Online pay out
20th April 2020
DUAL Asset recently settled a claim which came through our online portal system. My Legal Indemnity Shop is a bespoke online system that allows lawyers to gain three quotes for a variety of everyday title risks. The system is quick and easy to use, and fulfills the lawyer’s requirement for treating customers fairly. It is available 24 hours a day, works off simple statements of fact and issues the policy documents automatically once ordered. This year has seen the site receive a record 7000 enquiries in a single month.
This particular claim came in June 2019 and was for a “no search” policy. This policy is typically taken out when a purchaser is buying a property, possibly in a distressed position or when they want to purchase quickly if in competition.
In this situation, the purchaser (insured) intended to renovate the property. Shortly after purchasing, the insured applied to the local county council for an Empty Homes Loan – which is provided by the council for developers/homeowners wanting to buy run down housing stock and renovate, in order to improve areas in the country.
What the insured did not know, was that before they had purchased the property – the council had carried out emergency repairs whilst it was empty. The cost of these repairs had not been paid by the previous owner and remained outstanding to the council. This meant that the council was not prepared to consider the Empty Homes Loan until the arrears were settled.
A charge had been placed on the property in favour of the council for the arrears totalling around £1,700. Had a search been carried out at the time of the purchase, then the existence of the charge would have been shown. As a result, the amount owing to the council constituted a claim under the policy.
DUAL Asset worked with the insured to quickly establish the facts and that the claim was valid under the policy. By the end of July 2019 (1 month later), the insured had received the £1,700, been able to clear the arrears and proceed with their loan application to renovate the property.
So a policy originating from our online portal, resulted in a quick and simple solution for our insured and an online pay out.
If you want a choice of insurance options, register to My Legal Indemnity Shop here – the smarter way to arrange legal indemnity insurance.