The Easement Indemnity Policy is a crucial risk management tool in Hong Kong's property market, designed to protect property owners, developers, and lenders against potential losses arising from easement-related issues. This document becomes necessary when there are uncertainties or potential risks associated with existing easements, or when historical documentation about access rights and privileges is incomplete or unclear. The policy provides coverage for various scenarios including undisclosed easements, disputes over access rights, and potential claims from third parties. It is particularly relevant in Hong Kong's dense urban environment where property rights and access issues can be complex and overlapping. The document must comply with Hong Kong's Insurance Ordinance and property law framework, while addressing specific local market requirements and practices.
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1. Parties: Identifies the insurer and the insured party, including their full legal names and addresses
2. Background: Explains the context of the easement situation and the purpose of the indemnity policy
3. Definitions: Defines key terms used throughout the policy, including technical terms related to easements and insurance concepts
4. Scope of Cover: Details the specific risks and circumstances covered by the policy in relation to the easement
5. Policy Period: Specifies the duration of the policy coverage and any renewal terms
6. Limit of Indemnity: States the maximum amount payable under the policy and any sub-limits
7. Claims Procedure: Outlines the process for making claims under the policy
8. Exclusions: Lists circumstances and situations not covered by the policy
9. General Conditions: Sets out the general terms and conditions applying to the policy
10. Governing Law and Jurisdiction: Specifies that Hong Kong law governs the policy and establishes jurisdiction for disputes
1. Premium Payment Terms: Details of premium calculation and payment schedules - include when premium payment is not a single upfront payment
2. Additional Insured Parties: Include when there are multiple parties to be covered under the policy
3. Defense Costs: Include when legal defense costs are covered separately from the main indemnity
4. Subrogation Rights: Include when specific subrogation arrangements differ from standard terms
5. Dispute Resolution: Include when specific alternative dispute resolution procedures are required
6. Severability: Include when the policy needs to specify the effect of invalid provisions
1. Schedule 1 - Property Details: Detailed description of the property affected by the easement, including land registration particulars
2. Schedule 2 - Easement Description: Detailed description of the easement, including rights granted and restrictions
3. Schedule 3 - Premium Schedule: Details of premium calculations and payment structure if applicable
4. Appendix A - Property Plans: Plans showing the affected property and the extent of the easement
5. Appendix B - Historical Documents: Copies of relevant historical documents relating to the easement
6. Appendix C - Known Issues: List of any known issues or potential claims relating to the easement
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