As part of the legal title to a property, there should be a full description of all of the Rights of Way, rights of services etc. that the property enjoys. Sometimes these are missing or not properly described and sometimes even though they did not exist when the property was first built; the rights have built over time through continued use (sometimes called prescriptive rights). Generally described as Absence of Easement, these can usually be insured very cost-effectively. Rather than complex and time-consuming negotiations with third parties in an attempt to rectify the position an insurance policy is often available.
In what circumstances is the product needed?
Where a property lacks a legal easement in respect of:
- Vehicular &/or pedestrian access to & from it, or
- Use of services (including access for maintenance/repair) connecting to and serving it
This can be in respect of the continuing use of a property or where a change of use or development is intended
Risks Covered: Damages/compensation awarded to a claimant, the adverse difference in market value, out of court settlements (subject to the agreement of the Insurer), cost of obtaining a legal easement in respect of the access/ services.