Indemnity insurance—specifically, title indemnity insurance—can provide cover when legal defects are identified. It protects property owners from claims related to title defects.
Title indemnity insurance does not remedy the defective title; it provides compensation for financial loss arising from the defect, highlighting its limitations.
A conveyancer will only recommend indemnity insurance if the problem cannot be solved or if it is impractical to solve due to time constraints of the transaction.
The need for title indemnity insurance typically arises when you're buying a home, especially issues like absence of permission and consent or lack of planning approval.
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