The intention of Forged Transfer Insurance is to protect the Corporation (Plc) or the legal liability of the Professional Registrar and to make good any losses which result following a fraudulent transfer of shares.
If such a transfer is registered and the Plc then receives notification from the legal owner that the transfer was a forgery the Plc is required to financially reinstate the rightful owner.
Additional costs may be incurred as an innocent purchaser who acquires the shares may have a right to remain on the share register as they may have received a share certificate under the Company Seal, thus preventing the Corporation from denying the validity of the certificate.
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