Party wall agreement cover for lenders now available[17/08/2017]
We’re pleased to announce the introduction of a new policy to protect lenders against losses arising if enforcement action is taken against works that were previously undertaken without a party wall agreement in place.
The lender is covered for the amount and term of the mortgage and the losses covered include:
- the cost of defending enforcement action, including costs awarded against the insured
- costs in complying with enforcement action or any undertaking required, including the cost of demolishing, altering or reinstating any part of the property
- any shortfall in the outstanding debt under the mortgage
- any other costs incurred with our written agreement.