22-Apr-2010 Source: Securus Escrow
Following consultation with lawyers, global banks, insurance companies, and the UK based financial services authority, Securus Escrow Company Limited has launched a robust and secure escrow service tailored to the aviation market. The innovative company, headquartered in London, UK, differentiates itself from other escrow agents on a number of levels. â€œTo begin with we insist on agreed terms and conditions between the parties involved,â€ says Managing Director Geoff Gates, â€œand this unique element of our offering is already receiving very positive feedback from clients.â€ The Securus Escrow terms and conditions have been drafted by lawyers who are very familiar with the industry, and escrow services in general. This has resulted in terms which aim to help avoid the possibility of any dispute between the parties concerned.
Security of funds is also high on the agenda, â€œit is essential for our clients that their funds are properly protected which is why we have chosen to work only with internationally rated banks,â€ comments Gates. â€œGiving our clients peace of mind that their funds are safe and secure is at the forefront of our concerns. Each of our client transactions are given their own dedicated account, set up specifically for that transaction. Funds are never commingled with other client accounts (unlike other escrow service providers) and we offer complete transparency on the account,â€ he continues. The taking out of a professional indemnity insurance also distinguishes Securus Escrow from other agents and demonstrates its commitment to providing a professional and warranted service.Â The indemnity insurance serves to guarantee further the security of client funds and important documents.
â€œSecurus has been born out of necessity. There was a gap in the market for a professional and efficient service tailored specifically to the aviation market and we aim to fill that space. Buying and selling an aircraft is a complicated and potentially risky business. Securus Escrow aims to remove the elements of risk for buyers, sellers and indeed financiers of aircraft by allowing clients to transact through a neutral third partyâ€ says Gates.
Sean Gates and Aoife Oâ€™Sullivan of specialist aviation law firm Gates and Partners support the venture. Oâ€™Sullivan commented â€œThis is a very welcome addition to the aviation landscape as currently our buyers and sellers have limited access to European escrow agents. This new offering from Securus Escrow provides an excellent alternative to existing service providers, and operates within sympathetic time zones,â€ she says.
â€œIn an industry where buyers, their financiers and sellers are often on different continents we offer convenience for clients across international time zonesâ€ comments Gates. â€œFor example, many aviation escrow services are US based which canÂ make it difficult for European, Middle Eastern, Asian and Far Eastern buyers to utilise them. Our presence in a UK time zone offers much more flexibility and allows parties a wider range of banking hours to finalise transactions,â€ notes Gates.Â The escrow accounts will be offered in three major currencies, GB Pounds, American Dollars and Euros. The company has already begun working with operators, high net worth individuals, financial providers, lawyers, and brokers in Europe, South Africa and the USA.
Securus Escrow offers two key services. The escrow facility will enable a buyer to deposit funds intended for aircraft purchase into a dedicated escrow account. At the same time, the parties will lodge original documentation with Securus Escrow to ensure proper transfer of title. On completion of the transaction the monies are released by Securus Escrow to the seller and the documents are dated and released to the buyer.
The process agency service offers a means of providing an address for buyers and sellers within the jurisdiction of the United Kingdom. This gives parties the opportunity to appoint Securus Escrow to accept legal documentation on their behalf in the United Kingdom. Clients can then be assured that important notifications are dealt with efficiently, avoiding any loss of time which could be detrimental to the transaction.
Supporting the beginning of the new service the websiteÂ www.securusescrow.com launched in early April.