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Residential Abortive Transaction Insurance

10th July 2018

ETSOS are delighted to announce a tie up with insurance brokers Northcott Beaton to provide their residential abortive transaction insurance. 

Users of the ETSOS system have previously been able to order the insurance at 2 price points; either on an ad-hoc basis, or on every transaction.

The new tie up means one single price point that covers both situations of £56.00 inc IPT. This will come into effect from 1st August 2018.

Residential abortive transaction insurance provides up to £1500 of cover for the fees incurred in the process of selling or purchasing a home including certain conveyancing fees and disbursements, lenders mortgage arrangement fees and mortgage lenders valuation fees.

The cover varies; purchase cover can include the following and applies once an offer has been made and accepted by the vendor

  • The vendor withdrawing the property from sale following receipt of an alternative offer from another buyer
  • You having to withdraw from the purchase because of one of the following
    • An adverse Legal Search (as per policy definition)
    • The Mortgage lenders valuation being less than 90% of the accepted offer
  • And your or the vendors withdrawal due to
    • Employers relocation not completing
    • Involuntary unemployment
    • Death, unforeseen illness or bodily injury caused by a sudden or specific accident

NB; cover for sale and purchase are 2 separate policies which need to be purchased separately.

For more information about what is and is not covered please review the key facts sheets available below:

For any further information please contact your account manager on 01524 220013.

 

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