Product Oversight


As a result of the Insurance Distribution Directive (IDD) Product Oversight and Governance requirements which came into force on 1st October 2018, we would like to share with you an outline of the Product Approval Process that we use for new products as well as for significant modifications of existing products. We would also like to provide you with a description of our Target Market, to clarify who our products are intended for.

Product Oversight and Governance

Countrywide Legal Indemnities has well established product governance processes in place to oversee the design, approval and review of our products, which meet the requirements of the Insurance Distribution Directive.

New product developments and significant modifications to existing products are subject to a formal product approval process that:

  • Identifies the intended target market and the needs of those customers
  • Tests products to assure they meet the needs of the target market
  • Monitors post-sales performance and customer value.

We also regularly monitor and review our products to identify if any changes are required and ensure that they meet the policy holder’s needs.

As product co-manufacturer, in conjunction with Liberty Mutual Insurance Europe SE’, Countrywide Legal Indemnities will continue to develop products suitable for our defined target market, and will monitor the performance of our products to ensure that they continue to meet the needs of the policy holders and deliver fair value.

Please continue to direct any product development requests, feedback or concerns about Countrywide’s products via your usual contact.

Target Market description

Legal Indemnity products are designed for property buyers and/or lenders who require insurance protection against future claims arising from defects in title to property that are revealed during conveyancing checks undertaken, prior to completion of a purchase and/or mortgage. In addition to providing the protection required, the products enable the transaction to proceed as an affordable alternative to attempting to legally resolve the defect, which can be time consuming and uncertain, and potentially prevent a transaction from going ahead as planned.

FCA regulations prohibit the sale of these products directly to the insured, so our target market is conveyancing solicitors and licensed conveyancers regulated by either the Solicitors Regulatory Authority or Council of Licensed Conveyancers, and acting on behalf of their clients.

For transactions of a more ‘commercial’ nature, such as those where a developer requires cover for a development site they are acquiring, a specialist or national broker may arrange cover, who will be authorised separately by the FCA.