Allianz Lanka geared to provide Title Insurance

Property transactions in Sri Lanka can now have a title insurance cover from the world’s largest general insurer to fall back on, in case something is wrong with the property’s title. Allianz Lanka, the local arm of Munich-based financial services conglomerate Allianz SE, is now fully equipped to provide corporates and individuals in Sri Lanka with title insurance cover.
On board at Allianz Lanka is an experienced team of underwriters, supported by a team of legal experts, with the capability of processing all documentation to offer title insurance covers within 24 hours.
The new unit comes in the wake of the recently set up D&O (Directors’ and Officers’ Liability) Insurance unit, and is part of Allianz’s expansionist plans for the future.
Allianz Title Insurance is vital when it is necessary to establish ownership to a property when obtaining a loan from a lending institution by morgaging personal property, or when buying or selling property. Allianz Title Insurance protects a potential owner of a property against loss from legal defects in the property’s title, either from any litigation that may arise as a result of a defective title, or by compensating him for financial loss associated with such a defect. Residential as well as commercial properties are covered by the Allianz Title Insurance policies.
“It is prudent for companies to protect themselves from as many potential risks as possible. Mitigating risk should be part and parcel of all property transactions, and protecting assets from issues as potentially debilitating as title defects should be a necessity, especially if they involve significant levels of capital,” Allianz CEO Surekha Alles noted. Title insurance is of two types: Lenders title insurance and Owner’s title insurance. The former is issued to mortgage lenders like banks and other financial institutions when issuing a loan, and protects the lender’s interests in the property in case a problem with the title arises. The policy amount decreases each year and eventually disappears as the loan is paid off.