One thing you’ll never hear from our product development team (pictured below) is “that’ll do”. They’re always on the look-out for ways to improve our policies and continue to fulfill our promise to provide outstanding, market leading cover.
Changes can arise for a number of reasons. We keep in touch with market issues such as revised guidelines or case rulings in the legal landscape which affect the property, mortgage, or legal indemnity markets, and adjust our policies as and when necessary.
But we also get a lot of feedback from our customers. We’re always happy to hear what we could be doing better, and we welcome suggestions in order to make our policies and service suit the needs of you and your clients.
In fact, we’ve launched a number of new policies in the last 12 months, and made tweaks and adjustments to many more (you can find some examples in the box below). And we regularly review pricing on all our products to ensure we remain amongst the most competitive in the marketplace.
We’re already thinking about the next series of improvements, but if you have any thoughts on how to improve our cover, we’re all ears!
To demonstrate our commitment to improvement, here are just a few additions and changes we’ve made to our policies in the past few months.
Absent Landlord Indemnity
Demands for rent (not barred by statute) due prior to the commencement date of the policy are now covered.
Building Regulations Indemnity
New ‘lender only’ option, which is particularly useful for more recent works as they only need to be 6 months old, rather than the standard 12 months.
Contaminated Land Indemnity
Policy term for residential and commercial policies increased to 25 years for homebuyers as standard. Lenders remain covered for the full term of the mortgage (whenever granted during the policy term).
Forfeiture of Lease (Housing Act repossession) - lender only
New policy option for lenders, created following a number of requests highlighting conflicts between long leasehold and shorthold tenancy legislation which potentially affect their security.
Maisonette and Contingent Buildings Insurance (single and combined covers)
Policy term increased to 35 years to reflect that borrowers are commonly asking for longer terms. Premiums are some of the most competitive available.
‘Lender only’ options are also now available at even cheaper premiums.
‘No Search’ Indemnity combined policies for lenders
New combined ‘No Search’ policy options to include Environmental searches and/or Chancel searches.
Party Wall (‘lender only’)
New policy to cover past works which lack a Party Wall agreement from neighbours.
Sewer Indemnity (no build over agreement)
Policy term for residential policies increased to a market leading 15 years for the homebuyer. Lenders remain covered for the full term of the mortgage (whenever granted during the policy term).