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Indemnity Insurance Policy
StoneRose77
Posts: 2 Newbie
Indemnity insurance policies clearly offer comfort to a lot of people when buying property.
My understanding is that they become invalid should a third party become aware of the issue/policy.
However when provided with a policy by a seller how would the buyer know that there had been no discussions previously with either the council (building regs) or local water authority (sewer)? There is no way to find out without then talking to said third party and therefore it just comes down to the sellers word.
However when provided with a policy by a seller how would the buyer know that there had been no discussions previously with either the council (building regs) or local water authority (sewer)? There is no way to find out without then talking to said third party and therefore it just comes down to the sellers word.
Am I missing something? And also is it the third parties knowledge of the policy only they invalidates the policy?
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Comments
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Indemnity policies are designed to give the mortgage company cover against various issues the conveyancing process brings to light.
Other people finding out about them is irrelevant0 -
But I thought it invalidates the policy if third parties find out about the issue/policy?penners324 said:Indemnity policies are designed to give the mortgage company cover against various issues the conveyancing process brings to light.
Other people finding out about them is irrelevant0 -
If it's a new policy and you're the buyer, just get it yourself to save the risk you're concerned about. The vendor can still pay for it.0
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