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What is Transaction Liability Insurance?
Transaction Liability Insurance is a type of insurance policy that can protect the buyer or seller against financial losses suffered due to inaccuracy in a representation, or warranty given by the seller to the buyer in an acquisition agreement.
How does it protect the Seller?
It covers you in the event the buyer brings a claim against you for an innocent breach of the seller warranties.
How does it protect the Buyer?
It provides cover for financial losses arising from a breach of, or inaccuracy in the warranties given by the seller.
So how much does Transaction Insurance cost?
Transaction Insurance is linked to the sale price, and premiums start at £2,500.
Buyers and Sellers would need to buy separate policies.
How do I buy this type of insurance?
You can buy through Prizm Solutions - just ring up and ask for a quote.
We will need a bespoke form completing, but cover can usually be arranged within 24 hours and it can even cover deals post-closing.
Have a question?
Our team is
here to help!
One of our team will talk to you about your current circumstances in order to advise the best way forward. If you’d prefer to visit us at our offices in Tamworth, feel free to pop in! Just check our office hours on Google to make sure we’re open.
No. This type of policy is specifically designed for SME businesses. There were 42,000 mergers and acquisitions in the UK last year alone below £10 million size! In addition, the baby-boomer generation is the wealthiest EVER. In the US alone, 70% of assets is owned by people who were born before 1964 and will be looking to sell their assets as part of planning for retirement.
With pleasure. Imagine you have purchased a business and the seller has given you a guarantee that he wasn’t aware of any proposed increase in costs. You then discover a trail of emails showing the seller was clearly aware of a massive rent increase being proposed by the landlord which will adversely affect your profitability.
No, Transaction Insurance can cover transactions from across the world, excluding certain countries such as Russia and most nations in Africa, Central/South America and Asia.
In most cases, there is no excess.
There is no minimum. The maximum size deal these policies can accommodate is a transaction of £20 million.
At Prizm, we deal with specialist insurers who actually know this type of insurance and can cover you correctly so that in the event of a claim there aren’t any problems.
If you need to make a claim on your insurance, you need to call your insurance broker or insurance company straight away.
If you have a policy with Prizm Solutions, then you simply call us.
As your broker, we are here to help – and we will provide you with all the contact numbers you need to deal with a claim when you take out the policy.
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Prizm Solutions Limited
First Floor
The White House
16/20 Church Street
Tamworth
B79 7DH
Prizm Solutions Ltd are authorised and regulated by the Financial Conduct Authority.
Prizm Solutions Ltd are registered in England and Wales, Registration Number: 05936749, Registered Address: First Floor, The White House, 16/20 Church Street, Tamworth, B79 7DH.
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We’re here to assist you to put plans in place, to help provide you with some protection from those unexpected curveballs that can be a normal aspect of everyday life!
So, let us help you find the right cover for you.
01827 313 931
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