Legal Insurance · The MoveSafe Insurance policy allows you to attract an increased volume of ... property from a developer and has no related sale. ... their Client Care letter,

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Increase Your Conveyancing

MoveSafe

Referrals Profitability

Legal Insurance

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Introduction

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Introduction

Conveyancing is a competitive business.

The MoveSafe Insurance policy allows you to attract an increased volume of

conveyancing work while at the same time providing you with an additional

source of income as a result of the commission you will receive. MoveSafe

covers all sales and purchases of UK property, and can be used in both

leasehold and freehold transactions.

In the last 10 years we have provided some 300,000 legal expenses insurance

policies to solicitors, so we have a considerable track record in that field. This

however is a new and exciting product.

Don't miss out.

A New Way

To Increase

Profit

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The Policy

The MoveSafe policy provides protection when a conveyancing transaction fails

to proceed. By the time a sale or purchase proves abortive, there has often

been considerable expenditure on all sides. The policy covers all of that

expenditure for your clients - all your clients’ conveyancing expenses and your

instructed solicitors' own charges and disbursements.

This means you will now receive full payment of your referral fee for any abortive

conveyancing work, and new clients are keen to instruct you so as to take

advantage of the expenses protection your panel now offers.

Applies To

Sales &

Purchases

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How it Works

The insurance is very simple

You instruct your panel solicitors to recommend the MoveSafe policy. Your

panel solicitor takes out the policy on the client's behalf and selects the

indemnity level required (see below).

The premium is only payable following completion. If completion never

takes place then there is nothing for the client to pay.

If for reasons beyond your client’s control, the transaction fails to

complete, your panel solicitors simply makes a policy claim on their

client’s behalf. The policy covers a wide variety of claim scenarios

including the client’s failure to obtain an adequate mortgage and

situations where the client has been “gazumped”.

The policy pays all of the solicitor's disbursements and 80% of the fee they

previously agreed with the client if the work had been completed. It also

pays the client’s expenditure on items such as lender valuations, survey

fees and the cost of any Energy Performance Certificate.

Get Paid For

All Referrals

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Premiums

There are 4 indemnity levels available to suit a variety of transaction sizes, and

“bespoke” policies (where the solicitor can decide the indemnity limit) are also

available where necessary. In addition, a discounted price is available where

the policyholder is purchasing a newly built (or refurbished) property from a

developer and has no related sale. The premiums payable are:

Indemnity New Build* Standard

Level 1 £1,200 £33.75 £87.03

Level 2 £2,400 £67.49 £174.06

Level 3 £3,600 £101.24 £261.09

Level 4 £4,800 £134.99 £348.12

The premiums include IPT and if the solicitors are acting on both a sale and

purchase then only one policy is needed – they just select the indemnity level

sufficient to cover the costs and expenses of both transactions combined.

Referral Fees

Even On Failed

Transactions

*A newly built or refurbished property purchased from a developer with no related sale

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What can be Claimed

The solicitor's fees: Your panel firm will have quoted and agreed the

solicitor fees with your client at the outset of the transaction. The policy will

pay them 80% of that fee plus VAT, irrespective of the stage at which the

transaction proves abortive. This means they can still pay you for the

referral.

Disbursements: In addition, the policy will cover all the disbursements the

solicitor has incurred such as search fees and payments to freeholders,

lenders and authorities for permissions, information or documents.

Client expenses: Your client’s expenses are also covered, including survey

and structural report fees, valuation fees and any EPC costs.

Limits: The claim is of course limited to the indemnity level which has been

purchased (see above) and excludes items which are reimbursed to the

solicitor or your client.

Full

Protection

For Clients

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Risks Covered

A claim can be made if there is no exchange of contracts or if there is an

exchange but completion does not take place. The client may be either

purchasing or selling, but in general, the policy will make payment if the failure

to exchange is caused by events outside the client’s control – specifically:

The other party withdraws or is unable to proceed or give agreed title.

The other party exchanges contracts with someone else.

The opposing Vendor increases (the opposing Purchaser decreases) the

previously agreed price by more than 1%.

Your client Purchaser is faced with a requirement (either as a result of a

survey or otherwise) which increases the expected purchase costs (or your

client Vendor is faced with a requirement which decreases the net

proceeds) by more than 1%.

The lender’s mortgage offer is less than 99% of the amount your client

Purchaser applied for, or imposes new substantially onerous requirements.

Your client is made redundant or relocated by his/her employer after the

policy is purchased.

Your client’s planned employer relocation is aborted and the

conveyance related to that relocation.

There is an unforeseen death or serious illness or injury in relation to your

client or any partner or children living with them.

The Policy Does not Cover:

Abortive transactions due to flooding issues or risks.

Transactions involving business premises.

The client's mortgage application fee.

Better Cover

Than Any Other

Policy

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Commission Payable

The MoveSafe policy provides you with an additional commission income

stream.

We will set aside 60% of each premium in order to pay claims and we will pay

you a commission of 20% of every premium which is paid (excluding IPT).

Example:

1. You recommend MoveSafe policies to your clients and your panel purchase

2,000 Standard Level 2 policies per month - 24,000 policies a year.

2. The Standard Level 2 premium is £174.06 which net of IPT is £164.21. We will

pay 20% of this i.e. £32.84 for every paid premium. This equates to £65,680 per

month, £788,160 a year in commission.

Commission would be paid monthly in arrears. Higher premiums can also be

charged where greater abortive transaction protection is required.

We will be happy to provide you with tailored example figures when we meet,

and to explore any alternative arrangements which you may prefer.

Earn A

Commission

On Every Policy

Paid

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Policy Procedures

Timing of Policy Purchase

The policy covers risks that may occur in the first few weeks of a conveyancing

transaction, so it is essential that policies are purchased at an early stage. This

means that you would instruct your panel firms to include details of the policy in

their Client Care letter, and your client will then have 14 days to decide whether

to purchase the policy.

Still better, we have compliance and other procedures in place so that if you

prefer, all of your clients can be automatically insured as soon as the panel firm's

Client Care letter is sent. Your client will receive a full explanation of the benefits

and advantages of being covered at the outset, and your client will then be

free to cancel the policy within 14 days without charge, or if necessary, upgrade

or downgrade their cover.

Simplest

Possible

Administration

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Policy Requests

Our tried and trusted policy request procedure is extremely straightforward.

Your firms can access our website or use their case management system to

request policies (via CSV files automatically emailed by their system). They will

only need to let us have basic client information and to categorise the type of

transaction involved – we will need nothing more than information which they

will inevitably already hold.

Each request will be acknowledged by email. It will then be automatically sent

to the insurer to be approved overnight and an insurance certificate will be

emailed directly to the relevant fee earner on the next working day.

Cancellations

A MoveSafe policy can be cancelled for three reasons:

Your client fails to provide your panel solicitor with instructions.

If insured at outset, then the solicitor can cancel the policy within 14 days

if the client confirms that they do not want it.

Your client instructs an alternative solicitor.

Easy On-Line

Notifications

Or Via Firm CMS

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Payments & Claims

Payment of Premium

Payment of the premium is deferred until completion has taken place. It is

payable within 14 days of completion and should be included in your panel

firm's completion statement.

Making a Claim on the Policy

Claims are submitted in a very simple way using a short form on our website and

are normally dealt with on the same day. Your solicitors will only need to enter

the figures being claimed and email or post copies of the relevant invoices -

they will not at any time need to submit their file for inspection. Our average

settlement time for claims is currently 6.3 days from receipt of a claim form to

dispatch of a cheque or transfer by BACS.

Claims Paid

Within Days

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And Finally…

Reporting Requirements

There aren't any….

Client Care Issues

Compliance issues are, as ever, paramount.

Your panel firms will of course need to explain the terms of the MoveSafe policy

to your client and we can provide them with fully compliant wording for that

purpose.

No Additional

Admin For

Solicitors

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Interested?

We hope you have found this brochure useful.

We can visit and set up your panel to be insuring their transactions and so

earning you commission within days.

If you would like to arrange a meeting, please contact us. It won’t take long.

Telephone: 0870 766 9997

Fax: 0870 766 9998

Email: [email protected]

Live chat: On our website at www.boxlegal.co.uk

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Box Legal Limited

Tel: 0870 766 9997 | Fax: 0870 766 9998 | Email:

[email protected]

Web: www.boxlegal.co.uk | DX: 36003 Muswell Hill

Woodland House, 20A Woodland Rise, London, N10 3UG

Box Legal Limited

Tel: 0870 766 9997 | Fax: 0870 766 9998

Email: [email protected]

Web: www.boxlegal.co.uk

DX: 36003 Muswell Hill

Woodland House, 20A Woodland

Rise, London, N10 3UG