In Case O Loss Occurrence

Title insurance procedure in our country is debugged not completely. Therefore, it is important to approach attentively to the question of procedure action specified in the agreement.

The most important and not debugged point is a receipt of compensation in case of loss occurrence.

Often in the insurance policy actions are described in detail what to do in case of situation called loss occurrence. That is, the period during which it is necessary to manage to submit the application, receipt of supporting documents and other. Pay your attention to the specified restrictions which can be in the agreement. For example, that you have no right to apply to third-party law company, etc. There is a lot of cases when due non-compliance of rules stated in the agreement compensation payment was refused.

In case of loss occurrence overall cost of the insured object by the time of incident is reimbursed to the insured person. The insured person should submit to the insurance company documents proving his identity, insurance contract and judgment on the this case where it is specified that the transaction is acknowledged invalid and he loses his property right.

It is important to know that having come up against a situation of property right loss the insured person is obliged to take complete part in all litigations connected with this situation. The insurer shan’t represent the insured person at the court.

However, it is worth noticing that if the insurance company has carried out expertize before the conclusion of the agreement and didn’t reveal any risk factors chances of claimant to win proceeding are almost zero.

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