Residential Chancel Repair Indemnity Policy (Non-Successor Cover)

Transcription

1 Residential Chancel Repair Indemnity Policy (Non-Successor Cover) Schedule Policy Number: SAMPLE Insured Mr. & Mrs. Sample and as set out in the Definitions Property 1 Sample Lane, Sampletown, Sampleshire which comprises a maximum of 5 acres Postcode AA1 1AA Limit of Indemnity 0.00 Premium (inclusive of 0.00 Inception Date Insurance Premium Tax) Period of Insurance A period from the Inception date and continuing in perpetuity. Insured Use Escalator Clause The continued use of the Property for residential purposes The Limit of Indemnity will increase to reflect the actual increase in fair market value of the Property during the Period of Insurance up to a maximum total limit representing 200% of the original Limit of Indemnity This Policy and any associated endorsement issued in respect of it are one contract and shall be read together. / / Definitions Where a word is defined below (or in the Schedule above) it shall carry the same meaning wherever it appears in bold text in this Policy. Calculation Date The date of the sale of the Property subsequent to a claim under this policy where the Insured has claimed a Loss in MarketValue Chancel Repair Liability The Property is/may be subject to a liability to bear part or all of the cost of repairing that area of the parish church described as the chancel from time to time Insured/You/Your The person insured by this Policy.You may be: - the person who purchased this Policy; - any lender who provides a mortgage to the named Insured secured against the Property during the Period of Insurance - any mortgagee, chargee or lessee of th Property during the Period of Insurance Insurer/We/Us/Our Hardy Conveyancing Insurances underwritten by Syndicate 382 at Lloyd's of London. Authorised and regulated by the Financial Services Authority Loss 1. any payment that is demanded from You in relation to Chancel Repair Liability 2. the adverse difference in the MarketValue which is the amount on the Calculation Date that the MarketValue subject to the Chancel Repair Liability claimed against the Insured is less than the MarketValue calculated on the assumption that such Chancel Repair Liability is unenforceable 3. all other costs and expenses incurred with Our prior written consent 4. costs and expenses incurred byyou with Our prior written consent in taking or defending any action at law or otherwise Market Value The value of the Insured s interest in the Property as determined by a surveyor acting as an arbitrator who shall be appointed by agreement between the Insurer and the Insured or in the absence of agreement by the President or next most senior available officer of the Royal Institution of Chartered Surveyors who will have the power (with the right to take such further advice as may be required) to determine and appoint the appropriate person or to arrange such person s appointment Page 1 of 5

2 Cover In consideration of the Premium,We will indemnifyyou during the Period of Insurance against any Loss whichyou sustain solely and directly as a result of a contribution being demanded fromyou in respect of a Chancel Repair Liability subject to the terms and conditions of this Policy. Mortgagee's Non-invalidation Protection Clause Any act, omission or misrepresentation by any party shall not affect or invalidate any claim made by a Mortgagee under this Policy unless such party acted on the Mortgagee's behalf or with their prior knowledge or consent. Exclusions 1. We shall not be responsible for any loss thatyou suffer: (i) if the entire Property exceeds 5 acres; (ii) if the Property is not in England orwales; (iii) if at the date of a claimyou are not an owner or mortgagee of the Property. 2. We shall not be responsible for any loss thatyou suffer in respect of loss, injury, damage, cost or expense of whatsoever nature directly or indirectly caused by, resulting from or in connection with any act of terrorism, regardless of any other cause or event contributing concurrently or otherwise to the loss. For the purpose of this Policy an act of terrorism means an act, including but not limited, to the use of force or violence and/or the threat thereof, of any person or group(s) of persons,whether acting alone or on behalf of or in connection with any organisation(s) or government(s), committed for political, religious, ideological or similar purposes, including the intention to influence any government and/or to put the public, or any section of the public, in fear. 3. We shall not be responsible for any contribution towards the costs of any repairs necessary to any area of a church other than the chancel. 4. We shall not be responsible for any loss relating to damage to the chancel of a parish church otherwise recoverable under a material damage buildings insurance policy. Conditions Precedent to Our Liability It is condition precedent to Our liability under this Policy that: (a) You have no knowledge at the Inception Date of any approach seeking payment or contribution in respect of a Chancel Repair Liability; (b) You have no knowledge at the Inception Date of any approach to the vendor seeking payment or contribution in respect of a Chancel Repair Liability; (c) You have no prior knowledge of any potential Chancel Repair Liability other than that detailed in a ChancelCheck report at the Inception Date; (d) You will not use the Property otherwise than in accordance with the Insured Use; (e) You will not disclose the existence of this Policy, other than to prospective purchasers, their mortgagees and legal representatives without Our prior written consent; (f) There is no entry relating to Chancel Repair Liability registered or held at H M Land Registry in respect of the Property at the Inception Date. Conditions 1. This Policy shall be governed by and construed in accordance with the laws of England andwales. 2. We will not pay more than the Limit of Indemnity in total in relation to any or all claims made under this Policy.You cannot claim the benefit of more than one Policy in relation to the Property. 3. If You receive information about any claim or Loss or any circumstances likely to give rise a claim for Chancel Repair Liability under this Policy,You must contact Conveyancing Liability Solutions Ltd as soon as possible with full details of the claim including a copy of this Policy (please refer to the 'Making a Claim' section below). 4. You must not make any offer, promise or payment or incur any costs or expenses unlesswe have agreed, in writing, to cover these costs and expenses. 5. You agree to do and permit to be done all things thatwe consider necessary to minimise loss under this Policy.We will be responsible for any expenses incurred in connection with this condition. 6. If any difference arises as to the amount to be paid under this Policy (liability being otherwise admitted) such difference shall be referred to an arbitrator to be appointed by the parties in accordance with the relevant statutory provisions in force at the time.where referral to arbitration is made under this Condition, the making of an award shall be a condition precedent to any right of action against Us. 7. If there is any claim under this Policy which is also covered by any other insurance,we will not pay more than Our share of the claim and any costs and expenses connected with it. 8. If You deliberately make a false or fraudulent claim,we will cancel this Policy and will not make any payment for the claim. 9. We shall have no further liability under this Policy once the Indemnity Period comes to an end. Cancellation Rights You may cancel this Policy by returning the Policy document within 14 days of the Inception Date. If you do have any reason to cancel this Policy, please contact the Accounts Department at:conveyancing Liability Solutions Ltd, Suite 39, 40 Churchill Square, Kings Hill, West Malling, Kent, ME19 4YU. accounts@clsl.co.uk, Tel: , Fax: We will fully refund any premium paid and cancel the Policy from the Inception Date. If you cancel this Policy, you may be in breach of the terms of your mortgage or the terms for the sale of the Property. Making a Claim Please write with details of any circumstances likely to give rise to a claim under this Policy to: Conveyancing Liability Solutions Ltd, Suite 39, 40 Churchill Square, Kings Hill,West Malling, Kent, ME19 4YU enclosing a copy of the Policy. Please be aware of Conditions Precedent and Conditions 3, 4 and 5 of this Policy. Complaints Procedure We aim to provide an excellent service. If you have any cause for complaint you should, in the first instance, contact us at: Conveyancing Liability Solutions Ltd, Suite 39, 40 Churchill Square, Kings Hill,West Malling, Kent, ME19 4YU. Tel: , Fax: Please quote the details of the policy (surname and initials, policy number, property address etc). If the matter is not resolved to your satisfaction, please write to the Insurer at:hardy Conveyancing Insurances, 4th floor, 40 Lime Street, London, EC3M 7AW. If you are still not satisfied with the way a complaint has been dealt with you may ask the Complaints Department at Lloyd s of London to review your case without prejudice to your rights in law at: Complaints Department, Lloyd s of London, One Lime Street, London EC3M 7HA. Please quote your Policy Number in all cases. You may also have a right of referral to the Financial Ombudsman Service who can be contacted on or ed at Financial Service Compensation Scheme (FSCS) The Insurer is covered by the FSCS. If the Insurer is unable to meet its obligations under this Policy the Insured may be entitled to compensation. You may contact the FSCS on for further details. Page 2 of 5

3 Residential Chancel Repair Indemnity Policy (Non-Successor Cover) To the intermediary Prior to the conclusion of the contract of insurance (inception of the policy), you must disclose this document to the ultimate insured (including any lender which may be insured by the policy).we assume that you are authorised by the FSA or otherwise licensed (where applicable) to provide insurance mediation activities. 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. Insurer Hardy Conveyancing Insurances underwritten by Syndicate 382 at Lloyd s of London. Type of insurance and cover provided by this policy This policy provides indemnity in the event that a contribution is demanded from the insured to bear the cost of repairing the chancel of a church and any diminution in the value of the insured s property resulting directly from such demand.we assume that the need to purchase this policy has resulted from advice provided to the insured by the intermediary or by the insured s legal representative.the policy has, therefore, been sought to protect the insured against losses that they may incur, as defined in the policy, as a result of a claim arising solely and directly out of a contribution being demanded in respect of a Chancel Repair Liability that the insured s property is subject to (subject to the terms and conditions of the policy). Significant features or benefits under this policy This policy is provided on an indemnity basis.the purpose of this policy is to protect against financial loss that the insured may incur as a result of a claim.this is to ensure that the insured is recompensed for repair costs claimed (subject to the terms and conditions of the policy). Significant or unusual Conditions or Exclusions under this policy Please note that: A claim will arise under the policy where (1) a contribution is being demanded from the insured in respect of a Chancel Repair Liability (2) such Chancel Repair Liability is capable of being enforced, and (3) the insured is unable to successfully defend such a claim. Any claim which in whole or in part is induced by any act or omission by the insured or anyone acting on their behalf and may prejudice the insurer s position could result in the avoidance of the claim by the Insurer. Neither the insured nor their professional legal advisors should take any steps to admit liability, compromise, or settle a claim without the prior written consent of the insurer. The insured must (at the expense of the insurer) do and permit to be done all things reasonably practicable to minimise loss to the insurer. The insurer is not liable in respect of (1) any repairs necessary to any area of the parish church other than the area of the chancel. (2) loss, injury, damage, cost or expense of whatsoever nature directly or indirectly caused by, resulting from or in connection with any act of terrorism The liability of the insurer is limited to the sum specified as the Limit of Indemnity in the policy schedule. Full Conditions and Exclusions are contained in the policy document. Term/duration of this policy and who is covered by this policy This policy will run for a period from the Inception date and continuing in perpetuity. The policy covers the insured only unless otherwise stated in the policy, in which case the policy will cover the insured, their mortgagee, charges and lessees. Page 3 of 5

4 Cancellation Rights You may cancel this Policy by returning the Policy document within 14 days of the Inception Date. If you do have any reason to cancel this Policy, please contact the Accounts Department at:conveyancing Liability Solutions Ltd, Suite 39, 40 Churchill Square, Kings Hill, West Malling, Kent, ME19 4YU. Tel: , Fax: We will fully refund any premium paid and cancel the Policy from the Inception Date. If you cancel this Policy, you may be in breach of the terms of your mortgage or the terms for the sale of the Property. Making a Claim Please write with details of any circumstances likely to give rise to a claim under this Policy to: Conveyancing Liability Solutions Ltd, Suite 39, 40 Churchill Square, Kings Hill,West Malling, Kent, ME19 4YU enclosing a copy of the Policy. Please be aware of Conditions Precedent and Conditions 3, 4 and 5 of this Policy. Complaints Procedure We aim to provide an excellent service. If you have any cause for complaint you should, in the first instance, contact us at: Conveyancing Liability Solutions Ltd, Suite 39, 40 Churchill Square, Kings Hill,West Malling, Kent, ME19 4YU. Tel: , Fax: Please quote the details of the policy (surname and initials, policy number, property address etc). If the matter is not resolved to your satisfaction, please write to the Insurer at:hardy Conveyancing Insurances, 4th floor, 40 Lime Street, London, EC3M 7AW. If you are still not satisfied with the way a complaint has been dealt with you may ask the Complaints Department at Lloyd s of London to review your case without prejudice to your rights in law at: Complaints Department, Lloyd s of London, One Lime Street, London EC3M 7HA. Please quote your Policy Number in all cases. You may also have a right of referral to the Financial Ombudsman Service who can be contacted on or ed at Financial Service Compensation Scheme (FSCS) The Insurer is covered by the FSCS. If the Insurer is unable to meet its obligations under this Policy the Insured may be entitled to compensation. You may contact the FSCS on for further details. How we will use your data Conveyancing Liability Solutions Limited holds data in accordance with the Data Protection Act It may be necessary for us to pass data to other organisations that supply products and services associated with this contract of insurance. In order to verify information and to prevent and detect fraud,we may share information you give us with other organisations and public bodies,who access and update various databases, including those held by the Police. If you give us false or inaccurate information and we suspect fraud,we will record this and the information will be available to other organisations that have access to the database(s). We can supply details of the databases we access or contribute to, on request. Page 4 of 5

5 To the intermediary Statutory Disclosure Notice This document must be revealed to the ultimate policyholder (including any lender's interest) before the conclusion of the insurance contract. If you are a Solicitor, Licensed Conveyancer or Legal Executive, you should disclose this document to your client and/or their lender and/or the purchaser's legal representatives for the benefit of their client and/or lender prior to the conclusion of the insurance contract. To the policyholder Who are we? Conveyancing Liability Solutions Limited is a specialist insurance intermediary,who arranges conveyancing and property title indemnity insurance.we can be contacted at: Conveyancing Liability Solutions Limited, Suite 39, 40 Churchill Square, Kings Hill, West Malling, Kent, ME19 4YU, , fax , to: enquiries@clsl.co.uk. Whose policies we offer? We offer a range of insurance products from a number of insurers all of whom are authorised and regulated to provide insurance in the United Kingdom by the FSA, and all of whom we are satisfied have satisfactory financial strength and credit ratings for the type of risk and level of cover we provide. What services do we provide? We assume that you are reading this because you have received professional advice that identified a need for the insurance policy requested.we are not permitted to provide advice on your requirement for the insurance policy, 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 advisor. Payment for our services Conveyancing Liability Solutions Limited will not charge you a fee for arranging the insurance policy. Should you decide to proceed with purchasing the insurance policy you will be charged the premium that applies to the insurance policy you request.you may be charged an administration fee by the intermediary who arranges the policy for you.the intermediary will be responsible for disclosing the amount of their administration fee to you. Our regulatory status Conveyancing Liability Solutions Limited is authorised and regulated by the Financial Services Authority.Our Reference Number is Our permitted business is arranging non-investment insurance contracts.you can check this on the FSA Register by visiting their website or by contacting the FSA on What the Financial Services Authority is The FSA is an independent body that regulates the financial services industry (including general sales and administration) in the UK.The FSA requires that we provide this document for your information. The FSA requires us to provide you with this document for your information.we recommend that you use the information provided in this document to help you decide if our services are right for you. What to do if you have a complaint If you have any cause for complaint you should, in the first instance,write to us at: Conveyancing Liability Solutions Ltd, Suite 39, 40 Churchill Square, Kings Hill, West Malling, Kent, ME19 4YU. Tel: , Fax: Please quote the details of the policy (surname and initials, policy number, property address etc). If the matter is not resolved to your satisfaction, please write to the Insurer at: Hardy Conveyancing Insurances, 4th floor, 40 Lime Street, London, EC3M 7AW. If you are still not satisfied with the way a complaint has been dealt with you may ask the Complaints Department at Lloyd s of London to review your case without prejudice to your rights in law at: Complaints Department, Lloyd s of London, One Lime Street, London EC3M 7HA. Please quote your Policy Number in all cases.you may also have a right of referral to the Financial Ombudsman Service who can be contacted on or ed at The Financial Services Compensation Scheme (FSCS) The insurers we use are covered by the FSCS. If they are unable to meet their obligations under the insurance policy you may be entitled to compensation. This will depend on the type of business and the nature of the claim. You may contact the FSCS on or visit their website at for further details. Page 5 of 5