Let us talk in this article about title insurance at approach of insurance event.
Separately it is necessary to tell about terms of approach of insurance event. In the list of documents, which it is necessary to present to the insurance company to receive the indemnification, there is a copy of the come into force judgment about the loss of the property right to the real estate. It means that such decision should be accepted by court until as the validity of title insurance will end, because in other way the insurance company will refuse to pay. So if the bought apartment has appeared to be with “problems” it is necessary to address in court immediately.
Duties of the insurer under the contract of title insurance are standard. Unique essential difference is the restriction of some rights of owners of the insured habitation and, accordingly, impossibility to make change in documents on apartment without the coordination with the insurance company. All other conditions are in detail described in each contract.
Many of these conditions are established by the law and are identical to different kinds of insurance; therefore it is well-known themes for those who have already dealt with the insurance companies. Usually title insurance is offered «in a package» with insurance of the real estate. Separate insurance of the property right is possible only in rare instances. The insurance companies extremely reluctantly go on it. And it is absolutely rare that the insurance company will agree to insure the client who has come to it independently and without the bank recommendation.
Also it is important to know that: if the apartment or the house is got on credit, the size of the insurance sum is equal to the credit sum. When the buyer pays at once apartment cost the insurance sum will equal to the real estate price. It is necessary to tell that additional expenses can be included in the contract of title insurance, in particular, the affairs connected with conducting in court.
Under contracts of title insurance the insurance company carries out payments in case if the property right of the insurer to property is challenged by the third party. At title insurance the insurance sum is established under the arrangement of the parties within real estate cost. It also can be defined according to replacement cost (acquisitions similar) or restoration (construction, acquisition of the same object) property or its cost under the contract according to which you have entered the property rights.
Insurance payments at title insurance are individual: in each specific case their size depends on the insurance sum, term of insurance and the main thing, on quantity of the transactions made with object which is insured. The more there are such transactions than the payment there is larger. Usually the size of the payment makes from 0,8 to 1,5 % of cost of apartment. Though, of course, there are exceptions.
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