Indemnity insurance meaning

ARCHIVED: This checklist has been archived and is not maintained. Insured party name Name Prospective claimant name Name Policy reference Policy number Policy term Policy period Earlier policies Previous policies Date of notification Date Is the person or entity making the notice on the policy schedule, or in the proposal?...

Physical extent, boundaries, rights, etc Does the sale plan align with: the material set out in the title deeds, and the on-the-ground boundaries indicated by fences, walls, ditches, rivers, streams, etc, or as revealed by the seller in replies to enquiries? See Practice Note: Property boundaries for further guidance. Will a new boundary arise from the sale? Has it been clearly set out on site, and do the plans show its position accurately? Who must put it in place and/or look after it thereafter? Is indemnity insurance for defective title necessary? If so, who will arrange it and meet the cost? See: Defective title insurance—checklist for further guidance. Do mines and minerals form part of what is being sold? See Practice Note: Manorial rights for further guidance. Are sporting rights included in the transaction? See Practice Notes: Profits a prendre and Riparian owners and fishing rights for further...

This Checklist outlines the principal contractual points within a bundle of construction documents that a construction lawyer should review and report on for a prospective buyer of a property or development. It should be read alongside: Construction due diligence for property purchase-initial review of construction package-checklist. After reviewing the documents and raising enquiries, the purchaser’s construction lawyer will also need to produce a report on the construction documents, see Precedent: Report on construction documentation. The issues below proceed on the basis that construction at the relevant property has been completed. Accordingly, there is no need to scrutinise terms governing the running of the contract during the build, such as payment provisions; these are only relevant where a buyer is acquiring while works are ongoing and step-in rights are being offered. Building contracts Identity of contractor – Confirm the contractor continues to exist and carry out a financial check (for example via Dun & Bradstreet) to ensure it is financially sound. Date of contract –...

In this issue: Advertising, marketing and sponsorship Contracts Data protection International Supply chain LexTalk®Commercial: a Lexis®Nexis community Daily and weekly news alerts New and updated content Dates for your diary Trackers Advertising, marketing and sponsorship ASA rulings—5 November 2025 The Advertising Standards Authority (ASA) received a single complaint about advertising by On The Beach Ltd, which stated that customers booking particular holidays would be given free access to airport lounges. The ASA upheld the complaint. See: LNB News 05/11/2025 27... Contracts Ms Amlin Marine NV (on behalf of Ms Amlin Syndicate AML/2001) v King Trader Ltd [2025] EWCA Civ 1387 The Court of Appeal (Civil Division) dismissed the appellants’ challenge and confirmed that a ‘pay first’ clause in a marine insurance policy was enforceable against the Charterer. The policy had been issued by MS Amlin Marine NV to Bintan Mining Corporation (the Charterer), which had chartered the vessel Solomon Trader...

In this issue: Companies and corporation tax Stamp taxes VAT Individuals and income tax Taxes management and litigation Employment taxes Budget and Finance Bills Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Companies and corporation tax Court of Appeal decides interest on intra-group loans not restricted under transfer pricing rules but debits disallowed under unallowable purpose rule (BlackRock Holdco 5, LLC v HMRC) BlackRock Holdco 5, LLC v HMRC [2024] EWCA Civ 330 considers whether, for UK tax purposes, interest on intra‑group borrowing put in place to help fund a commercial acquisition is deductible. Two principal points were before the Court of Appeal: the transfer pricing analysis and the loan relationships unallowable purpose question. On the transfer pricing limb, the Court of Appeal allowed the taxpayer’s appeal. As a result, deductions for interest on the intra‑group loans were not curtailed by the transfer...

The survey gathered input from 14 of the 28 insurers listed by the Solicitors Regulation Authority (SRA) for the 2024 indemnity year. Conducted anonymously via Qualtrics and in partnership with the International Underwriting Association, it found that 38% of respondents foresaw potential difficulties at renewal, although the exact tally was not provided. Browne Jacobson reported that solicitors began considering leaving the PII market after the Court of Appeal’s January 2024 decision in Discovery Land Co LLC and others v Axis Specialty Europe SE. The firm noted that the ruling heightened worries about tightly drawn aggregation of claims under the SRA’s minimum terms and conditions, which influence the limit of indemnity. Ed Anderson, a partner at Browne Jacobson who deals with PII, ...

This Practice Note forms part of the Lexis+® UK Corporate private equity buyout transaction toolkit. Beyond choosing between a share sale and an asset sale structure, a range of matters should be weighed at the outset of a private equity buyout (MBO), before due diligence begins and the principal transaction documents are negotiated. These matters can influence the core commercial and legal terms, so each side is well advised to address them before settling any headline terms (and before executing heads of terms for both the acquisition and equity elements) and before fixing the transaction timetable. The topics outlined below (and in the Practice Notes referenced in this sub‑phase) may remain relevant throughout the deal, particularly during negotiation of the formal documentation, but they are highlighted early because lawyers for all interested parties ought to consider them and brief their clients as soon as possible. Corporate issues to consider Selected corporate law points are outlined below; applicability will vary with the nature of the deal and the parties...

The SRA Standards and Regulations allow law firms and legal service providers to organise their businesses in several formats, depending on whether they deliver reserved legal activities. Options comprise: a single SRA-regulated entity delivering both reserved and non‑reserved services an SRA‑regulated entity delivering reserved legal services, with some or all non‑reserved work carried out by a separate, non‑SRA regulated business (which, importantly, may employ SRA‑regulated solicitors) a non‑SRA regulated entity supplying only non‑reserved legal services, employing SRA‑regulated solicitors a freelance solicitor—see Practice Note: Dealing with freelance solicitors This Practice Note offers guidance to law firms on running a separate business, including allocating parts of a client matter between the law firm and the separate business, which will entail unbundling legal services. It reflects the Legal Services Act 2007 (LSA 2007) and the SRA Standards and Regulations, together with separate business guidance issued by the SRA. Unless stated otherwise, references in the Practice Note to: ‘solicitor’ includes Registered European...

Heads of terms A business purchase (the target business) typically starts with settling the key commercial points—price, structure of the deal, due diligence steps, exclusivity provisions and timetable. These points are commonly negotiated by the parties themselves, or alongside their accountants and other professional advisers, and then set out in heads of terms, sometimes called a ‘letter of intent’ or ‘memorandum of understanding’. See Practice Note: Heads of terms—share and asset purchases. Where environmental risks are known or suspected, the heads of terms might cover: providing the buyer with any existing environmental report(s) a requirement for a reliance agreement or collateral warranty, giving the buyer the benefit of those report(s) a process allowing the buyer to undertake a phase 1 environmental audit or phase 2 ground investigations headline terms for an environmental indemnity or environmental insurance What happens during the preliminary phase?...

The Contract comprises the completed Standard Building Contract Without Quantities for use in Scotland 2016 published by the SBCC subject to the following amendments: Recitals and Articles updated: contractor to provide a master programme and Schedule of Information Requirements; CDP responsibility accepted; Principal Contractor duties priced; arbitration deleted; Schedule of Amendments prevails; Third Party Agreements duties. Contract Particulars: arbitration entries removed; Rectification Period set at 12 months; fluctuations and certain PII/guarantee entries deleted. Conditions: key definitions revised (Practical Completion, Copyright Material, Design sub‑contractors, Funder, Site); Scottish jurisdiction; approvals mean principles only; entire agreement; variations in writing. Design/materials/programming: contractor accepts ER/CP; quality and non‑deleterious materials; programme reporting; site risk; drawings/info supply; tighter discrepancy notices. Time/defects: mitigate and advise on delay; narrower Relevant Events; Practical Completion clarified; stronger rectification, consequential damage and indemnity; phased as‑built/occupation information. IP/confidentiality/BIM: broader licence, moral rights waivers and delivery; confidentiality reinforced; BIM where adopted. Management/sub‑contracting: access, approved Site Manager, meetings; prescribed sub‑contracts; collateral warranties/third‑party rights; CDM duties; insurance...

This Agreement is entered into on [ insert date ] (the Commencement Date) by and between: Parties [ insert supplier name ], a company incorporated in England and Wales, whose registered number is [ insert company number ] and whose registered office is at [ insert registered office ] (Supplier); and [ insert customer name ], a company incorporated in England and Wales, whose registered number is [ insert company number ] and whose registered office is at [ insert registered office ] (Customer). Each of the Supplier and the Customer is a party, and together the Supplier and the Customer are the parties. Background The Supplier is [ an experienced software developer and ] [ insert the Supplier’s background details and the background to the relevant transaction ]. The Customer is [ insert the Customer’s background details ]. Subject to this Agreement, the Supplier shall develop software for the Customer and will licence (or arrange...

1 Definitions and interpretation 1.1 Within these Conditions, the terms below shall have the following meanings: Adequate Procedures – to be interpreted in accordance with BA 2010 and the guidance issued under it; Affiliate – any entity that, directly or indirectly, Controls, is Controlled by, or is under common Control with, another entity; Applicable Law – all applicable laws, legislation, statutory instruments, regulations, and governmental guidance having binding effect, whether local or national [ or international in any relevant jurisdiction ]; Associated Person – means any or all of: (a) a party’s officers, employees, agents, subcontractors, subsidiaries, and persons Associated With that party (the Associates); and (b) persons Associated With any of the Associates, in each case engaged in performing services for or on behalf of that party, the Services and/or the Contract; Associated With – when used: (a) in clause 10 and in respect of bribery, shall be read in accordance with BA 2010 and the guidance published under it; (b)...

What is pre-planning restrictive covenant insurance? Restrictive covenant insurance safeguards people holding an interest in land that is burdened or encumbered by a restrictive covenant. It generally also covers losses including: damages awarded against the insured expenses to modify or demolish a building or other structures to comply with a covenant abortive works costs legal costs This cover can be arranged before planning consent has been obtained for a development where the intended development site is burdened by restrictive covenants. That includes situations where planning permission has not yet been obtained. When is it appropriate to take out a pre-planning restrictive covenant insurance policy? Clearly, if a restrictive covenant looks likely to affect the proposed development, all efforts should be made to resolve matters at the earliest opportunity. Every effort should be made to iron out issues as early as possible...