Mortgage broker indemnity insurance

[plshelp!]

Hope someone can help.

long term battle with a broker/bridging company who are very dodgy to say the least.

in order for my solicitor to sue we need indemnity insurance details, is it as impossible as it seems as they refuse to disclose the information ?

Thanks

[des8]

Re: Mortgage broker indemnity insurance

I don't understand why you need to know if the people you wish to sue have professional indemnity cover or not. You can take people to court whether or not they are insured... PI protection is for the insured, it is not a third party liability policy.
Are you just concerned about whether or not they will be in a position to pay up if you win?
Even if the company carry PI cover it is most likely the policy conditions will not allow them to reveal its terms and conditions, especially it will not allow them to reveal the amount of cover, or even possibly the existence of the cover.
Certain businesses are bound by law to have PI insurance (e.g. solicitors,architects) but others operate without it and take the risk themselves.

[des8]

Re: Mortgage broker indemnity insurance

I checked your earlier posts and see that you have been "involved" with Kensington Mortgage Company and so made a few enquiries.
I think that they only accepted business from their own subsidiaries, their ultimate parent company being Investec.
Kensington used not to have any employees, only using subsidiaries. They themselves did not carry PI cover, content to protect themselves with Directors and Officers Liability Insurance effected by Investec.
It is quite possible therefore, having protected themselves, the directors did not effect any PI cover for their subsidiaries, relying solely on Dando.
I'm talking mainly from memory (mine and some of my old contacts) & surmising here so may well be wrong or out of date, or could also be repeating what you already know.

[plshelp!]

Re: Mortgage broker indemnity insurance

Thanks for the responses des8, this is a totally separate issue from Ukar and kensington. Don't get me started on that one.

The case is quite large and complicated, although the people in question are already on the slippery slope, credit licences revoked etc. in order for a no win, no fee solicitor to take it up need insurance details.

I have pretty much decided now to progress to court myself, I have the bones of the case, I am certain I will win, due to the actions already happening against the crooks, it's making sure I get the amounts right and don't miss a legal loop hole as there are many of them !

[des8]

Re: Mortgage broker indemnity insurance

Without knowing who you are investigating I can't make further enquiries.
I don't believe you can force them to reveal their insurance cover, as it is not a statutory requirement.

[wales01man]

Re: Mortgage broker indemnity insurance

Strange the No win no fee solicitors wont pursue this unless the OP finds out if there is insurance?

[des8]

Re: Mortgage broker indemnity insurance

That is probably because if the op wins the costs will have to be met by the defendant, and if the defendant has no insurance and is going bust the solicitor is out of pocket, and the op might get nothing.
It's one thing to win and be awarded damages and compensation, it's another thing to collect the winnings.
Hence the existence of bailiffs and HCEOs

[plshelp!]

Re: Mortgage broker indemnity insurance

The issue is paying for a solicitor. We cannot pay the fees due to the position we are currently left in. Therefore we need insurance this can only be obtained if I get their insurance details first and they know this fact !

[wales01man]

Re: Mortgage broker indemnity insurance

Des8 I knew that
Was being sarky

[des8]

Re: Mortgage broker indemnity insurance

Hi plshelp, got your pm.
The solicitor will have PI insurance as it is mandatory by SRA.
The loans company is a member of NACFB and "rules of conduct for members" no. 2.24 reads "ensure that appropriate Professional Indemnity Insurance is in force"

I would assume therefore that 2 out of 3 are covered.
Initial checks for the broker have not found anything, but will put out feelers tomorrow. I would warn you it is a bit hit or miss if anything turns up, but we can only try.
Could you confirm the brokers address.

I haven't yet read your links due to lack of time, but will in due course.

[plshelp!]

Re: Mortgage broker indemnity insurance

Thanks des8, any help I can get is a plus. That's a good start, I have spoken to the NACFB numerous times, they are aware of the misconduct but they still are members.

totally understand time, the best place to start would be the OFT appeal judgement as it spells out how bad this lot are ! Thanks again

[seduraed]

Re: Mortgage broker indemnity insurance

I ould have thought the quickest way to find out who the brokers insurers are is too issue procedings. The broker willl then run to his insurer as they will want to handle case.

[wales01man]

Re: Mortgage broker indemnity insurance

Problem is to issue proceedings the OP or solicitor would have to incur costs ?

[des8]

Re: Mortgage broker indemnity insurance

I ould have thought the quickest way to find out who the brokers insurers are is too issue procedings. The broker willl then run to his insurer as they will want to handle case.

The insurance company will deal with the matter, but they might well not declare themselves, dealing with it entirely in the name of their insured. There is no certainty OP will discover who the insurers (if any) are.

[plshelp!]

Re: Mortgage broker indemnity insurance

I think that is about where I am Seduraed. I will issue the proceedings and then go back to solicitor when and if insured.

The solicitor won't take the risk.