CLEAR were contacted by a large financial institution who were seeking assistance on a Legal Indemnity cover that their developer client had been unable to source, despite engaging the services of two other indemnity brokers.

The matter related to a historical Restrictive Covenant whereby only one unit could be built on the plot, whereas the intention was to knock down the exiting private dwelling and build two units in its place. The main issue was that the owners of the surrounding properties, including an active resident committee, had knowledge of this covenant and expressed their intention to seek enforcement.

Despite this being an a live matter, CLEAR established that another plot, on the site, had been developed in a similar fashion despite the same covenant being in place. With this in mind we sought counsels opinion and were able to gain terms from an underwriter with a small deductible. Cover was placed and funds were released, much to the appreciation of the developer.