Stewart Title to team up with Willis on Italian insurance product

Stewart Title, the underwriter for global real estate services firm Stewart’s transactions in the UK, Europe and Australia, is providing an insurance product for Italy that facilitates the transfer and commercialisation of donated properties.

This insurance, known as Donazione Facile, covers financial losses arising from claims filed by the donee’s legitimate heirs challenging the donation. Stewart Title’s Italian branch will provide the cover with Willis Group Holdings, the global risk advisor, insurance and reinsurance broker, undertaking the policy processing.

“Our partnership with the Willis Group enables us to offer a product that can provide property owners and lenders in Italy with peace of mind,” said Steven Lessack, group president, international operations, Stewart Title.

“We know from our experience in underwriting property transactions across numerous international markets, that this product will be beneficial to Italian owners, buyers and lenders, alike. We’re excited about the opportunities it will create in the Italian real estate market.”

Stewart Title said that under Italian inheritance laws, the values of donated assets are attributed to the estate and, in the event of a shortfall in their statutory entitlement, certain heirs can claim under specific circumstances the restitution of the donated property free from any mortgages eventually registered therein after the donation occurred. This makes properties donated, less attractive to buyers and financing institutions, according to the firm.

Guido De Spirt, chief executive officer, Willis Italy, added: “We are pleased to be working with Stewart Title, a company with strong financial backing and ample European experience, to bring this product to market. The combination of Stewart Title’s cover and our proprietary on-line ordering system helps facilitate the conveyancing and mortgage process when there is a donation in the title chain.”