Adverse Entry Insurance
Property Search Network have instigated its own level of Adverse Entry Insurance Cover which has been available to all current members of
The Policy covers any adverse entry not revealed under the following CON29 Questions:-
1.1 e) f) & g) - 3.2 – 3.4 – 3.5 – 3.6 – 3.7 – 3.8 covering a loss in value of £250,000
This Policy would be made available to all new members at a cost per unit as detailed below which will hopefully reduce in relation to quantities purchased.
How it works
The insurance cover is applied to each and every property on which you carry out a personal search and is not applied on a selective basis.
Within 7 days of the end of each month a list of property addresses must be returned, together with payment, to enable the properties to be registered on cover.
The Month End return list is provided to you in Microsoft Excel format for ease of use.
Price List
The prices shown are on a sliding scale relating to quantity of searches carried out in any one calendar month (premiums include insurance premium and broker?s administration fee:-
Quantity Price per property
0-50 £8
50 + £7
100+ £6
200+ £5
300+ £4
The insurance cover provided is sourced form Northcott Beaton Ltd, who are FSA registered and authorised, and a resume of policy details is shown below.
To the Policyholder/Intermediary
This document must be revealed to the ultimate insured (including any lender which may be insured by the policy) before conclusion of fthe insurance contract.
If you are a solicitor, you should disclose this document to your client and/or their lender and/or the purchaser?s solicitors for the benefit of their client and/or their lender prior to the conclusion of the insurance contract. We assume that you are authorised by the FSA or otherwise licensed (where applicable) to provide insurance mediation activities.
If you are a broker, you should disclose this document in accordance with the Financial Services Authority (FSA) rules.
To the Insured
This document provides a summary of the cover provided under the policy purchased. It does not contain the full terms and conditions of the policy and you should therefore read this summary in conjunction with the full policy wording to ensure you are fully aware of the terms and conditions of the cover provided.
The Underwriter of this policy is:-
Stewart Title Limited (STL) of Stewart House, Pynes Hill,
The type of insurance and cover provided by this policy.
This policy is a Personal Local Search indemnity policy relating to particularly specified questions in the Local Search carried out for you by (the Search Agent). In some circumstances the Policyholder will not have been able to obtain the answers to a certain question from the Local Authority and so has sought to insure any possible adverse entry had the question been answered in the usual way. If an answer to the particular question has been given then the cover under the policy will not apply. The cover applies to those searches and properties notified to us by the Search Agent?s intermediary. We assume that the need to purchase this policy has resulted from advice provided to you by your professional legal conveyancing advisor who has applied for personal local search from the Search Agent. The policy has therefore been sought to protect you against losses that you may incur, as defined in the policy, as a result of any deficiency in the search result attributable to the lack of an answer and thus a potential adverse entry for the Property, as per the terms and conditions of the policy.
Significant features or benefits under this policy.
This policy is on an indemnity basis. The purpose of this type of policy is to protect you so that you are reimbursed with the financial loss you may incur as a result of a claim and to ensure that you are placed back in the same position you enjoyed prior to the claim (subject to the terms and conditions of the policy). There is a Maximum Liability which we will pay and this is set out in the definition of that term.
Significant Conditions or Exclusions under this policy.
Significant conditions:-
? You must notify us immediately of any Adverse Entry which comes to your attention and co-operate fully with all reasonable requests by us for information and documentation and shall, at our expense, take any action required by the Company to mitigate any loss or potential loss arising as a result of the Adverse Entry.
? The Policy covers only those Personal Searches which have been declared to us by the Policyholder together with the premium due.
? If you knowingly make a claim which is false or fraudulent in any respect the cover provided under this Policy shall become void with immediate effect.
? This Policy does not cover any loss which at the time of the loss is insured by (or would be insured by but for the existence of this Policy) any other policy of insurance other than any excess beyond the amount which would have been payable under such other policy had this Insurance not been effected.
? any act or omission by you, which in whole or part induces a claim under this policy, will prejudice your position and could void the policy you or your professional legal advisors should not take any steps to compromise or settle a claim without STLs prior written consent
Exclusions:-You are not insured for:-
? any Adverse Entry known to you at the date of cover or in respect of any answer which is actually obtained in the Personal Search relating to questions in the Local Search covered by the policy.
? where, had the question been answered at the date of the search, there would have been no adverse entry.
A full list of Conditions and Exclusions is contained in the policy.
What is the Policy term?
There is no fixed term usually the policy will expire upon your ceasing to be the owner of the property.
Updating the cover.
STL can consider requests to increase or extend cover. STL will not however provide advice on, or recommend how you should proceed. You will need to make your own choice about how to proceed and we recommend that this is done with guidance from your professional legal conveyancing advisor.
Rights of cancellation.
You have a right to cancel your policy within 14 days of the commencement of the contract or receipt of the policy whichever is later. Where performance of the contract has commenced at your request before expiry of the cancellation period we may require you to pay for the cover actually provided in connection with the policy. The amount will be in proportion to the extent of the cover already provided to you in comparison with the full coverage of the contract.
Claims under this policy
If you wish to notify a claim under this policy, please contact us in writing with as much detail available immediately you become aware of the claim to the Company Solicitor at STL's address.
What if you have a complaint?
If you wish to register a complaint, please contact us by writing to The Company Solicitor at STL's address or, if you are not satisfied with the response, to the Financial Ombudsman Service whose current address is in the Policy.
The Financial Services Compensation Scheme (FSCS)
We are covered by the FSCS. You may be entitled to compensation from the scheme if we cannot meet our obligations. This will depend on the type of business and the circumstances of the claim.Further information about compensation scheme arrangements is available from the FSCS currently contactable at 7th Floor Lloyds Chambers, Portsoken Street,London,E1 8BN.
