Insurance Solutions - PRAI Suspension and Delays

The unprecedented situation in which we find ourselves, has created various transactional issues for the solicitors handling conveyancing and their clients.

DUAL Asset Underwriting Ireland can assist in mitigating risk and allow transactions to proceed securely;

• Gap Cover Insurance:
  Suspension and delays of certain Property Registration Authority of Ireland (“PRAI”) functions creates issues regarding the priority of registration. DUAL Asset can provide cover to plug this gap and cover any losses in the event of a third-party challenge to your client’s priority. The policy costing will be 0.05% of the purchase price of the property. However, there will also be a minimum premium of €85 plus IPT for residential properties and €125 plus IPT for commercial properties. As an alternative we can insure solely the lender.
• Planning Search cover:
  DUAL Asset can also provide cover for no search, search delay and search validation, where there is an issue obtaining planning searches. This could be as a result of the searches being out of date or the lender is requesting an up to date search. The policy costing will be 0.05% of the purchase price of the property (again with a minimum premium of €85 plus IPT for residential properties and €125 plus IPT for commercial properties). As an alternative we can insure solely the lender.

Appropriate cover is also available for Northern Ireland firms.

For more information please contact Sarah Gateaud-Manase or Paul McGennis for more information.

DUAL Asset Underwriting Limited (Company Registration No. 08494511) is an Appointed Representative of DUAL Corporate Risks which is authorised and regulated by the Financial Conduct Authority No. 312593. Registered in England and Wales No. 4160680, registered office: One Creechurch Lane, London, EC3A 5AF.