Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

security definition

What does security mean? In legal practice, security means money or other assets provided as a guarantee that a legal obligation will be performed, with forfeiture if it is not. In criminal proceedings, it most often refers to a cash deposit or equivalent required as a condition of bail to secure a defendant’s attendance at court and compliance with bail; failure to surrender may lead to forfeiture. The concept and procedures are set by bail legislation and court rules in each jurisdiction. Practice varies: in England & Wales and Northern Ireland, courts commonly take recognisances, with or without sureties, and may require a...

Security Over Insurance Policies: Legal Assignments, Perfection, Priority, Non‑Vitiation, Co/Composite Insurance, Loss Payee and Reinsurance Cut‑Through (England and Wales)

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Practice notes

Entitlements arising under insurance policies constitute Contractual rights. A Lender may obtain security over an insurance policy through an assignment granted as security, effected by way of security. Additional protections can also be deployed in relation to insurance, including noting the lender’s interest on the policy or arranging co-insurance status for the lender. These alternatives take varied forms and deliver distinct advantages to the lender. This Practice Note concentrates on the issues that arise when taking security over rights under insurance policies. For general guidance on securing contractual rights, refer also to Practice Note: Taking security over contractual rights in general.

Nature of insurance policies

Rights arising under insurance policies are intangible assets rather than physical property. They sit within the class of contractual rights. Such a right is a chose in action (or thing in action), that is to say, a claim enforceable through legal proceedings instead of reliance on physical possession. Insurance contracts comprise a distinct category of contract...

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Web page updated on 21/05/2026

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