Property in Confirmation: New Scottish insurance product covers houses left empty after a death
The GS Group Estate in Confirmation Insurance Policy is targeted at solicitors who need to find cover for a property quickly, and plugs a gap in the Scottish market.
“Empty properties are a headache from an insurance and a legal point of view, and action must be taken swiftly when someone dies and a property is left unoccupied,” said Gordon Taylor, Branch Director (Glasgow) of GS Group.
“We have launched this product because although it is available in England and Wales, there was previously no easy-to-use solution for the Scottish legal profession.”
When is it used?
The insurance policy covers the hiatus period when a deceased person’s property becomes empty – until it is assigned to a beneficiary as a result of the person’s estate being settled. This period is known as ‘Property in Confirmation’ in Scotland.
“If anything happens to a property while it lies empty during this period, the consequences can be costly and challenging, for both solicitors and executors of a deceased person’s will,” said Mr Taylor. “What this new product does is deliver peace of mind to everyone that appropriate cover is in place in the result of an unexpected event.”
GS Group has partnered with NIG, a leading player in the residential insurance market, to provide the new policy, which can typically be activated within 24 hours.
“We have been given delegated authority by NIG so an inquiry can begin and end with GS Group - and involves a simple online form with eight questions,” Mr Taylor explained.
“If the property has more complex issues, for example if it is a listed building or of non-standard construction, we can immediately refer it to a dedicated specialist team at NIG who will work with us to process the application quickly.”
Long-lasting peace of mind
The GS Group Estate in Confirmation Insurance Policy will typically last for no more than 6 months (usually 3-6 months) but the scheme allows for cover up to a maximum of 12 months.
Mr Taylor said a significant number of properties in Scotland fall into the Property in Confirmation category and that a bespoke product was needed for the legal profession.
“We are delighted to be partnering with NIG on this initiative,” he said. “We want to support both the legal profession and executors. In conjunction with NIG, we have created a model which affords a quick and easy solution with market-leading rates”.
Michael Buse, NIG Schemes Underwriting Manager, said: “NIG has a long-established relationship with GS Group and had no hesitation in partnering with them on this scheme. The aim is clear – to provide the legal profession in Scotland with easy accessibility to a solution that has been afforded to fellow practitioners in England and Wales. NIG has the utmost confidence in Gordon and the GS team and is delighted to be working with them.”
GS Group is one of the leading insurance brokers in Scotland. It has offices in Aberdeen, Dundee, Glasgow and Perth. Contact them at:
Tel: 0141 404 5416