An in depth guide to insurance between exchange and completion
All you need to know about why you need insurance, what you need under the Standard Conditions of Sale (5th Edition) and under what circumstances you might not require cover
Thousands of residential property buyers are failing to arrange suitable buildings insurance during the conveyance process. Timely and accurate advice will ensure they can be protected.
The standard Conditions of Sale (5th Edition) is the recommended and the most widely used conveyancing contract by conveyancing solicitors operating in England and Wales. Although it has been in use for several years, it can still come as a surprise and causes frequent panics with buyers when they are informed by their solicitor that they must insure the property from exchange of contracts, usually when the sellers are still in occupation.
Unfortunately, the increased use of ‘price comparison’ websites by the consumer has led to thousands of policies being purchased which are wholly unsuitable for the period before completion and which can be voided in the event of a claim, leaving buyers and sellers exposed to potentially devastating financial losses.
Who will I be dealing with?
The Exchange To Completion Insurance policy is arranged by Bickers Insurance Services Limited through a facility managed by Accelerate Underwriting Ltd and underwritten by Royal and Sun Alliance plc.