The policy has been designed to cover against solicitors who do not undertake the searches properly, a surveyor who misses something or a builder who will not stand by a guarantee.
The policy can be sold by CETA members for a one-off premium of £30 (plus IPT. The policy lasts for 12 months and will allow purchasers to pursue claims for damages up to £25,000. Broker commission is set at 15 per cent.
David Quick, managing director of CETA, said: "Insurance is all about securing peace of mind. We believe there is a gap in the market for this type of product. The policy has been designed to ensure that purchasers can be properly protected at a very competitive rate from the moment they are legally obliged to buy a property"
