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SUBMISSION FORM FOR RESTRICTIVE COVENANT INDEMNITY INSURANCE Proposers name in full: Postal Address: Address of Property to be insured: Phone & email: Current market value of property (developed value
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What is restrictive covenant indemnity insurance?
Restrictive covenant indemnity insurance is a type of insurance that protects property owners and developers against financial losses resulting from breaches of restrictive covenants associated with a property, ensuring compliance and mitigation of legal risks.
Who is required to file restrictive covenant indemnity insurance?
Generally, property owners, developers, and mortgage lenders involved in transactions where restrictive covenants are present may be required to file restrictive covenant indemnity insurance to safeguard their interests.
How to fill out restrictive covenant indemnity insurance?
To fill out restrictive covenant indemnity insurance, applicants typically need to provide details about the property, the involved parties, the nature of the restrictive covenants, and any potential legal risks or claims related to those covenants.
What is the purpose of restrictive covenant indemnity insurance?
The purpose of restrictive covenant indemnity insurance is to provide financial protection to insured parties against losses resulting from legal disputes over restrictive covenants, including legal fees and costs of rectifying breaches.
What information must be reported on restrictive covenant indemnity insurance?
Information that must be reported includes details of the property, the specific restrictive covenants, any known breaches or disputes, the parties involved, and any other relevant legal or financial disclosures.
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