New Environmental Insurance Policy to help speed up completion

To help speed up the completion process for property purchasers, GroundSure now offers the Home Environmental Liability Policy in partnership with Countrywide Legal Indemnities.

When purchased with the GroundSure Homescreen or GroundSure Homebuyers environmental search report, the policy provides contaminated land insurance cover regardless of the outcome of the report.

Innocent owners or occupiers of contaminated land will especially benefit from this dual approach because under the legislation created by Part 2A of the Environmental Protection Act 1990, they can be held responsible for remediation and associated costs where the original polluter cannot be identified.

Such unforeseen situations may blight the property, threaten the ability of the owner to meet the mortgage payments, and may cause significant distress.  By providing a clear understanding of the level of risk, environmental search reports are the most efficient tool to prevent these situations.

However, a search report may identify the requirement for some degree of “Further Assessment”, which can entail lengthy consultations with the local authority and other parties, and in most cases leads to additional costs and delays.  By offering the environmental insurance policy, GroundSure provides purchasers with the safest and quickest route to a fast completion, for a fixed cost.

The policy covers the property with a unique 15-year insurance against costs associated with statutory contaminated land, under Part 2A of the Environmental Protection Act 1990.

GroundSure Home Environmental Liability Insurance key features:

• RRP: £50.00 (incl. IPT and handling fee)
• 15 year cover for the policyholder, and lenders are covered for the full term of any mortgage or charge granted during this period
• £1,000,000 indemnity insurance policy, covering remediation and associated costs
• the insurance cover is provided for the property not the named owner, making transfer to future purchasers simple
• the cover extends to include costs that may be incurred prior to Part 2A identification

More information on the environmental insurance policy.

 

 

 

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