Legal Contingency Insurance – What is available and what does it Cover?
Legal Contingency Cover can be arranged for a full range of issues. Would you be surprised to hear that you can get insurance to cover you for any defects in title or lost title deeds? Or that you can take out a policy for lost Shares Certificates? Or to ensure that an estate is administered properly? We work with legal representatives for both the vendor & purchasers to mitigate against professional indemnity claims against them and to get sales across the line.
Lost Title Deeds / Defective Title Insurance
The policy is intended to provide indemnity to you, your mortgage provider, any future Successors AND Tailte Eireann. It provides cover against direct financial loss, associated costs & expenses should the title be challenged or even defeated as a result of the defect in or absence of title documents. Our lost title deeds policy, which falls under Legal Contingency Cover can be written with an unlimited indemnity period, which means that you are paying once for peace mind, not on a monthly or annual basis. The indemnity limit applied to these policies is either the Current Market Value of the property or the Gross Development Value, if future development is intended or in planning. Given that 7% of the total land mass and 10% of the legal titles in Ireland remain UNregistered, we see a clear need for this product in the market to cover both lost title deeds and defective titles. Whether the issue is a planning defect, a missing document, legal restrictions or lease drafting issues, we can work with our insurance partners to draft a policy to cover the defect and protect you.
We can also deal with Rights of Way issues, where access to your property is over land that belongs to someone else, against the owner of the road preventing or attempting to prevent its use for access to your property. Burdens & Restrictions Cover, Planning & Structural issues, Lack of Rights, can all be catered for under the lost Title Deeds / Defective Title insurance umbrella.
Other Policies available under Legal Contingency Cover Insurance Lines
Lost Shares Indemnity
If you are the owner of shares where the share certificate has been lost or destroyed, you as the registered owner are required to indemnify the Company Registrar against any loss arising out of the issue of a duplicate certificate and the insurance company is required to become a guarantor.
This guarantee provides an indemnity to enable owners obtain replacements while protecting the share issuing company against any losses arising from the use or misuse of the original certificate if its recovered.
Services indemnity Policy
Protects the insured (and their mortgage providers and any future successors in title) whose property has no legal right to use services passing through another person’s land against the owner of the land through which the services pass preventing or attempting to prevent its use in connection with the property.
Missing Beneficiary Policy
Protects the trustees, executors or administrators should any missing persons re-appear to claim their entitled share in the estate after its distribution amongst the known beneficiaries.
For further information regarding Legal Contingency Covers, please click HERE.
Contact S.A. Faughnan (Brokers) Ltd. on 01 8245555 or at newbusiness@safaughnan.ie or visit us at www.safaughnan.ie
