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6. The person preparing the search reports required by regulation 8(n) or 8(o) must do so on terms ensuring that—
(a)any liability of any type arising under paragraph 5 of this Schedule is the subject of a contract of insurance against such risk effected by, and to be carried out by persons so authorised for the purposes of the Financial Services and Markets Act 2000;
(b)any liability for financial loss arising under paragraph 5 of this Schedule will be met by financial compensation to be paid by a person (other than the persons described in paragraph 5(a)(i) to (iii) of this Schedule) who is—
(i)a party to the contract of insurance; or
(ii)another person involved in the sale of the property; and
(c)such financial compensation is paid by a person mentioned in sub-paragraph (a), if any person mentioned in sub-paragraph (b) fails to pay it (or no longer exists and has no successor).
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