Indemnity policy
At LMS, we believe in the quality of our data. The rigorous processes that are in place that allow LMS to receive, check and constantly refresh our data provides us with the confidence to indemnify our confirmly results.
Knowing when to send funds is easy with confirmly. Our green tick of approval checks a whole host of variables that are unique to LMS to show when information submitted matches our internal records, and there are no other recorded issues that are known, aimed at giving you absolute confidence when sending funds.
In the event that the information provided or confirmed by LMS directly through a ‘match’ result leads to funds being sent to an incorrect recipient, the searching law firm shall be indemnified up to the value of the funds un-recovered or to a maximum of £250,000 per year. The indemnity is only valid for funds transferred on the day the search is ordered.
Law firms should use caution and their own judgement when sending funds:
To an orange ‘match with cautions’ result
To a red ‘no match’ result
To a red ‘no match with cautions’ result
Funds transferred when the above search results are returned, are not indemnified by LMS, nor is third party sourced data such as SRA alerts.
It is expected that the law firm will make reasonable steps to recover any lost funds before submitting a claim, but the indemnity exists to offer the law firms additional peace of mind and protection, outside their current insurance arrangements.