UK Pricing

Zerax · Jul 25, 2020

As I've mentioned on this illustrious forum before... it is considered 'normal' practice for indemnity insurance to be taken out by the vendor, regardless of whether or not they have certificates/warranties/inspections etc.

In fact, I was chatting to a client only yesterday about her recent house sale & purchase and her solicitor was almost demanding that she take out the insurance. She had to insist that every single piece of work that she'd ever had done was fully documented and certificated... to avoid paying the paltry insurance premium.

ChipFanDave · Jul 25, 2020

Zerax said:
As I've mentioned on this illustrious forum before... it is considered 'normal' practice for indemnity insurance to be taken out by the vendor, regardless of whether or not they have certificates/warranties/inspections etc.

In fact, I was chatting to a client only yesterday about her recent house sale & purchase and her solicitor was almost demanding that she take out the insurance. She had to insist that every single piece of work that she'd ever had done was fully documented and certificated... to avoid paying the paltry insurance premium.

We we moved four years ago the solicitor then took about £15 for an indemnity insurance against such things. I'm surprised that there isn't a company going round looking to monetise this, as it looks like a home run for a few clued up solicitors and an unscrupulousness electrical contractor. There must be millions of homes out there without properly notified work covered by these policies.
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In fact in the words of Michael Cane "Hang on lads, I've got a great idea" !

Midwest · Jul 25, 2020

Zerax said:
As I've mentioned on this illustrious forum before... it is considered 'normal' practice for indemnity insurance to be taken out by the vendor, regardless of whether or not they have certificates/warranties/inspections etc.

In fact, I was chatting to a client only yesterday about her recent house sale & purchase and her solicitor was almost demanding that she take out the insurance. She had to insist that every single piece of work that she'd ever had done was fully documented and certificated... to avoid paying the paltry insurance premium.

Indemnity insurance only indemnified you from legal action, not rectifying works. Time limit for your LBC taking action is two years.