Legal indemnity insurance: what is a ‘Demands and Needs’ statement?

The Demands and Needs statement is a document that solicitors and conveyancers can use to recommend taking out insurance to overcome title issues within the transaction.

Use the Demands and Needs statement when a potential issue has arisen in the transaction and you need to advise your client that if the title issue isn’t resolved it may affect the value of the property, or the ability to buy, sell or mortgage it. And this may cause added cost or eventual financial loss.

Include one of the following statements:

Statement one

We have approached a number of providers of title indemnity insurance in order to select a policy which best suits your needs. Please note that we have no contractual obligation to purchase insurance products on your behalf from any of these providers. Details of the terms of business under which we deal with the recommended provider are available on request.

Statement two

After reviewing the range of title indemnity insurance providers, we recommend policies only from Conveyancing Liability Solutions Ltd. (CLS). The insurance provided by CLS is underwritten by ERGO Versicherung AG, UK Branch, which is part of the Munich Re Group, who are authorised by Bundesanstalt für Finanzdienstleistungsaufsicht and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Please note that we have no contractual obligation to purchase insurance products on your behalf from CLS. Details of the terms of business under which we deal with CLS are available on request.

View the full residential Demands and Needs statement and the commercial version.

Want to find out more? Visit the STL Group website and discover:

  • What, why, when and how?
  • What happens when you can’t meet the online underwriting criteria
  • Bespoke risks
  • Or join our FREE webinar at 11.00am 27th October – register here

Next steps

If you need any help placing your legal indemnity insurance order, please call your Account Manager or our Helpdesk on 0800 318611. They can also help if you would like to arrange training or a demonstration.

Go to our website www.stlgroup.co.uk to view samples of the array of risks covered.

This article was submitted to be published by STL Group as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.

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