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Indemnity Insurance ???
losgiganteskid
Posts: 965 Forumite
I have heard a lot about Indemnity Insurance when it relates to property selling/purchase, could someone please explain what this covers and who pays the premium, is it an annual insurance or a one off - and who is protected
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Comments
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My personal expereince is this often comes up - an example of indemnity insurance for me was my recent house sale. Prior to buying it the previous owner had knocked down a wall between the kitchen and 2nd reception room. The vendor at the time was supposed to pay indemnity insurance however it fell to me when I was selling it.
It cost me £100 as a one off payment as insurance to the new owners should this affect them adversly in the future to compensate them.0 -
its an insurance policy to mitigate against anyone suing you in the future - eg - if someone has built an extension and there are no building regulation certificate to prove its up to standard, then it could be dangerous; or if there is no clear ownership of a lease, then someone's great great great great great grand daughter could in theory turn up and say "this is my house"0
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