The product is offered via the Internet and offers an online environmental search and analysis, a contaminated land insurance policy issued in favour of the property owner (which is assignable to a mortgage lender on demand) and a London & European title insurance policy which can be issued in favour of either the mortgage lender, property owner or both.
Paul Beresford, managing director of London & European, said that contaminated land is an issue to which both Mortgage Lenders and solicitors. He added that it will not be sufficient merely to carry out an environmental search - lenders, solicitors and home buyers will need to protect themselves with an insurance policy.
"The product has been developed to meet the needs of our clients who stated that they not only needed to acknowledge this risk but also required a provider able to offer a quick, efficient and cost effective service. We felt that the internet provided the only distribution channel capable of offering our clients this level of service consistently."
