Business
Canadian Company Launches Ground-Breaking Insurance To Protect U.K. Homebuyers
Canadian Company Launches Ground-Breaking Insurance To Protect U.K. Homebuyers.
About this update from Osisko Metals Incorporated
[{"type":"text","content":"\n\n\n\nOneMove Technologies Inc (TSX.V: OM)\n\n\nVANCOUVER, Jan. 25 /CNW/ - A technology-driven company signed an\nagreement with one of England's pre-eminent insurance brokers to sell its\nCanadian-invented insurance to beleaguered British homebuyers.\n\n\nOneMove Technologies Inc. of Vancouver penned the sales contract with\nGresham Services Limited of London to sell OneMove's insurance package that\nwill protect English and Welsh homebuyers from losing money when real estate\ndeals go sour.\n\n\nGresham will be promoting the product through its 1,200 brokers.\n\n\nIn England, approximately 28% of home purchases fail leaving buyers with\naverage losses of between $2,259 ((pnds stlg)900) and $3,765 ((pnds\nstlg)1,500).\n\n\nOneMove stands to earn $37.65 ((pnds stlg)15) for every insurance package\nsold in a market where there are three million transactions per year.\n\n\nOneMove CEO Martin R. Johnson said, \"By being the first to offer such an\ninnovative product, we are confident that will have an enormous advantage in\ncapturing a healthy share of that huge market.\"\n\n\nThe insurance product offered through OneMove's U.K. subsidiary - One\nMove Limited - will cost U.K. homebuyers $175 ((pnds stlg)69.99) and will pay\nout up to $3,765 ((pnds stlg)1,500) when a deal fails.\n\n\nBrit Insurance Ltd. underwrites the insurance package and some of the\nfailure factors covered by the policy are:\n\n\n1. The homebuyer makes a deal to purchase a home but the seller later\n accepts a higher offer after the prospective buyer has shelled out\n funds to complete the deal. In England, the latter process means the\n buyer was \"gazumped.\"\n2. The property is removed from the market.\n3. The property received a bad survey or valuation.\n4. One of the parties dies, loses their job or is relocated.\n5. The property is severely damaged during the negotiation period.\n\n\nOneMove's British subsidiary also makes home buying simple by providing\nbuyers and sellers with all the services they will need, such as lawyers,\nmortgage lenders and furniture movers.\n\n\nNeil Patel, CEO of the U.K. subsidiary, One Move Limited, states, \"We are\nvery pleased to be in partnership with Gresham and Brit Insurance Ltd. We have\nworked hard to design a product that truly protects the consumers from the up\nfront financial risk every consumer must assume if t...