French case studies
The sale of an office building in Paris
- The insured risk is a breach of an old agreement.
- Policy covers financial losses as a consequence of this breach such as the cost of demolition and reconstruction works, the indemnification due to usage problems, the loss of rent during the works and / or following the eviction of the tenant, the loss of value of the real estate asset as a result of the reduced size and the defense costs.
- In collaboration with a French broker the seller has transferred the risk to First Title Insurance Plc.
Missing Building Permit Records
- The documents confirming that the construction works of a hotel in France Had been carried out in compliance with the original building permit were missing.
- As the Hotel had been built for a while and Had been in service without any objections, the parties concerned were reluctant to approach the local authority To obtain clarification, as it may have delayed the completion of the transaction.
- An insurance policy was provided in order to protect the owner of complaints against the hotel, which could have an effect on the use of the property, including demolition or reinstatement of the structure.