Lloyd’s broker Besso Insurance and Secure Legal Title, an appointed representative of a Lloyd’s broker, have launched an insurance programme covering real estate title risks in Italy.
The programme, Donazione Sicura,covers risk which has never been covered before, according to Secure.
“The risk affects property donated for tax or succession planning purposes. The donation renders subsequent sales, purchases, and mortgage financing virtually impossible, thus limiting liquidity in the Italian property markets,” said Secure.
In addition, Secure and Besso developed a specialised technology platform. Working with Titolo Sicuro and Aon in Genoa, they created an underwriting template, delivered via a Lloyd's advanced web platform, to issue policies directly and securely to clients against on-line payments.
Nick Kennedy of Besso said: "Donazione Sicura is unique in providing an insurance product enabling the sale and purchase of over a million Italian properties. This is a classic example of London Market expertise and creativity being harnessed to cover a previously uninsurable risk."