The closure of the Applications Register of the Land Register of Scotland has been an important issue for solicitors involved in conveyancing transactions and has generated some confusion about the cover provided by the Master Policy for Professional Indemnity.
A guest on the Good Morning Scotland radio programme today indicated that certain aspects of conveyancing work will no longer be covered by the Master Policy. Please note that this is NOT the case.
In our capacity as Brokers and Administrators of the Law Society of Scotland Master Policy for Professional Indemnity Insurance, we want to reassure you, the profession, and your clients that the full terms and conditions of the Master Policy remain in force. The Master Policy will continue to provide indemnity for claims arising from the handling of property conveyancing transactions through the current restrictions enforced due to the Covid – 19 pandemic. We would strongly recommend that all solicitors adhere to the guidance outlined by the Scottish Government, The Law Society of Scotland and Registers of Scotland.
Whilst we consider there should be very few instances where a solicitor is required to deviate from the current guidelines, we can confirm that where that does become necessary, the Master Policy will continue to afford the same level of cover, as currently provided.
We're aware of a number of risk management issues to be considered when dealing with conveyancing transactions in light of the enforced restrictions and new guidance. We will shortly provide additional risk management guidance in this respect so please keep checking this website
In the meantime, if you have any concerns please get in touch with your usual Master Policy contact or email the team at email@example.com.