The product will be available via IFAs, mortgage intermediaries and insurance intermediaries following a successful trial with specialist insurance broker Surewise.com
Canopius expects the product to be sold either through intermediaries or offered as a valued-added service to homebuyers as an incentive.
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David Swan, head of mortgage, specialist consumer products at Canopius (pictured above), said: “With a proportion of UK house purchases collapsing even after offers have been accepted, we are pleased to offer homebuyers indemnity against the loss of fees in this increasingly common circumstance.
“The product is extremely cost effective, provides certainty for buyers at an emotionally and financially vulnerable time and enables them to acquire their new home without incurring any unnecessary expense in lost fees.”
Stuart Bensusan, business development director at Surewise.com, added: “This is a highly under used product that combats some of the key problems in the English and Welsh property markets, such as gazumping.
“We are delighted to partner with Canopius and their intermediaries to help raise awareness that protection exists for homebuyers.”