The Restrictive Covenant legal indemnity insurance policy provides cover when a freehold property, being used for residential and/or commercial purposes based within England and Wales, is subject to the burden of a restrictive covenant which has been breached for at least 12 months and you are not aware that any complaint has been made at any time.
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Key Features and Benefits
If the property is in breach of a restrictive covenant(s) and someone establishes, or attempts to establish, that they have the right to enforce the covenant(s), the policy provides cover for the following, up to your selected limit of indemnity *:
- damages and compensation
- the cost of alterations to the property
- the reduction in the value of the property
- costs and expenses with our consent.
The policy does not cover covenants contained in a lease*
The policy automatically covers subsequent owners of the property and mortgage lenders, and remains in force from the day you issue it without any time limit.