Legal Contingency Insurance cover is a specialist insurance Market, in which we at S.A. Faughnan (Brokers) Ltd. have a particular interest and have access to relevant A-Rated Insurer Markets.
We liaise with legal representatives on behalf of their clients in arranging such cover. Typically we see most enquiries related to Lost Title Deeds Insurance / Defective Title Insurance Indemnity, and with the property market evolving, we are seeing a much greater requirement for such legal indemnity insurance cover from solicitors acting on behalf of both vendors and purchasers in order to get sales across the line and to mitigate against professional indemnity claims at a later date.
Lost Title Deeds
There may be occasions when the Title to a property is incomplete because one or more title documents have been mislaid. In this instance a Defective Title / Lost Title Deeds policy would be required.
The policy indemnifies the insured (and their mortgagees, successors in title) against direct financial loss, costs and expenses incurred should the title be challenged or defeated as result of the defect or absence of the Title Documents.
Defective title policies are generally for the benefit of the Owner of the property & or successors in title, Lessees and Mortgagees. Indemnity to the PRA (Property Regulatory Authority/Tailte Eireann) and the Irish State is also available.
Defective Title Indemnity
Provides an indemnity to the insured (and their mortgagees, successors in title) against all direct financial loss, costs and expenses incurred should the title be challenged or defeated as a result of the specified defect in title.
Benefits for Solicitors
These policies are designed to protect your Client for risks arising out of the transfer of assets, be that from the execution of a will or the sale of residential property. The policies operate on a “no fault” basis and therefore reduce the potential that a claim will be taken against the Solicitor when issues arise. This means that where your Clients purchase this policy there is a reduced potential for future professional indemnity claims arising from insured transactions. Purchase of these policies by clients is also consistent with a Solicitors duty to properly manage a Client’s risk.
If you need a speedy resolution to your Legal Contingency requirements, do make contact with us on (01) 824 5555 (9am-5pm Mon-Fri). We will issue our proposal / enquiry form by email immediately with a bulleted list of required initial supporting documentation and we should have underwriter approval within a day or so and policy documentation quickly thereafter.
For all OTHER Legal Contingency risks please click here.
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