Homebuyer Insurance
Summary of cover
Summary of Cover Homebuyer Insurance Non Conveyancing v1
Contents Policy Summary – Homebuyer Insurance ..................................................................................... 2 Your responsibility to re v ie w ..................................................................................... 2 Who provides this policy? ........................................................................................... 2 What is Homebuyer Insurance? ................................................................................. 2 Am I eligible for cover? ..................................................................................................................... 3 How much can I be covered for? ...................................................................................................... 4 How long can I be covered for? ......................................................................................................... 4 What is not covered? ........................................................................................................................ 4 When the Policy and cover ends ....................................................................................................... 5 How do I make a claim? .................................................................................................................... 5 Cancelling your policy ....................................................................................................................... 6 Financial Services Compensation Scheme ........................................................................................ 6 Making a complaint ........................................................................................................................... 7
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Policy Summary – Homebuyer Insurance This policy summary brings some important points to your attention. It does not contain the full terms and conditions of this Insurance. Full terms and conditions, and an explanation of any defined terms used in this Policy Summary can be found in the policy document. This is a summary of all cover provided.
Your responsibility to review Please review Your cover before the end of the cancellation period and on an ongoing basis to ensure that it is, and remains, adequate and suitable for Your needs.
Who provides this policy? This insurance is underwritten by Building Block Insurance PCC Limited, the head office of which is located in Malta. The Policy is administered by the Administrator who acts as an agent of the Insurer for the distribution of the Policy, collection and refunds of Premiums. Claims under the Policy are handled by the Claims Handler.
What is Homebuyer Insurance? This Policy covers You for Your costs and expenses incurred whilst buying a Property that does not proceed due to reasons beyond Your control.
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Am I eligible for cover? You are eligible for cover if: 1. You are over 18 years of age; and 2. You are a permanent UK Resident; and 3. You are purchasing a Property in England, Wales or Northern Ireland; and 4. You are in receipt of written acceptance of Your formal offer to purchase the Property, from either the Vendor or their representatives; and 5. You have instructed or will be instructing a Solicitor or a licensed Conveyancer to conduct the Conveyancing of the Property; and 6. You have not had a Survey carried out on the Property; and 7. Your purchase of the Property is not subject to a Contract Race or sealed bids; and 8. Your application for insurance cover is made within 10 days from the date on which Your mortgage application is submitted to the lender or Your Solicitor is instructed, whichever is the sooner.
What can I be covered for? We will pay Your Costs & Expenses incurred after the Start Date up to the Benefit Limit should any of the following Insured Events occur: 1. The Property is withdrawn from sale by the Vendor due to reasons beyond Your control. 2. The Vendor receives and accepts an offer from a third party, which is a minimum of 2% greater than the offer previously accepted by them from You. 3. A Local Authority search highlights that the Property is the subject of a compulsory purchase order. 4. The Vendor is not legally entitled to sell the Property or to transfer interest in the Property to You. 5. You or any person who is buying the Property with You, are unable or unwilling to continue with the purchase in the event that any one of You: a. dies or is diagnosed with a terminal illness; or b. is given notice of Redundancy; or c. is given notice of Relocation. 3
6. The initial mortgage lender’s valuation of the Property is less than 90% of the sum You have offered for the Property and which has been accepted by the Vendor. 7. Prior to the releasing of funds the mortgage lender insists on rectification work being carried out to the Property, the cost of which exceeds 10% of the sum You have offered and which has been accepted by the Vendor. 8. The mortgage lender applies a Retention on the loan for the Property and this figure exceeds 10% of the sum You have offered for the Property and which has been accepted by the Vendor. 9. The Property sustains damage during the Period of Insurance and the resultant total cost of rectification work exceeds 10% of the Property value.
How much can I be covered for?
Costs & Expenses Survey & Valuation Fees and Mortgage Arrangement Fees
Limit ÂŁ500
How long can I be covered for?
The insurance cover lasts for 6 months from the Start Date.
What is not covered? You are not covered for Costs & Expenses if: 1. You have incurred these before the Start Date. 2. You withdraw from the purchase of the Property for any reasons other than those specifically covered by this Policy. 3. You are aware of a previous survey having been carried out to the Property up to 90 days prior to the Start Date that may give cause for the purchase to fail. 4. You are aware, prior to the Start Date, of any circumstances which could lead to a claim being made under this Policy. 5. You deliberately and knowingly cause a delay or behave in a manner that results in the failed purchase. 4
6. You can be reimbursed for these by Your employer. 7. You are able to recover these or obtain a refund. 8. In the case of Redundancy: a. You are Self-Employed; b. You are a company director or partner of the company giving notice of Redundancy; or, c. The Redundancy is voluntary. 9. Any fees or commissions paid by You to a mortgage broker or independent financial adviser. 10. Any conveyancing fees charged by Your Solicitor as their fees for the Conveyancing.
When the Policy and cover ends This Policy will end automatically at the earliest of the following events: a. The Period of Cover of Your Policy has completed. b. You stop paying or don’t pay for Your Policy. c. You or We cancel the Policy. d. Claim payments have been made up to the maximum value of the policy limit
How do I make a claim? If You need to make a claim, You should contact the Claims Handler as soon as possible. Please follow these three simple steps: 1. Notify Us Contact Totemic Central Services Ltd as soon as possible to provide notification of Your potential claim by calling: 01476 518438 or by email: claims@totemiccentralservices.co.uk 2. Gather information To process Your claim quickly We will need information about the circumstances that led to Your claim. Your Claims Handler will advise what information You will need to collate and provide, and which may include evidence of any of the following: a. Occurrence of the Insured Event b. Formal acceptance of Your offer from the Vendor c. Date of Your mortgage application and/or the appointment of Your Solicitor d. Actual Costs and Expenses You have incurred. 3. Submit Your claim 5
After speaking to Your Claims Handler and following the instructions given, please submit Your claim as soon as possible making sure You‘ve enclosed all the requested documents and any additional information required to support Your claim. Return requested documents to: Homebuyer Claims Department Totemic Central Services Ltd Kempton House Dysart Road Grantham Lincolnshire NG31 7LE
Cancelling your policy You can cancel Your Policy within 14 days from: • the Start Date day of the policy ; or • the date you receive Policy Schedule/Wording, whichever is the later. We will refund any Premium You have paid unless You have made a claim and settlement terms are subsequently agreed. After 14 days provided that no claim has been made You may cancel this Insurance Policy but no refund of Premium will be given. We may cancel this Policy by giving You 30 days’ notice in writing where there is a valid reason for doing so. A cancellation letter will be sent to You at Your last known address. If We do this: a. any Premiums You have paid for the period after the cancellation will be refunded to You; and b. We will pay any valid claim occurring before the cancellation date. If You choose to cancel Your insurance, simply return Your Schedule marked ‘cancelled’ with Your written request to the Administrator:
Financial Services Compensation Scheme If the Insurer is unable to meet their liabilities, You may be entitled to compensation from the Financial Services Compensation Scheme (FSCS). Further information about compensation scheme arrangements is available at www.fscs.org.uk, by emailing enquiries@fscs.org.uk or by phoning the FSCS on 0800 678 1100 or 0207 741 4100. 6
Making a complaint If Your complaint is about the sale or administration of this Policy, please contact: Source Insurance Ltd Drake House Plymouth Road Penarth South Glamorgan CF64 3TP Telephone: 02920 265 265 Email: admin@thesource.co.uk If Your complaint is about a claim, please contact the : Homebuyer Claims Department Totemic Central Services Ltd Kempton House Dysart Road Grantham Lincolnshire NG31 7LE Telephone: 01476 518438 Email: claims@totemiccentralservices.co.uk If You remain dissatisfied after following the above complaints procedures in full in relation to matters concerning the Policy sale process or any other aspect of service that You have received You can ask the Financial Ombudsman to review Your case: The Financial Ombudsman Service Exchange Tower London E14 9SR Tel: 0800 0234567 or 0300 1239123 Web: www.financial-ombudsman.org.uk Using this complaints procedure or referral to the Financial Ombudsman Service does not affect Your legal rights. If Your complaint is about the Policy, please contact: Complaints Manager Building Block Insurance PCC Limited 1 Princess Elizabeth Street Ta’Xbiex Malta 7
XBX 1102 Telephone: 0800 912 1464 Email: complaints@buildingblockpcc.com If You remain dissatisfied after following the above complaints procedures in full in relation to matters concerning the Policy You can ask the Consumer Complaints Manager to review Your case. Their contact details are: Consumer Complaints Manager Malta Financial Services Authority, Notabilie Road, Attard, BKR3000, Malta Telephone: +356 21441155 (overseas call charges apply) Email: consumerinfo@mfsa.com.mt Web: www.mymoneybox.mfsa.com.mt Using this complaints procedure or referral to the Financial Ombudsman Service or Malta Financial Services Authority does not affect Your legal rights. Building Block Insurance PCC Ltd 1 Princess Elizabeth Street, Ta’ Xbiex, Malta, XBX1102 Calling from the UK: 0844 391 3371 Calling from outside the UK: (+44) 1476 581 276 www.buildingblockpcc.com This Homebuyer Insurance Policy is underwritten by Building Block Insurance PCC Limited (‘BBI’) and administered by its authorised representative Source Insurance Limited. Building Block Insurance PCC Limited is a protected cell company authorised by the Malta Financial Services Authority to carry on general insurance business and the non-cellular assets of BBI may be used to meet losses incurred by any of its cells in excess of their cellular assets. No recourse may be made by you however in connection with any losses relating to this policy against the cellulite assets of any protected cell of BBI. Building Block Insurance PCC Limited is a registered company with registration number C 63128
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