When buying real estate, the buyer bears the risk of losing title to property through fraudulent activities of the seller or on any other grounds. Such companies that use credit facilities against pledge of their real estate commit to a double risk since in the event of loss of title they will have both to repay the credit facility and pay the interest.
Title insurance will help you protect your rights as owner.
Our advantages:
Opportunity to insure expensive real estate objects and have a guarantee of timely indemnification of any amount: Ingosstrakh provides reliable reinsurance protection of title insurance contracts;
Guaranteed fulfillment of commitments in the long run backed up by 60 years of experience, financial and overall stability of the insurer;
Assistance in pre-insurance legal due diligence;
Legal assistance in lodging claims to the insurer, recovery of costs incurred during settlement of claims;
Ingosstrakh’s widely recognizable brand
Experienced and qualified real estate insurers, precise assessment of all and any potential risks.
Real estate is:
Non-residential objects (premises, buildings, constructions and production floors as property complexes);
Plots of land
Insurable object:
Title to real estate.
Insured event:
Loss of an object of real estate by the owner through the court’s ruling to nullify the purchase and sale deal and to apply the consequences of such nullity, or the court’s satisfaction of a vindication claim against the owner of the real estate on the grounds provided in the RF laws.
In the event of the occurrence of the insured event the insurer shall pay an Insurance indemnity in the amount equal to the amount insured under the insurance contract.
The insured amount is determinable on the grounds of:
Fair (market) value of the real estate object as at the date of the insurance contract;
Price of the insurable object under the purchase contract;
Actual construction/reconstruction costs;
Other (size of the loan on mortgage based on the amount actually paid under the purchase contract etc)
The insured amount cannot exceed the actual value of the real estate. During the insurance period the insured amount can be subject to change (e.g. if the insurant undertakes a turnaround, the insured amount can increase by the amount of turnaround costs).
By sharing your risks with us, aside from the restitution of your losses, you will get a reliable partner with decades of successful experience in the insurance market who will protect your interests in a critical situation.
In insurance of risks of owners of non-residential premises the events insured against are:
Legal violations during privatization
Closing of a deal in contradiction with the law;
Closing of a deal by a person without due authorization;
Other events that may be used to contest the title.
In insurance of risks of land owners the events insured against are:
Legal violations during privatization
Unauthorized capture of land;
Transgression of authority during transactions with land;
Delimitation of state, municipal property and property of federal constituents of the Russian Federation;
Limitation of transfer of certain categories of land; violations in conversion of the type of land from agricultural to other;
Other events that may give rise to claims by third parties to withdraw the land from illicit possession or against validity of land purchase deals or claims.
Our Contacts
If you have any question or need any additional information, please do not hesitate to contact us:
Professional and Financial Risks Insurance Section
