Should a valuable document such as a share certificate or life policy be lost or misplaced, this will cause considerable inconvenience and possible financial loss to the owner.
Before the Body which issued the document (i.e. Registrar or Life Office) will issue a duplicate they would often require that the owner of the security sign a form of indemnity. This means the person applying for the duplicate document agrees to indemnify the issuing Body in respect of all losses which may result as a consequence of the duplicate being issued.
As the issuing Body may know little about the financial standing of the owner they would often require an ABI registered Insurance Company to join in the indemnity. By doing so the countersignatory is guaranteeing that the person applying for the duplicate will honour their obligations under the indemnity form.
It is generally accepted that insurers such as Royal & SunAlliance are leaders in this limited market and their security is accepted by the majority, if not all, of the major Registrars and Life Companies.
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