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Easement Indemnity Policy

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What is a Easement Indemnity Policy?

The Easement Indemnity Policy is a crucial risk management tool in Australian property transactions where easement-related issues present potential concerns. This document is typically used when there are uncertainties about existing easements, potential disputes over easement rights, or concerns about unregistered easements affecting a property. The policy provides financial protection and legal cost coverage for the insured party against various easement-related risks. It is particularly relevant in property developments, commercial real estate transactions, and situations where easement rights might affect property value or usage. The document must comply with Australian insurance law requirements, including the Insurance Contracts Act 1984 (Cth), and relevant state-based property legislation.

What sections should be included in a Easement Indemnity Policy?

1. Policy Details: Key information including policy number, insured party details, and effective date

2. Definitions: Comprehensive definitions of terms used throughout the policy, including specific easement-related terminology

3. Insuring Clause: Core coverage statement outlining what risks related to the easement are being insured against

4. Coverage Details: Specific details of what the policy covers regarding easement-related losses or damages

5. General Conditions: Standard policy conditions including premium payment, duration, and general obligations

6. Claims Procedure: Process for making claims under the policy

7. Exclusions: Specific circumstances or events not covered by the policy

8. Termination Provisions: Conditions under which the policy may be terminated or cancelled

What sections are optional to include in a Easement Indemnity Policy?

1. Additional Insured Parties: Section to be included when multiple parties need to be covered under the policy

2. Special Conditions: To be included when specific circumstances require additional terms or conditions

3. Premium Adjustment Provisions: Include when premium may be adjusted based on specific factors or circumstances

4. Defense and Settlement: Include when policy includes provisions for legal defense in easement disputes

5. Mortgage Clause: Include when the property has a mortgage and lender requires specific provisions

What schedules should be included in a Easement Indemnity Policy?

1. Schedule A - Property Details: Detailed description of the property and easement including title details and location

2. Schedule B - Coverage Limits: Specific monetary limits of coverage and any sub-limits

3. Schedule C - Premium Schedule: Details of premium amounts, payment schedule and any adjustments

4. Appendix 1 - Plan: Survey plan or diagram showing the location and extent of the easement

5. Appendix 2 - Title Search: Current title search showing registered easements and encumbrances

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions
Clauses
Relevant Industries

Real Estate

Property Development

Construction

Infrastructure

Banking and Finance

Insurance

Agriculture

Energy and Utilities

Mining

Telecommunications

Relevant Teams

Legal

Property

Risk Management

Insurance

Real Estate

Compliance

Operations

Facilities Management

Asset Management

Development

Relevant Roles

Property Lawyer

Real Estate Agent

Insurance Underwriter

Property Developer

Risk Manager

Conveyancer

Insurance Broker

Property Manager

Legal Counsel

Title Officer

Development Manager

Construction Manager

Facilities Manager

Asset Manager

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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