Contingency
Contingency covers provide protection against a broad range of situation where there is a small risk of an event, which can have severe consequences.
Property Related Legal Indemnity Insurance
Legal indemnity insurance is common cover often required during the sale, purchase or development of a property. Typical problems include missing deeds or certificates for building regulation, badly drawn plans or restrictive covenants.
As the conveyancing process progresses problems may be discovered in the title to the property or land. Such an occurrence is actually quite common and if unresolved this may mean the sale cannot happen.
Legal Indemnity insurance provides cover for the potential consequences of the problem and the cover protects the new purchaser of a property. However, as solicitors handle the conveyancing process it is normally they who buy it on behalf of their client.
Missing Documents
Important documents are easily misplaced or inadvertently destroyed. The original document may be required to proceed with a specific transaction. Cover is available for:
- Missing share certificates
- Missing life policies
An unusual feature of the policies is that the indemnity is not given to the insured. In the above examples the indemnity would be given to a company such as a life insurer. This is logical as whilst the insured does not get any benefit in the event of a claim, he does not benefit in that the transaction can proceed even though the document is missing.
Probate and Trust
We can also assist in some circumstances that can occur when winding up a trust or acting as an executor.
- Missing beneficiaries in a will
After sufficient investigation we may be able to provide cover in the event that the missing beneficiary appears after the distribution of their share of the estate among other beneficiaries - Breach of Trust
A trust may have ceased to be useful or the trustee may wish to distribute the assets in breach of the strict terms of trust. For example, the trust may be for the benefit of all of the children of a party who may now be in their seventies. It is unlikely, or may be impossible, for that party to have more children but in order to wind up the trust an indemnity may be required
Target Business
- We insure a wide range of title issues, for both residential and commercial properties including continued use and new developments.
- We also insure missing share certificates, missing life policy indemnities, missing beneficiaries under a will.
If you would like to know more about how we can help or have any opportunities to explore, speak to your Norwich Union Account Manager or contact us directly.
