Title Insurance Indemnity Agreement Template for India

The Title Insurance Indemnity Agreement serves as a crucial risk management tool in Indian real estate transactions, protecting property owners, developers, and lenders against potential losses arising from title defects. This document becomes necessary when parties seek protection against undiscovered title issues, ownership disputes, or encumbrances that could affect property rights. The agreement details the scope of coverage, claims procedures, and indemnification obligations, all while adhering to Indian insurance and property laws. The document is particularly relevant in large real estate transactions, development projects, or when required by mortgage lenders. The agreement must comply with both the Insurance Act, 1938, and IRDAI regulations, while also considering provisions of the Transfer of Property Act, 1882, and the Registration Act, 1908.

1. Parties: Identifies the insurer, insured party, and any other relevant parties to the agreement

2. Background: Sets out the context of the agreement, including the property details and purpose of the title insurance

3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty

4. Scope of Coverage: Details the specific title risks and defects covered by the insurance

5. Premium and Payment Terms: Specifies the insurance premium amount, payment schedule, and related terms

6. Exclusions: Lists specific risks, circumstances, or events excluded from coverage

7. Representations and Warranties: Sets out the statements and guarantees made by each party

8. Claims Process: Details the procedure for making claims, including notification requirements and timeframes

9. Indemnification Obligations: Specifies the circumstances and extent of indemnification provided

10. Term and Termination: States the duration of coverage and conditions for termination

11. Dispute Resolution: Outlines the process for resolving disputes between parties

12. Governing Law and Jurisdiction: Specifies Indian law as governing law and establishes jurisdiction

13. Notices: Details how formal communications between parties should be made

14. General Provisions: Includes standard boilerplate clauses such as severability, entire agreement, and amendments