Title Indemnity Insurance
Title insurance policies, also known as legal indemnity cover or defective title cover, indemnify the owner against actual loss arising from a legal ownership defect which results in either loss of title to all or part of the land and buildings, or their reduction in value and indemnify lenders against loss of mortgage security (or priority for the mortgage). Policies give peace of mind to the client, generally help in overall risk management and could potentially reduce the lawyer’s PI exposure.
Business interruption covers, as a result of title problems, are also available for commercial tenants and operators. Policies from DUAL also cover legal costs and expenses incurred in the event of having to defend the title or reach a settlement.
How to Apply
For residential property, policies can be issued via an on-line portal. To register for the portal, click here.
Due to their more complex nature – commercial enquiries are submitted by email or by direct telephone access to discuss with expert underwriters.
For more information on Commercial Title Indemnity Insurance from DUAL, please call Temple Legal Protection Head Office on 01483 577 877 or email email@example.com.
Types of Cover Available
Cover is available for ‘Specific Risk’ such as those identified by the lawyer in the due diligence process, or ‘All Risks’, which protects the owner and lender against unknown risks which the lawyer could not be expected to uncover such as: property and mortgage fraud, sellers misrepresentations and unknown rights. Policies attract a one-off premium payment and specific risk cover passes with the property in perpetuity to future owners and lenders.
All Risks policies remain in force for the period of the insured’s ownership but can also be structured to cover future transactions. All Risks policies have been designed to provide a title guarantee. In residential policies, 100% inflation cover is automatically included.
Bespoke cover means that each policy is designed to suit the individual’s needs and, for residential clients, typically includes issues around restrictive covenants, lack of planning permission, access rights and boundary disputes. For commercial property, issues are often sector specific and cover is available to a wide range of users including:
- House Builders.
- Commercial Developers.
- Investors, Real Estate Funds, Private Equity Funds, Housing Associations.
- Renewable Energy Operators.
- Administrators and Receivers.