The Title Insurance Indemnity Agreement is essential for property transactions in Saudi Arabia where parties seek protection against potential title defects or ownership disputes. This document is typically used when purchasing high-value real estate, during complex property developments, or in transactions involving foreign investors. The agreement must comply with Saudi Central Bank (SAMA) regulations, real estate laws, and Shariah principles. It outlines the insurer's obligation to indemnify the insured party against losses arising from title defects, liens, encumbrances, or other issues affecting property ownership. The document is particularly relevant in the Saudi market where property rights and registration systems are evolving, and where Islamic finance principles must be integrated into insurance arrangements.
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1. Parties: Identification of the insurer, insured party, and any other relevant parties
2. Background: Context of the agreement, including property details and purpose of insurance
3. Definitions: Key terms used throughout the agreement, including technical and legal terminology
4. Scope of Coverage: Detailed description of what the title insurance covers and exclusions
5. Premium and Payment Terms: Insurance premium details, payment schedule, and related financial terms
6. Indemnification Provisions: Terms and conditions under which indemnification will be provided
7. Claims Procedure: Process for making claims, required documentation, and timeframes
8. Representations and Warranties: Statements of fact and guarantees by both parties
9. Duration and Termination: Term of coverage and circumstances for termination
10. Compliance with Shariah: Confirmation of compliance with Islamic principles and relevant attestations
11. Governing Law and Jurisdiction: Specification of Saudi law application and jurisdictional matters
12. Notices: Communication procedures between parties
13. Confidentiality: Protection of confidential information shared between parties
1. Multiple Properties Provision: Additional terms when insurance covers multiple properties
2. Foreign Ownership Provisions: Special terms required when the insured party is non-Saudi
3. Mortgage Lender Protection: Additional provisions when coverage extends to mortgage lenders
4. Currency Provisions: Terms for handling transactions in multiple currencies
5. Electronic Documentation: Provisions for electronic signatures and documentation if applicable
6. Assignment Rights: Terms for transferring rights under the agreement
7. Force Majeure: Provisions for handling extraordinary circumstances
1. Property Description Schedule: Detailed description of insured property including title details and location
2. Coverage Details Schedule: Specific risks covered, coverage limits, and any special conditions
3. Premium Schedule: Detailed breakdown of premium calculations and payment terms
4. Known Title Defects: List of any known title issues or defects at time of insurance
5. Required Documents: List of documents required for claims or verification
6. Authorized Representatives: List of persons authorized to act on behalf of each party
7. Shariah Compliance Certificate: Documentation confirming compliance with Islamic principles
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