Sri Lanka Allianz unit offers title insurance

June 11, 2008 (PBO) “ The Sri Lanka unit of Allianz Insurance said Wednesday it has begun offering title insurance cover for property transactions by individuals and the corporate sector. “Property transactions in Sri Lanka can now have a title insurance cover to fall back on, in case something is wrong with the property’s title,” it said in a statement.

Allianz Lanka, the local arm of Munich-based financial services conglomerate Allianz SE, has set up a title insurance cover unit.

It has 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 company said.

The new unit is part of Allianz’s expansion plans for the future and comes after it recently set up a D & O (Directors’ and Officers’ Liability) Insurance unit.

The company said title insurance is required when it is necessary to establish ownership to a property when obtaining a loan from a lending institution by mortgaging personal property, or when buying or selling property.

The cover protects a potential owner of a property against loss from legal defects in the property’