Insurance mediation wording including demands and needs statement—law firms [Archived]

The following Practice Compliance precedent provides comprehensive and up to date legal information covering:

  • Insurance mediation wording including demands and needs statement—law firms [Archived]

Insurance mediation wording including demands and needs statement—law firms [Archived]

[Insert type, eg Title indemnity] insurance

[Explain what sort of insurance contract you are recommending, eg ‘We have recommended that you purchase Title indemnity insurance and this letter explains our reasons’.]

Demands and needs

[Explain what insurance you are recommending and why, eg ‘There are problems with the title deeds relating to the property you wish to buy, in that (explain what the problem is and the consequence). This is known as defective title. Some defects of title can be covered by insurance called a Title Indemnity Policy, which would cover the [value of the property or the purchase price] at the time of taking out cover. The policy does not cure the defect, which remains, but it does cover the loss of any value of the property on a later transaction which you suffer as a result of that defect, eg if you sell the property it also covers legal costs relating to defending any action brought by third parties due to the defect, eg a local planning authority as a result of a lack of planning permission.]

We have:

  1. considered relevant information we already hold

  2. obtained details of relevant existing insurance

  3. identified your requirements and explained what you need to disclose

You do not have any insurance or other means of covering the risk that [describe the risk

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