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Legal indemnity insuranceJanuary 26, 2011 6:59 pm
Legal indemnity insurance is being demanded by Buyers and offered by Sellers to protect the Buyer (and any lender they have) from defects in title which cannot otherwise be resolved.
This type of insurance has been around for a number of years but whilst in the past it was used infrequently, it is now seen as offering a quick and low-cost alternative to the work that might otherwise be required in order to remedy the defect.
The premium for such a policy is paid only once, and the benefits of the policy are generally transferable to successors in title (although cover may need to be increased in line with value in later years). Examples of cover are:
- Breach of covenant.
- Absence of easement.
- Good leasehold title.
- Lack of planning permission/building regulations.
- Absent Landlord
Unknown easements, rights and covenants.