TITLE INSURANCE: Real estate has traditionally been a family’s most valuable asset. It is a form of wealth that is protected by many laws. These laws have been enacted to protect one’s ownership of real estate and the improvements located on the land. The owner, the owner’s family, and the owner’s heirs may have rights or claims in and to the property that you are buying. Those who have an interest in or lien upon the property could be governmental bodies, contractors, lenders, judgment creditors, or various other individuals or corporations.

The real estate may be sold to you without the knowledge of the party having a right or claim in and to the property. In addition, you may purchase the real estate without having any knowledge of these rights or claims. In either event, these rights or claims remain attached to the title to the property that you are buying until they are extinguished.

    Why do you need Title Insurance? To protect possibly the most important investment you’ll ever make – the investment in your land. With a title insurance policy, you as owner, have an indemnity contract that will reimburse you for loss in the event someone asserts a claim against your property that is covered by the policy.

    How can there be a title defect if the title has been searched? Title insurance is issued after a careful examination of copies of the public records. But even the most thorough search cannot absolutely assure that no title hazards are present, despite the knowledge and experience of professional title examiners. In addition to matters shown by public records, other title problems may exist that cannot be disclosed in a search.

    What protection does title insurance provide against defects and hidden risks? Title insurance will pay for defending against any lawsuit attacking your title as insuranced, and will either clear up title problems or pay for any losses. For a one-time premium, an owner’s title guaranty policy remains in effect as long as you, or your heirs, retain an interest in the property such as:

With regards to Title Insurance, when issuing the policy we are of the agreement with the buyer of the insured title, that all title defects that are found and fully determined as one not only the buyer but by our company as well, are risks that the buyer is willingly entering into being fully aware of the consequences of still going through with the purchase.   We, as the buyer’s Title Company, will be there covering  for any other matter or off record defect not found and not arising from the currently known risks, that in the future may turn into an adverse matter challenging the title.

At the mere hint of a claim adverse to the title, Title insurance includes coverage for legal expenses which may be necessary to investigate, litigate or settle an adverse claim, claims litigation, arbitration, mediation, coverage opinions and defense in all courts.

No client wants to pay the potentially ruinous cost of defending your property rights in court which would definitely go beyond the total fees or our services, should a valid claim arise.

We are exclusive agents of Chicago Title Insurance Company in Panama

To obtain a quote for your property please contact us at i...@thepanamaclub.com or by phone (507) 211-1466

The heat Panama has been receiving from international associations, like the OCDE, are producing changes in our regulations. The new insurance regulations (resolution #8, of October 29, 2008) comes into effect September 20 and affects every single person who has insurance. Regulations are placed in order to prevent money laundering and financing of terrorism.

A “get to know your client” policy is now enacted and from the date the law comes into effect. Brokers and insurance companies have 1 year to provide in their clients renovations, a new questionnaire (which is standard for all insurance companies – just the logo changes). If you have several policies, you only need to fill one out, unless you have several insurance brokers or companies. The questionnaire asks the client general information questions and requires the client to sign it.

This policy will not affect you much, unless you pay more than $10,000 a year in insurance premiums, then you will be required to give your broker and insurance company a financial profile (does not have to be audited). Like clients under $10,000 this information is placed in your file, which is confidential, unless a pertinent authority solicits the file.

If you are a client that has a corporation and have bearer shares, the new regulation dictates you must specify who is the real “beneficiary owner” of the company. This information will not be verified when you buy your policy, but if inconsistent with the truth if a situation where to arise, then it could serve as proof that the person was buying the insurance for other motives.

The new legislation regulates insurance companies, reinsurers, brokers, adjusters, and insurance administrators.  Who are required by law to report any suspicious activities. Fines for insurance brokers go from $1,000-50,000 and 3 to 12 years of prison and for insurance companies from $5,000-1,000,000 and 25 to 30 years of prison time.

Please note this measurement applies to all, not only new clients, so be patient with your insurance broker when he/she asks for this additional requirement. We are regulated under law to keep confidential all of our clients information.
For more information please visit our page: Insurance in Panama

HEALTH CARE IN PANAMA

Panama’s health care standards are up to par with first world hospitals and doctors, which is the reason why Panama is rapidly becoming a destination for medical tourism. For information on hospitals in Panama City, click here and outside of Panama City, click here.

Health care providers you know and trust have branches in Panama, such as Blue Cross Blue Shield, IHI BUPA, and World Wide Medical, as well as the local Panamanian Insurance Companies, like PALIC, ANCON and ASSA.

Health Insurance premiums can be significantly lower since Panama is not a litigious country.

It is extremely important to get health insurance in Panama since hospitals will require by law proof of insurance (your card) or a credit card before allowing you to be admitted into the hospital, even for persons in critical conditions.

Your health insurance policy can cover you for hospitalization and/or medical expenses. You can obtain Local or International Coverage.

HOSPITALIZATION

Maternity
Room and food
Intensive care
Special hospital services
Emergencies

MEDICAL EXPENSES

Doctor’s fees
Ambulatory consultation
Medicine
Lab exams and X-rays

LOCAL COVERAGE

Includes Hospitalization and Medical Expenses.
With Co-Payment: the insured person pays a fixed amount for each consultation and the rest the insurance company pays directly to the doctor or is later on reimbursed.
Medical Network: list of doctors in most hospitals in the country.
Doctors/Hospitals outside the network are covered up to a percentage negotiated with the network.
Coverage without maximum age.
Premium depends on age range.

INTERNATIONAL COVERAGE

You can choose between Hospitalization and/or Medical Expenses.
Coverage in Panama and in every country in the World.
Coverage without maximum age.
Premium depends on age range.
Higher insured sum (1- 2 million lifetime benefit)
Deductibles are done by policy or calendar year, they are not by event.
Depending on the company you can continue your policy if you move within Latin America and the Caribbean
More flexible to admit persons with pre-existing conditions.

MEDICAL AND/OR LAB REQUIREMENTS

Requirements depend on the company’s policies, some have no requirements, but the standard is:

For Panamanians – over 40 years of age
For foreigners – of all ages
For children – pediatric report required

When we present you with options for health insurance, we also include the medical requirements each one solicits. Medical exams costs must be covered by the person applying for the insurance. We will assist you in coordinating the medical appointment.

TO OBTAIN A QUOTE:

Send an email to forlacol@gmail.com with the following information:
Your birth date
Any pre-existing conditions
If you are looking for local or international coverage or want information on both options

We will send you a quote by email, then we recommend a meeting to go over your options and answer any questions you might have (health insurance is probably the most complex policy sold).

Remember insurance brokers are managed by their licenses with the Insurance Superintendency and we  have the duty to protect your privacy.

Forlacol is pleased to present you with higher discount rates in 2009!

For Pick Up model vehicles, the discount for good experience is:

- Up to $20, 000.00: 25%
- From $20, 001.00 and over: 40%

For other vehicles the discount for good experience will be:

- New vehicles worth up to $17, 000.00: 40%
- New vehicles from $17, 001.00 and over: 45%
- Used Cars: 35%

Except for vehicles from the following brand and models: Kia Picanto, Mitsubishi Lancer, Toyota Yaris will be:

- New vehicle: 35%
- Used Cars: 30%

* Luxury vehicles with values $20, 000.00 onwards, new or used, including BMW, Mercedez Benz, Porsche, Lexus, Audi, Honda, Land Rover, among others, will enjoy special discounts for good experience to be evaluated on case by case basis.

* For drivers 40 and older, the Generali Endorsement (additional benefits) will be free.

Discounts are awarded on total value of the policy and it should be noted that the above is subject to verification of traffic record. Foreigners who don’t have traffic records in Panama automatically obtain the highest discount, since they have a clean record.

For more information on car insurance in Panama visit PanamaCarInsurance. For a quote please email forl...@gmail.com or call Office +507 211-1466, Cel +507 6676-5151