Closing
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Some transactions are structured in a way so that closing occurs at the same time as signing. This is called a simultaneous signing and closing. This is beneficial for W&I insurers as it means the warranties are only given by the sellers once so there is a smaller chance of a warranty breach occurring. The W&I insurer will also be paid sooner. Consequently, insurance premiums for simultaneous transactions are often slightly cheaper.
The alternative is a split signing and closing where the seller gives the warranties once at signing and once at closing. This means there is a bigger chance of a breach of warranty occurring. In order to cover repeated warranties (warranties given at closing) the insurer will require proof of detailed and comprehensive updated disclosures at closing. The coverage periods for the warranties usually run from the date of closing and therefore, once closing occurs, the policy is now moving towards the expiry dates.