off the shelf Asset Protection products as listed below. We provide an on-line trading platform for Solicitors who can register and purchase these protection policies for their clients.
Conveyancing All Risks Insurance
Missing Beneficiary discovered after distribution of assets.
A new will is discovered which changes benificiaries entitlements.
A Challenge against the validity of the will by someone who is not named.
A person claiming to be entitled to inherit from the Estate by fraudulently identifying themselves as a Beneficiary has been paid.
Typical Risks Include (Amongst Others):
Executors & Inheritance (Probate) Insurance
Buying residential property as a personal dwelling or for investment can be complicated and expensive.
These days around 30% of homes are not immediately acceptable to lenders for a mortgage.
The reasons for this can include specific risks such as: lack of building regulations approval, planning defect, access, legal restrictions, or a problem with a way the lease was drafted.
We can offer a range of Specific Risks policies to cover the above events and more.
These products can be bought at any time not just when you first purchase the property.
Specific (Known) Risks Conveyancing Insurance
No matter how hard and carefully your conveyancer works, buying property will always be risky even if the risks appear decades later. Unforeseen and unforeseeable risks for property owners include: boundary structures, position of boundaries, untruthful sellers, preservation orders and unwitting breaches of listing requirements.
Our Conveyancing All Risks insurance policy can offer you protection even long after the policy is sold. This product can be bought at any time not just when you purchase your property. Aside from lender requirements and no matter how expert your conveyancer there will always be risks inherent in purchasing property. Our Conveyancing All Risks Comprehensive warranty insurance buys complete and lasting peace of mind for a small premium.
Commercial Real Estate Insurance
Even with the best expert advice, large commercial transactions can be challenging and difficult to complete. If you have a specific risk or need insurance to back the complex structured financing needed to complete your purchase then we can help.
Typical specific hazards will include: violation of planning/zoning; inadequate easements; violation of legal restrictions; missing deeds and mortgage certificates; breach of public procurement rules; infringements of rights of light; restitution and expropriation of land.
Insurance can support commercial property financing where sellers’ warranties are unacceptable or non-existent or information, time or fees budget are inadequate. We have a vast experience of bringing a “risk assuming” counterparty to absorb the weaknesses and ensure your deal closes securely and on time.
Benefits for Solicitors
These policies are designed to protect your client for risks arising out of the transfer of assets be that from the execution of a will or sale of property. The policies operate on a “no fault” basis and therefore reduce the potential that a claim will be taken against the Solicitor when issues arise. This means that where your clients purchase this policy there is a reduced potential for future professional indemnity claims arising from insured transactions. Purchase of these policies by clients is also consistent with a solicitors duty to properly manage a clients risk.
About First Ireland
First Ireland is one of largest Irish-owned Insurance Brokers in the country. Founded in 1981, the company is owned and operated by its senior partners who work full time in the business. We now employ over 160 people and our extensive client list includes Irish and International Companies, large and small, including many services firms, right through to Individual Professionals.