Legal indemnity insurance - Revision history

Designing Buildings at 06:59, 25 November 2020

2020-11-25T06:59:35Z

← Older revision		Revision as of 06:59, 25 November 2020
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	* [http://www.cml.org.uk/lenders-handbook/ Council of Mortgage Lenders Handbook].		* [http://www.cml.org.uk/lenders-handbook/ Council of Mortgage Lenders Handbook].

−	[[Category:Property_law]] [[Category:Contracts_/_payment]]	+	[[Category:DCN_Definition]] [[Category:DCN_Guidance]] [[Category:Property_law]] [[Category:Contracts_/_payment]]

Editor at 17:06, 6 August 2019

2019-08-06T17:06:38Z

← Older revision		Revision as of 17:06, 6 August 2019
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	* Public liability insurance.		* Public liability insurance.
	* Residual value insurance.		* Residual value insurance.
		+	* Single project professional indemnity insurance

	= External references =		= External references =

Editor at 17:54, 24 July 2019

2019-07-24T17:54:49Z

← Older revision		Revision as of 17:54, 24 July 2019
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	* Residual value insurance.		* Residual value insurance.

−	=== External references ===	+	= External references =

	* [http://www.cml.org.uk/lenders-handbook/ Council of Mortgage Lenders Handbook].		* [http://www.cml.org.uk/lenders-handbook/ Council of Mortgage Lenders Handbook].

	[[Category:Property_law]] [[Category:Contracts_/_payment]]		[[Category:Property_law]] [[Category:Contracts_/_payment]]

Editor at 17:53, 24 July 2019

2019-07-24T17:53:44Z

← Older revision		Revision as of 17:53, 24 July 2019
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	If part of one property overhangs a neighbouring property, it is known as a flying freehold. The details of the policy cover will depend on the exact nature of the flying freehold.		If part of one property overhangs a neighbouring property, it is known as a flying freehold. The details of the policy cover will depend on the exact nature of the flying freehold.

−	~~= Find out more =~~	+	= Related articles on Designing Buildings Wiki. =
−		+
−	=== Related articles on Designing Buildings Wiki. ===	+

	* 3D animation for insurance risk analysis.		* 3D animation for insurance risk analysis.
		+	* Bondsman
	* Building Users' Insurance Against Latent Defects.		* Building Users' Insurance Against Latent Defects.
	* Collateral warranties.		* Collateral warranties.

Editor at 15:01, 13 December 2017

2017-12-13T15:01:14Z

← Older revision		Revision as of 15:01, 13 December 2017
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	* Integrated project insurance.		* Integrated project insurance.
	* Latent defects insurance.		* Latent defects insurance.
		+	* Making sure your builder has appropriate insurance.
	* Professional Indemnity Insurance.		* Professional Indemnity Insurance.
	* Public liability insurance.		* Public liability insurance.

Editor at 11:44, 20 July 2017

2017-07-20T11:44:35Z

← Older revision		Revision as of 11:44, 20 July 2017
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	= Introduction =		= Introduction =

−	Legal indemnity insurance is available to a purchaser where there is a legal defect that cannot easily be resolved during the purchase of a commercial or residential property. This includes for example a lack of planning permission or missing building certificates. It is often used as a quick solution to the problem and can be cheaper than correcting the defect. Unlike conventional insurance policies, the premium for legal indemnity insurance is only paid once and the policy usually transfers to successors in title and lasts for the life of the property.	+	Legal indemnity insurance is available to a purchaser where there is a legal defect that cannot easily be resolved during the purchase of a commercial or residential property. This includes for example a lack of planning permission or missing building certificates. It is often used as a quick solution to the problem and can be cheaper than correcting the defect.
		+
		+	Unlike conventional insurance policies, the premium for legal indemnity insurance is only paid once and the policy usually transfers to successors in title and lasts for the life of the property.

	The price of the indemnity insurance premium is generally calculated based on the value of the property rather than the level of the risk. However, if the purchase price of a property increases, a premium would typically be paid by the insured when they come to sell to increase the limit of cover.		The price of the indemnity insurance premium is generally calculated based on the value of the property rather than the level of the risk. However, if the purchase price of a property increases, a premium would typically be paid by the insured when they come to sell to increase the limit of cover.
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	== Lack of rights (absence of easement indemnity insurance) ==		== Lack of rights (absence of easement indemnity insurance) ==

−	Where a part of a property is accessed over private land but there is no legal right to do so, or where the property is serviced by services (cables, drains etc) which are private or cross private land, it is possible to take out easement indemnity insurance. When supported by a statutory declaration it is a requirement that the right has been exercised unchallenged for at least 12 months. If a declaration is not available, it must have been exercised for at least 5 years. The policy will provide compensation for any financial losses suffered in the event that the use of the right is challenged. This includes legal costs in defending the challenge and loss of value to the property in the event that the challenge is successful.	+	Where a part of a property is accessed over private land but there is no legal right to do so, or where the property is serviced by services (cables, drains etc) which are private or cross private land, it is possible to take out easement indemnity insurance. When supported by a statutory declaration it is a requirement that the right has been exercised unchallenged for at least 12 months.
		+
		+	If a declaration is not available, it must have been exercised for at least 5 years. The policy will provide compensation for any financial losses suffered in the event that the use of the right is challenged. This includes legal costs in defending the challenge and loss of value to the property in the event that the challenge is successful.

	== Lack of planning permission/building regulations approval ==		== Lack of planning permission/building regulations approval ==
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	* Building Users' Insurance Against Latent Defects.		* Building Users' Insurance Against Latent Defects.
	* Collateral warranties.		* Collateral warranties.
		+	* Commercial landlord and building insurance.
	* Contract works insurance.		* Contract works insurance.
	* Contractors' all-risk insurance.		* Contractors' all-risk insurance.

Editor at 10:46, 18 January 2016

2016-01-18T10:46:45Z

← Older revision		Revision as of 10:46, 18 January 2016
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−
−
	= Introduction =		= Introduction =

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	=== Related articles on Designing Buildings Wiki. ===		=== Related articles on Designing Buildings Wiki. ===
−	*3D animation for insurance risk analysis.	+
−	*Building Users' Insurance Against Latent Defects.	+	* 3D animation for insurance risk analysis.
−	*Collateral warranties.	+	* Building Users' Insurance Against Latent Defects.
−	*Contract works insurance.	+	* Collateral warranties.
−	*Contractors' all-risk insurance.	+	* Contract works insurance.
−	*Directors and officers insurance.	+	* Contractors' all-risk insurance.
−	*Employer's liability insurance.	+	* Decennial liability.
−	*Flood insurance.	+	* Directors and officers insurance.
−	*Indemnity clauses in design and construction contracts.	+	* Employer's liability insurance.
−	*Indemnity to principals.	+	* Flood insurance.
−	*Insurance.	+	* Indemnity clauses in design and construction contracts.
−	*Integrated project insurance.	+	* Indemnity to principals.
−	*Latent defects insurance.	+	* Insurance.
−	*Professional Indemnity Insurance.	+	* Integrated project insurance.
−	*Public liability insurance.	+	* Latent defects insurance.
−	*Residual value insurance.	+	* Professional Indemnity Insurance.
		+	* Public liability insurance.
		+	* Residual value insurance.

	=== External references ===		=== External references ===
−	*[http://www.cml.org.uk/lenders-handbook/ Council of Mortgage Lenders Handbook].

−	[[Category:Property_law]]	+	* [http://www.cml.org.uk/lenders-handbook/ Council of Mortgage Lenders Handbook].
−	[[Category:Contracts_/_payment]]	+
		+	[[Category:Property_law]] [[Category:Contracts_/_payment]]

Designing Buildings: Created page with " = Introduction = Legal indemnity insurance is available to a purchaser where there is a legal defect that cannot easily be resolved during the purchase of a commercial or resi..."

2015-07-08T13:58:27Z

Created page with " = Introduction = Legal indemnity insurance is available to a purchaser where there is a legal defect that cannot easily be resolved during the purchase of a commercial or resi..."

New page

= Introduction =

Legal indemnity insurance is available to a purchaser where there is a legal defect that cannot easily be resolved during the purchase of a commercial or residential property. This includes for example a lack of planning permission or missing building certificates. It is often used as a quick solution to the problem and can be cheaper than correcting the defect. Unlike conventional insurance policies, the premium for legal indemnity insurance is only paid once and the policy usually transfers to successors in title and lasts for the life of the property.

The price of the indemnity insurance premium is generally calculated based on the value of the property rather than the level of the risk. However, if the purchase price of a property increases, a premium would typically be paid by the insured when they come to sell to increase the limit of cover.

The [http://www.cml.org.uk/lenders-handbook/ Council of Mortgage Lenders Handbook] provides guidance for conveyancers acting on behalf of lenders in residential conveyancing transactions and provides guidance on the use of indemnity insurance policies.

= Common risks covered =

The majority of defects can be covered by legal indemnity insurance, but some of the more common types of policy are discussed below.

== Lack of rights (absence of easement indemnity insurance) ==

Where a part of a property is accessed over private land but there is no legal right to do so, or where the property is serviced by services (cables, drains etc) which are private or cross private land, it is possible to take out easement indemnity insurance. When supported by a statutory declaration it is a requirement that the right has been exercised unchallenged for at least 12 months. If a declaration is not available, it must have been exercised for at least 5 years. The policy will provide compensation for any financial losses suffered in the event that the use of the right is challenged. This includes legal costs in defending the challenge and loss of value to the property in the event that the challenge is successful.

== Lack of planning permission/building regulations approval ==

It is possible to obtain insurance where a property has been built, altered or extended without planning permission or building regulations approval. Usually it is only possible to obtain insurance for works that were undertaken at least 12 months ago (or four years for construction of a new property).

== Flying freehold ==

If part of one property overhangs a neighbouring property, it is known as a flying freehold. The details of the policy cover will depend on the exact nature of the flying freehold.

= Find out more =

=== Related articles on Designing Buildings Wiki. ===
*3D animation for insurance risk analysis.
*Building Users' Insurance Against Latent Defects.
*Collateral warranties.
*Contract works insurance.
*Contractors' all-risk insurance.
*Directors and officers insurance.
*Employer's liability insurance.
*Flood insurance.
*Indemnity clauses in design and construction contracts.
*Indemnity to principals.
*Insurance.
*Integrated project insurance.
*Latent defects insurance.
*Professional Indemnity Insurance.
*Public liability insurance.
*Residual value insurance.

=== External references ===
*[http://www.cml.org.uk/lenders-handbook/ Council of Mortgage Lenders Handbook].

[[Category:Property_law]]
[[Category:Contracts_/_payment]]