Local authority searches are taking longer than usual due to high levels of demand, which could delay completion for many buyers.
The insurance allows conveyancers and their clients to progress deals without the search results – paying out up to £5m as a result of losses incurred that would have been revealed by a search.
Search Acumen is also offering data that helps conveyancers to identify risks. The data snapshot gives a “helicopter view” of critical facts, including a range of physical, environmental, infrastructure and legal risk factors, it said.
Areas of conservation, local nature reserves and highways as well as anything that could affect development such as planning, public rights of way and ownership rights are among the data offered.
Andrew Lloyd, managing director at Search Acumen, said: “With the challenges of progressing property transactions showing no signs of abating, it is essential that all parties come together to find solutions if we are to keep the market functioning for buyers in a timely but also safe and responsible manner.
“Our approach enables lawyers to embrace a digital mindset and an agile approach to combatting the current delays in the system while continuing to minimise risk for clients.”