Legal summary insurance

A Legal Condition Report (LCR) is a summary of the legal documents within the Home Information Pack (HIP) and is designed to help vendors and potential purchasers easily assess the strength and validity of the various claims made about the property they wish to buy, and that the documents are 'OK'.

Surehome is offering to insure the LCR so that vendors can be recompensed for losses they may incur as a result of legal problems which should have been identified in the LCR.

The insurance is designed to provide immediate compensation for losses up to the value of £100,000.

The claim is met and paid directly to the vendor normally within 10 days of a valid claim, leaving the insurer to recover the outlay and costs he has incurred from the offending parties.

The discovery period will last for 12 months and is intended to avoid the lengthy delays and negotiations which would otherwise often be incurred.

Cost:
Premium: £10.50 including 5% Insurance Premium Tax

This policy is underwritten by Hiscox Insurance, which is authorised and regulated by the Financial Services Authority.

The policy is managed by Allison & Partners, a trading style of Plexstar Insurance Services Ltd, which is authorised and regulated by the Financial Services Authority

Allison & Partners, Insurance Services, Fullbridge House, Fullbridge, Maldon, Essex CM9 4NX. Telephone 01621 841991 Email: info@allisonandpartners.co.uk