Important update for Greater Sudbury residential title insurance
When we first introduced title insurance to Canada, we knew it wasn’t going to be easy. It was our strong belief in the important role that it plays in helping homeowners and lawyers that motivated us to remain industry leaders for 30 years and counting. As industry leaders, we know that sometimes we have to be the first to make tough decisions.
Due to market insight and trends, we will be altering the covered risks and premiums offered in our residential homeowner policy in Greater Sudbury. As of June 5, 2021, FCT will automatically add an endorsement to all purchase resale and existing homeowner policies for properties in the applicable region to remove coverage associated with building permit risk.
These changes will include the elimination of the following:
- lack of building permits, including permits relating to lands governed by the Conservation Authority or similar governmental authority
- open permits
- existence of work orders
- septic system endorsement, which included permit and work order coverage
These changes will specifically affect Covered Risks 23, 24, 17 (d), 25 (c) (d).
The following Covered Risks will be amended in the policy:
- Covered Risk 30; to remove risks relating to building permit and compliance matters and, Covered Risk 34; to exclude risks relating to building permit and compliance matters.
Please note that the above changes do not apply to lender policies (including refinance transactions), condominium and new construction policies. There is also no change to commercial policies.
If you have any questions, please contact your FCT Business Development Manager.
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