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Demands and Needs Statements, ETSOS can help

16th July 2013

Here at ETSOS we are always on the lookout for ways to offer our clients added benefits to thank them for their support. We rolled out the red carpet for leading compliance experts, Legal Eye to take a walk down our “insurance aisle” and have a look at what we offer.

Norman Denton, Legal Eye Associate, talks us through the importance of getting the basics right when it comes to title insurance: “Regulations require that as in the sale of any insurance product, a Demands and Needs Statement is issued to the consumer explaining the reason for the insurance and a cost and benefits analysis in terms of why this particular policy is being recommended.  Whilst some insurers will issue these alongside policies as with the ETSOS platform, if this is not the case then the Law Firm has to issue one of their own.

“Often we find in our work with firms that Fee Earners are unaware of this requirement.  So no statement is issued at all – even those from the insurer are simply held on client files.  This puts the Firm in breach of their regulatory obligations, open to challenge, and potentially, a regulatory penalty.”

ETSOS provides a free Demands and Needs statement when you order insurance through the platform. Simply login for seamless quotation and purchase to be instantly “on risk.”

Legal Eye work with law firms to optimise performance and ensure compliance with service level agreements and the code of conduct, supplying a documented and auditable proactive approach to risk management. For more information about a free document compliance review please contact Norman Denton (nd@legal-eye.co.uk)

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