Important update on residential title insurance coverage in Winnipeg
No one understands risk better than us.
For over 30 years and counting, we have believed in the role that title insurance plays in helping homeowners. We want to make sure that we can continue to offer the protection they need at a competitive price.
To this end, we’ve made some changes to our residential title insurance coverage in Winnipeg.
Effective June 5, 2021, FCT’s Platinum Homeownership Protection Policy Covered Risk 24 will be amended for purchase resale and existing homeowner policies for all properties governed by the City of Winnipeg’s Building Department, to cap the building permit and septic system permit coverage to $50,000 by way of an endorsement to the policy.
Specifically, if an insured owner is forced by a governmental authority to remove or remedy existing structures or any part of them, other than a boundary wall or fence, because they were built without obtaining a required building permit, then FCT will pay the actual loss up to $50,000. In addition, if an insured owner is forced by the public or private agency to remove or remedy the septic system because a required septic permit for its construction was not obtained from that public or private agency, FCT will pay the actual loss up to $50,000.
We will also be updating the permit exception in Schedule B to include closed permits that are categorized as “closed with an incomplete inspection”.
You and your clients will always be our priority, and we look forward to your continued business.
If you have any questions, please contact your FCT Business Development Manager.
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