Legal Indemnity Insurance policies for issue by Solicitors and Conveyancers
 

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Terms and Conditions

Status Requirements

When you obtain a legal indemnity policy or other insurance policy for your client(s) (whether on a self-issue or conventional basis) the activity is regulated under the Financial Services & Markets Act 2000 (the Act).

You may only use GCS OnLine and issue policies when in relation to such activity:

  • you or your firm are authorised and regulated by the Financial Conduct Authority in respect of non-investment insurance contracts,

    or
     
  • you or your firm are regulated in respect of insurance mediation activity by a Designated Professional Body as defined under Section 326 of the Act (e.g. The Law Society or the Council for Licensed Conveyancers) and you or your firm are registered, or in the process of being registered, on the register of Exempt Professional Firms maintained by the Financial Conduct Authority,

    and
     
  • your arrangement of insurance is incidental to your provision of other legal or conveyancing services to your client(s).

It is a condition of the use of GCS OnLine that you fully comply with the relevant applicable regulations each time you issue a policy.

As a solicitor, licensed conveyancer or legal executive satisfying the above Status Requirements, or as a person acting under his or her supervision, you are hereby authorised to issue policies on GCS OnLine on behalf of the Insurer.

Terms and Conditions of your Policy Issue Authority

Your issue of any policy is deemed to constitute your agreement to be bound by the following terms and conditions.

1. The form of insurance shall be that provided by the Insurer from time to time and shall not be varied or amended by you in any way.

2. We retain the right to amend or withdraw this authority at any time.

3. All policies are to be issued only in respect of existing properties used and intended to be used for single residential purposes and/or for the same commercial or business use as has been carried on throughout the twelve month period immediately preceding the policy's commencement date.

4. The limit of indemnity inserted in each policy may be selected by you but shall not in any event exceed the upper limit specified in the Policy Issue Criteria applicable to the policy to be issued.

5. Policy schedules must be fully completed, signed by you and dated.

6. Cover must not be back-dated.

7. Where a statutory declaration is required by the Policy Issue Criteria, it must be retained with the policy.

8. Prior to the issue of a policy and in addition to any other regulatory requirements you must ensure that person(s) to be named as the Insured in the policy and any interested mortgage-lender(s) are made fully aware of the following matters:

  • the necessity for any material facts (i.e. those which might reasonably be considered as likely to influence the Insurer in accepting the application for insurance) to be disclosed to us;
  • the policy’s Conditions, its Cover and any Provisos applicable to the Cover;
  • the contents of the Key Facts Policy Summary;
  • the Complaints Procedure;
  • the Choice of Law;
  • the Cancellation Rights; and
  • that, in relation to the Data Protection Act, information held by the Insurer may be used for insurance administration including statistical purposes and may be disclosed to appropriate regulatory authorities; that, in assessing any claims made, the Insurer or its agents may undertake checks against publicly available information (such as electoral rolls, county court judgements, bankruptcy or repossessions); and that, with limited exceptions, the Insured has the right to access and if necessary rectify any information held.

9. In arranging policies for your clients using GCS OnLine, you must have your client’s specific consent enabling you and GCS to process your client’s personal data, and comply in all respects with the relevant provisions of the Data Protection Act 1998 (as amended from time to time).

10. Premiums must be charged in accordance with the quotation generated by the GCS OnLine web-site and may only be varied with our written authority.

11. You must advise your client that we hold all premiums received as agent for the Insurer.

12.1. Premiums for all policies issued by you using GCS OnLine will be recorded in 'My Issued Policies' and may be checked against the policy issue statement ('your statement') which we will send to you at the end of each month within which policies are issued.

12.2. Premiums must be paid by you in accordance with your statement within ten days of the statement date.

12.3. The following terms are dependent on your preferred method of premium payment:

12.3.1. where premium payments are to be made by cheque, your statement number must be written legibly on the back of the cheque or your cheque should be attached to a legible copy of the statement, and the payment sent to:

GCS Ltd
GCS House
High Street
Heathfield
East Sussex
TN21 8JD
or GCS Ltd
DX 39110
Heathfield

12.3.2. where premium payments are made electronically, by BACS or CHAPS, your statement number must be given as the payment reference on your instruction to your bank, and the payment sent to:

Guaranteed Conveyancing Solutions Ltd
National Westminster Bank PLC
sort code: 60 - 10 - 30
account number: 11558601