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OCT16/V4 © CRM Limited 2016
Search Insurance Indemnity Policy Key Features
Please read your policy document fully This key features document provides a summary of the cover, key benefits and exclusions. You should read your policy carefully to
understand the full cover, terms and conditions that apply.
We are not able to provide you with any advice. If you have any questions or concerns regarding your policy, please contact your legal advisor
or insurance intermediary.
About your insurance
This insurance is underwritten by Conveyancing Risk Management Ltd on behalf of Ageas Insurance Limited (Registered Number 354568).
Registered in England and Wales, whose registered office is Ageas House, Hampshire Corporate Park, Templars Way, Eastleigh, Hampshire,
SO53 3YA, United Kingdom. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the
Prudential Regulation Authority, Financial Services Register no 202039.
What is a search?
For the purposes of this policy, a search is an official search of the
local authority records which includes queries contained in any or
all of forms LLC1, Con29R, and/or Con29DW.
LLC1 is a search of the local land charges register and covers a
wide range information about the property including
financial charges, planning charges, listed buildings charges,
drainage scheme charges and other matters.
Con29R is a standard set of enquiries that reveal information
about the property including planning and building
regulations matters, information about nearby roadways,
footways and footpaths, public rights of way, infrastructure
matters, notice and proceeding affecting the property, and
conservation areas and contaminated land information.
This policy does not extend to the optional enquiries on
search CON29O.
Con29DW is a water and drainage search. This will reveal
information about water and sewage pipes in the area
including proximity to buildings, whether they serve your
property and information about charging.
Why was the policy taken out?
As part of the process of purchasing or obtaining a mortgage on
your property, your legal practitioner (or one acting for your
lender) has advised that a policy be taken out rather than
obtaining an up to date search.
This was likely because:
previous searches that were obtained are considered to be
out of date
the search that you have requested would not, or has not,
come back in time for exchange/completion on your
purchase or for the completion of a mortgage on the
property
the lender has agreed to accept a policy in place of searches
being carried out or being up-to-date.
Key benefits of the policy
The policy:
Provides protection against costs associated with adverse
entries that may be revealed in a search (e.g. outstanding
charges or enforcement action), and any resulting loss in
market value of the property.
Covers you, as owner of the property and your lender when
purchasing this policy in connection with your property
purchase, in accordance with your chosen option:
o Search Validation – for a search that was out of date but
no more than 24 months old at the start of the policy;
o Search Delay – where a search has been ordered but the
results were not received before exchange of contracts;
o No Search (Purchase) – where you have proceeded with
the purchase of the property without requesting any
searches.
Provides cover for your lender only under the No Search
(Mortgage) – this is usually taken out to support a
remortgage of the property.
Unless claims payments have exhausted the limit of
indemnity, the policy runs until the insured (you and/or your
lender) no longer has an interest in the property, e.g. when
you sell the property, or for the lender when the mortgage is
repaid.
Significant or Unusual Exclusions or limitations
The policy:
provides cover for financial loss only;
will not pay out more than the limit of indemnity;
does not guarantee you will not have to make changes to
your property in order to rectify a situation such as
demolition of an extension that was done without planning
permission or creation of a new access.
Conveyancing Risk Management Limited (CRM Limited), Registered No. 04568951. Registered Office: 150 Aldersgate Street, London, EC1A 4AB
CRM Limited is authorised and regulated by the Financial Conduct Authority.
OCT16/V4 © CRM Limited 2016
What is not covered?
Any property that is not a residential dwelling and which
together with any outbuildings was built at least 4 years prior
to the start of the policy.
Any flat or maisonette where you were aware that the lease
began and/or the conversion took place less than 4 years
before the start of the policy unless you can evidence
planning permission for the conversion.
Any alteration, extension, or change of use that took place in
the 12 months prior to the policy being taken out.
Any matter:
o that you are aware of prior to the policy being taken out
(e.g. had been revealed in replies to enquires, by a
previous search result, or other investigations or
surveys);
o which would not have been revealed by a search done
on the date of the policy;
o arising out of the identification or registration of any
land as contaminated land;
o that would have been revealed in an enquiry of the
Environmental Agency.
Losses which would be recoverable under a buildings
insurance policy.
There will not be cover if you alter, extend or change the use
of your property after the start of the policy without our
consent.
In order to ensure the policy is not invalidated:
Do
Ensure the terms and conditions of the policy are met and
the Statements of Fact as shown on your policy are true.
Contact us immediately if:
o you become aware of a matter that may have been
revealed in a search;
o you become aware of anything which may cause a claim
or invalidate the policy.
Do NOT
Tell anyone about this policy other than your legal advisor;
Discuss matters covered by the policy with anyone other than
your legal adviser;
Agree to any actions or payments or suffer any costs without
our consent.
If there is a claim:
We have the right to decide how we handle the claim and you will
be required to:
cooperate and provide any information we need;
take any action we request in order to minimise the loss.
Complaints
We aim to provide the best possible service but if you do have any questions or concerns about this insurance or the handling of a claim,
please contact:
The Compliance Officer
CRM Insurance
68 King William Street London EC4N 7DZ
DX: 130981 London/City Telephone: 0207 7256 3847 Email: [email protected]
If you are still unhappy The Financial Ombudsman Service is an independent organisation who may consider your complaint if after you have tried to resolve it with us we are unable to reach an agreement:
The Financial Ombudsman Service Exchange Tower London E14 9SR Telephone: 0800 023 4567 or 0300 123 9 123 Email: [email protected]
Website: www.financial-ombudsman.org.uk
If you take any of the action mentioned above, it will not affect your right to take legal action.
Financial Services Compensation Scheme (FSCS) Conveyancing Risk Management Ltd and Ageas Insurance Limited are covered by the FSCS. For further information, you can visit the FSCS
website at www.fscs.org.uk or contact them by telephone on 0800 678 1100 or 020 7741 4100 or email [email protected].
It is important that you contact us before taking action or
responding to others so you do not invalidate the policy by
causing or increasing the loss.
