Policy safeguards against losses arising from numerous types of known risks inherent in commercial property transactions
LONDON (November 16, 2010) - Stewart Title Ltd. the underwriter for UK, European, Australian and New Zealand transactions for Stewart Information Services Corp (NYSE-STC), offers investors and owners of commercial property in Italy the ability to safeguard against known risks to a transaction with a single risk indemnity (SRI) policy.
“Since the European title insurance market is evolving, we regularly come across new risks related to title that can be insured with a SRI policy as an alternative to a full title policy,” said Katja Huitikka, director of European underwriting, Stewart Title Ltd. “The SRI policies, which cover specific defects, are of great benefit to investors and owners in Italy because they provide a solution to a specific title related risk that is hindering a transaction from closing securely.”
In Italy, SRI policies provide cover for losses, including legal fees and the diminution in the value of the property, arising from off-title defects such as compliance with town planning regulations and instruments; validity of retail licenses; pre-emptive rights; easements; fraud; human errors; and registration issues.
Since introducing this product, Stewart Title Ltd. has already issued a SRI policy for a logistics park in Italy. This SRI policy covered the investor for losses that could arise from obligations contained in a development agreement that was already in place on the logistics park.
“Our clients receive expertly written, customized SRI policies according to the needs of their transactions, and the ability to close their transactions quickly, securely and cost effectively,” concludes Huitikka.
To reduce risk and improve efficiency in residential and commercial conveyancing and re-mortgage transactions, Stewart Title also offers a full range of legal indemnity products to solicitors, lenders and property owners including a gap policy and escrow services.
Stewart Title Ltd. is a title insurance leader in Europe with more than EUR nine billion in transactions underwritten inthe last five years throughout Europe. The company specialises in cross-border transactions and solving market specific issues with local expertise and customised underwriting. Stewart Title has regulatory approval to underwrite across the European Union.
About Stewart Title Ltd.
Stewart Title Ltd. is a title insurance company regulated by the Financial Services Authority and registered in England and Wales under number 2770166. As a wholly owned subsidiary of Stewart Title Guaranty Company, Stewart Title Ltd. is the primary underwriter of UK, European, Australian and New Zealand transactions. The company’s operations are headquartered in London with offices throughout the UK, Europe, Australia and New Zealand. Stewart Title Ltd. delivers a host of legal indemnity products, streamlining the conveyancing and closing process and helping solicitors creatively overcome difficult title situations. More information can be found at http://www.stewarttitlelimited.com.
Stewart Information Services Corp. (NYSE-STC) is a customer-driven, technology-enabled, strategically competitive, real estate information, title insurance and transaction management company. Stewart provides title insurance and related information services required for settlement by the real estate and mortgage industries throughout the United States and international markets. Stewart also provides post-closing lender services, automated county clerk land records, property ownership mapping, geographic information systems, property information reports, flood certificates, document preparation, background checks and expertise in tax-deferred exchanges. More information can be found at http://www.stewart.com. Subscribe to the Stewart blog at http://blog.stewart.com or follow Stewart on Twitter @stewarttitleco.