Policy Guidance and Features
This document provides a summary of the significant features, benefits and limitations of the cover provided by Zurich’s ‘Missing Information Policy’ as well as guidance on the suitability of the policy. For full details please look at the policy document.
Is this Policy Suitable for your Client’s Needs?
Please consider carefully the advice that you give to your client regarding this policy as there maybe matters contained in the missing documents, the effect of which, may not be adequately compensated for by an insurance policy. For example, there maybe alterations or extensions carried out to the property that may be in breach of unknown covenants.. If such covenants were successfully enforced any such alterations and extensions may need to be removed. Your client would receive financial compensation under the policy but nevertheless, their enjoyment of the property may remain adversely affected and they may wish that they had not purchased it.
As a risk management procedure for you as a property lawyer and to ensure that your client can make an informed decision, we suggest that you consider and talk to your client about the following to ensure that the policy meets their needs:
• why the transaction is proceeding using an insurance policy
• what the effect on the property could be if an Adverse Right (as defined in the policy) were to be enforced
• the options available to your client and their respective advantages and disadvantages
• whether the property is being purchased for specific reasons
• whether the property has features, which if lost, would not be adequately compensated for by a monetary payment.
• the extent and limitations of the policy cover
• that the policy provides financial compensation only.
We would also suggest that you keep a clear and contemporaneous record of the advice that you give to your client.
Type of Insurance and Cover
The policy provides cover in respect of an Adverse Right as defined in the policy.
The duration of this non-investment insurance contract is in perpetuity.
Significant Features and Benefits
The policy provides cover if a claimant establishes an Adverse Right arising out of the Defect in Title (as defined in the policy).
Cover Includes
We will pay for the following:
Damage and compensation including costs and expenses incurred in any proceedings; sums to free the property from the Adverse Right; loss in market value of the property arising from successful enforcement; sums paid with the written consent of Zurich; the cost of altering or demolishing the property if required by a court order.
Significant and Unusual Exclusions and Limitations
(See policy terms and conditions for full details)
We will not pay if:
• The property is not used as a single residential property.
• The loss arises from alterations or additions carried out less than 12 months before the commencement date.
• The Adverse Right is contained in a document less than 10 years old at the commencement date or is a lease or financial charge.
• The Adverse Right was being exercised over the property before the commencement date.
• The policy is disclosed to any third parties other than prospective purchasers, lessees, their mortgagees and/or legal advisors.
• Liability is admitted or steps taken to settle a claim without the written consent of Zurich.
• A claim is caused wholly or partly by the Insured.
Where another policy is taken out covering the same loss Zurich will only pay its rateable contribution of any claim.
Cancellation Rights
This policy entitles the Insured to a 14 day cooling off period. It is important that the Insured seeks legal advice before cancelling this policy as their contractual obligations maybe affected.
Claims
The Insured must give us written notice as soon as possible of any potential or actual claim or any circumstances likely to result in a claim. Notifications should be sent to Zurich Conveyancing Underwriting Centre, East Core, 3 Minster Court, Mincing Lane, London EC3R 7DD or DX 507 London/City Tel: 020 7256 3838 Fax: 020 7256 3839.
Complaints Procedure
We value the opportunity to investigate any concerns you may have about any aspect of our service and are committed to handling all complaints fairly, thoroughly and promptly.
Who to contact in the first instance - Many concerns can be resolved straight away therefore in the first instance please get in touch with your usual contact as they will generally be able to provide you with an immediate response to your satisfaction. Contact details will be provided on correspondence that we or our representatives have sent you. If we cannot resolve your complaint straight away we will aim to resolve your concerns as soon as possible and we will keep you informed of progress while our enquiries are continuing. The majority of complaints we receive are resolved within four weeks of receipt.
Next steps if you are not happy with the response provided - We are dedicated to our customers and seek to do what is right however sometimes we may not be able to reach an agreement with you. If this is the case and you remain dissatisfied once you have received our response to your complaint we will refer your complaint to our Customer Relations Team for a separate review. The Customer Relations Team will contact you to let you know they have received your complaint and when their review is complete they will provide you with a final response on our behalf.
The Financial Ombudsman Service (FOS) - If we are unable to resolve your complaint to your satisfaction within eight weeks or if you remain dissatisfied following receipt of our final response letter you can ask the FOS to formally review your case. You must contact the FOS within six months of our final response. The FOS contact details are as follows: Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London, E14 9SR.
You can telephone on 0845 080 1800 or e-mail complaint.info@financial-ombudsman.org.uk. This is a free and impartial service and will not affect your legal rights.
The Financial Services Compensation Scheme (FSCS) - We are covered by the Financial Services Compensation Scheme (FSCS). You may be entitled to compensation should we be unable to meet our obligations. Further information is available on www.fscs.org.uk or you may contact the FSCS on 020 7892 7300.
Following this complaints procedure does not affect your legal rights.
Law Applicable to this Policy
UK law allows both you and us to choose which law is applicable to the contract. This insurance contract is governed by the law that applies to that part of the United Kingdom where the property is situated. If there is any dispute as to which law applies, it will be English law. The parties agree to submit to the exclusive jurisdiction of the English Courts.
How we will use your data
Zurich Insurance plc holds data in accordance with the Data Protection Act 1998. 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, or to prevent and detect fraud, we may share information you give us with other organisations and public bodies, including the Police, accessing and updating various databases. 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.
Zurich Insurance plc is a public limited company incorporated in Ireland Registration No. 13460 Registered Office: Zurich House, Ballsbridge Park, Dublin 4, Ireland. UK branch registered in England and Wales Registration No. BR7985. UK Branch Head Office: The Zurich Centre, 3000 Parkway, Whiteley, Fareham, Hampshire PO15 7JZ.
Zurich Insurance plc is a member of the Zurich Financial Services Group which consists of Zurich Financial Services Ltd, a company registered in Switzerland (number 023.3.020.5108) and its subsidiary undertakings from time to time.
VAT number 107831677
