DUAL Asset Underwriting Launches DUAL Asset I.D. Fraud Policy, Providing
Comprehensive Cover For Legal Firms In The Event Of A Fraudulent House Sale
DUAL Asset responds to Law Society & Land Registry demands for greater protection, safeguarding legal firms and their clients
Date October 2018: DUAL Asset Underwriting announced today that it has launched its DUAL Asset I.D. Fraud policy, providing consumers with comprehensive cover, in the event of a fraudulent house sale.
The DUAL Asset I.D. Fraud policy protects consumers for fraud, forgery or impersonation by a third party purporting to be the seller, buyer or owner of a property.
Sellers, buyers, property owners and their mortgage lenders are also covered by the DUAL Asset I.D. Fraud policy should the purchase money be misappropriated and they do not become the owner of the property, or have an enforceable mortgage over it.
The Land Registry recently reported that people had lost £58M over the last decade to fraud, however the problem is getting worse, and fast. In 2013 fraud losses were £7.2M, by 2017 fraud losses were £24.9M in the year. Land Registry is doing a good job, and since 2009 it has prevented 254 attempted frauds on property worth £117M.
The DUAL Asset I.D. Fraud policy will compensate loss to the (innocent) buyer, seller, owner or mortgage lender, without the need for them to pursue claims through their solicitor or their solicitor’s Professional Insurance Indemnity (PII) insurer.
Phillip Oldcorn, Chief Underwriting Office said “The DUAL Asset I.D. Fraud policy has been launched in response to troubling Law Society & Land Registry reports about the amount of I.D. fraud, that is hurting consumers, losses of the type recently litigated in high profile fraud cases such as Dreamvar and P&P.
Property fraud is on the rise and fraudsters are constantly finding new ways to exploit the housing market. If you are unlucky enough to be targeted, consumers are best served with a combination of high quality legal services and transactional “no-fault” insurance, that can pick up the pieces, immediately, when things inevitably go wrong. Professional fraudsters will not be stopped by existing risk mitigation techniques’.