In what circumstances is cover required?
Where an agreement for the sale of a business entity is being (or has recently been) entered into and either the vendor or the purchaser wishes to insure against claims under the statements, warranties and indemnities that have been provided by the vendor.
Risks covered: claims notified under the warranties and indemnities or any tax deed given by the seller together with costs and expenses.
Policies are usually subject to an exclusion of the first amount of any valid claims.
- Full details of the transaction (including the nature of business and sale value)
- Target completion date
- Copy of the sale and purchase agreement (with confirmation as to whether draft or final)
- Copies of all due diligence reports (draft or final)
- Up to date financial information for the business being sold
- Details of the ‘data room’ process together with access
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