Summary Of Cover
This document summarises the main features, benefits and exclusions of No Search Chancel Repair Insurance. It does not contain the full terms and conditions which are set out in the policy which is available on our website, www.bjic.co.uk/property/chan-policy.html.
To the intermediary
This document must be revealed to the ultimate policyholder (including any lender which may be insured by the policy) before conclusion of the insurance contract. If you are a solicitor, you should disclose this document to your client and/or their lender and/or the purchaser's solicitors for the benefit of their client and/or their lender prior to the conclusion of the insurance contract. We assume that you are authorised by the FSA or otherwise licensed (where applicable) to provide insurance mediation activities
To the insured
This document provides a summary of the cover provided under the policy purchased. It does not contain the full terms and conditions of the policy and you should therefore read this summary in conjunction with the full policy wording to ensure you are fully aware of the terms and conditions of the cover provided.
What does the policy cover?
This policy covers the risk that a residential property in England and Wales may become liable to make a contribution to the cost of repairing the Chancel of a Church. The maximum indemnity is £250,000
What demands and needs is this policy designed to meet?
This policy is designed to provide additional comfort for purchasers of residential property with regard to Chancel Repair Liability, who do not wish to carry out a full Chancel search.
What does the policy not cover?
The policy only covers residential property where total plot size is less than 1acre
Who is covered by the policy?
The cover is for the benefit of the purchaser of the property. It also covers the Insured's successors in title and any mortgagee of the property.
What is the cost of the cover?
The insurance premium is £39.04 plus Insurance Premium Tax to which there will be added administrative fees. The total price including IPT and VAT on the handling fee will be £49.82.
What is the period of the cover?
The policy is valid for 25 Years.
Who provides the cover?
The insurer is Hardy Conveyancing Insurances underwritten by Syndicate 382 at Lloyd's. Their address is 4th Floor, 40 Lime Street, EC3M 7AW. Lloyd's is regulated by the FSA and a measure of protection is also provided by the UK Financial Ombudsman Scheme and the UK Financial Services Compensation Scheme.
Who sells the policy?
The Insurer's agent for this policy is BJIC Ltd . BJIC is authorised and regulated by the Financial Services Authority. Information on BJIC's services will be provided on request, and their Terms of Business for general insurance services can be found at www.bjic.co.uk/our-terms-of-business/index.html
What are the exclusions?
The main exclusions are; use of the property for a use other than that declared on the application, or acts or omissions by the insured. The full list of exclusions is in the Policy, a copy of which is on the BJIC website.
What do I need to obtain a policy?
Your solicitor or licensed conveyancer can apply for this insurance by applying online at www.bjic.co.uk
Can I cancel the policy?
The premium will be refunded if the policy is returned without a liability being incurred within a 14 day cooling off period.
How do I make a claim?
Any claim on the policy will be administered on the insurer's behalf by BJIC at 1-3 Linkfield Corner, Redhill, RH1 1BL, Telephone 01737 231510. A copy of the Environmental Search report must be sent with the claim.
What if the insurer is unable to meet its liabilities?
If the policy issuer is unable to meet its obligations under this insurance you may be able to claim compensation under the Financial Services Compensation Scheme (FSCS). Details are available from the FSCS, 8th Floor Lloyd's Chambers, and Portsoken Street, London E1 8BN.
Disclosure of Material Facts
It is essential that all material facts are disclosed to insurers. Failure to disclose any material fact may invalidate policy cover. A material fact is any fact or circumstance which might influence the insurer in deciding whether to insure the risk, what the terms of cover should be or what premium to charge. If you are in any doubt as to whether a particular fact or circumstance is material, please call BJIC on 01737 231510
