Common use of Insurance by the Seller Clause in Contracts

Insurance by the Seller. If the special conditions require the Seller to insure the Property then the Seller must give to the Buyer all relevant documentation relating to that insurance, use reasonable endeavours to note the Buyer’s interest on that policy if requested, and use reasonable endeavours to maintain that insurance but does not give any warranty as to the adequacy of the insurance. The Seller will hold any insurance payments in relation to the Property on trust for the Buyer. The Seller will cancel the insurance on completion. On completion, the Buyer will reimburse the Seller for the cost of the insurance from the date of this contract to completion.