Personal Accidents Insurance
Provides cover against financial loss from defects in title
4.5
Personal Accidents Insurance Benefits
Over the past decade there have been many cases highlighted in the media of people facing serious emotional & financial difficulties in Spain through problems with, for example, planning permission, illegal developments or fraud. In the worst cases the result has been the demolition of the dream home in the sun or severe financial loss and a lot of stress. With this in mind Ibex has teamed up with DUAL Asset Underwriting, Europe’s largest provider of title insurance.
What is Title Insurance?
Title insurance is a form of indemnity insurance which provides cover against financial loss from defects in title to residential & commercial property. Unlike most insurance contracts payment is a single one off premium.
Why is it useful?
A title insurance policy offers full protection against title defects as well as peace of mind to the existing homeowner or potential purchaser & their mortgage lender.
Risks & Solutions
The most common risks associated with Spanish residential property include the following:-
- Lack of appropriate planning permission
- Lack of building regulations
- Illegal developments
- Missing title documents
- Lack of first occupancy certificate
- Notarial record mistakes
- Property built on land not permitted for property development
- Boundary issues - part of the property title does not belong to the owner
- Fraud/Forgery - a third party steals your identify or you buy from a fraudulent owner
- Third party rights/easements – a right of way or unregistered charge in favour of a third party affects the property
- Hidden legal defects – a discrepancy in the deed makes it difficult to sell a property
- Purchase from an incapable seller – the person from who you bought lacked mental capacity to sell
Losses typically covered by a policy include:
- Damages and third party settlements
- Depreciation of estate/asset value
- Legal expenses/costs
- Demolition costs
- Fines/Financial penalties
Who benefits?
Beneficiaries can include the current owner, buyer and mortgage lender where applicable.
Why DUAL Asset Underwriting?
Outside of the USA, DUAL Asset Underwriting is the largest provider internationally of title insurance. In the last year DUAL Asset has provided policies in over 35 countries including Spain and provide a range of policies backed by some of the largest 'A' Rated insurers in the world.