Guarantee bonds
Lost Life Indemnity Policies
These are required by the Life Insurance/Assurance Company where the original policy is lost, stolen or destroyed. Surrender may be due to varying circumstances:
- Maturity of policy term, (endowment policy)
- Death of policy holder, (Whole life policy)
- Early redemption
The accepting of risk in respect of Lost Life Policies is a little more complex than other indemnities as the original purpose of the Policy is often also complex.
We are indemnifying the Life Company, (not the person seeking surrender), against possible fraud or where the policy is being lodged as security for a loan.
Information required to quote
- Details of why the original policy was taken out, why the indemnity is now required and what the Proposer intends to do with the assets if an indemnity is granted.
- A satisfactory proposal, (including an indication as to the value of the Life policy)
- Written confirmation that all debts/liabilities of the Insured, (or their estate in the case of a bankrupt or a deceased policy holder), have been identified
- Written confirmation that the policy has not been lodged or assigned against any debt/liability
- Written confirmation from the Life Company that there are no further named interests on the policy. Any named interest should be advised of the transfer before a policy will be issued and their written release should be obtained.
- Documentary evidence that the Proposer has lived at their current address for more than 12 months, (e.g. a copy of a utility bill)
- Documentary evidence of the Proposer's identity, (e.g. a copy of the photograph page of a current passport/picture driving licence)
A policy document/counter signature will be produced, subject to submission of:
- A completed & signed proposal
- Receipt of all required confirmations
- A cheque, (made payable to Norwich Union Insurance Ltd), for the relevant premium inclusive of 5% Insurance Premium Tax
- The original letter of indemnity issued by the Life Assurance Company,(if applicable).
In some cases further details may be required.
Counter-Indemnities at an additional premium are also available.
Contact Details
Frances Corson, Guarantee Team, Professional Risks
- Internal Mail: Antico floor 6, NORWICH
- External Mail: PO Box 6, 14 Surrey Street, NORWICH, Norfolk, NR1 3NS
- Fax: 0800 0156 971
- Telephone: 01603 688074
- E-Mail: corsonf@norwich-union.co.uk
Proposal
This proposal form needs to be completed and submitted along with supporting requested documentation to: Guarantee@norwich-union.co.uk
