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What is Title Indemnity Insurance?

Title indemnity insurance is a form of insurance that protects owners and mortgage lenders against financial loss resulting from challenges or defects in the title to real estate. It is sometimes referred to as defective title insurance or legal indemnity insurance.

Title insurance is principally a product developed and sold as a result of an alleged comparative deficiency of land records. It is meant to protect an owner’s or a lender’s financial interest in real property against loss due to title defects, liens, or other matters.

It defends against a lawsuit attacking the title, or reimburses the insured for the actual monetary loss incurred, up to the amount of insurance provided by the policy. Title indemnity insurance is ordinarily taken out by a purchaser of the property or by the institution lending money on the mortgage in an amount equivalent to the purchase price of the property.

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