Insurance in Panama

Title Insurance:

Title insurance is available in Panama, and simply applies the principal of insurance to your real estate transaction, by protecting you against loss or damages associated with title defects, which can result from the following:

• Fraud
• Mistakes in recording of legal documents
• Forged deeds, releases or wills
• Deeds by persons of unsound mind
• Deeds by minors
• Deeds executed under invalid or expired powers of attorney
• Undisclosed or missing heirs, including spouses

Title insurance can be issued after a complete and thorough title search, which is generally performed by an attorney. Title insurance generally runs about 1% of the value of the property to be insured.

Health Insurance:

There are several types of health insurance plans with both national and international coverage available in Panama. Deductibles and limits must be determined on a case by case basis but generally fall within the following parameters:

Health plans with National and International coverage’s generally have limits up to 1M USD for those up to the age of 60, and for those over the age of 60 the limits are usually up to USD 500,000. Deductibles for these plans start at 1000 USD with most companies and can go as high as USD 10,000.

There are Co-Pay plans with national and international coverage’s which offer limits of 300,000 USD, and 500,000 USD with deductibles of 1000 USD, 500 USD and 200 USD respectively.

The aforementioned plans cover in-patient and out-patient treatments, including medications.

Specialized plans for specific coverage’s are also available in Panama. These specific coverage’s included cancer and other catastrophic illnesses such as neurological illnesses, chronic renal insufficiency, organ transplants, and angioplasty to name a few.

The age limit for purchasing health policies in most cases is 60 years of age, but with the growing demand for more flexible coverage in regards to age, companies are beginning to cover people up to the age of 74.

Coverages offered in Panama:

• Property and Casualty Insurance
  • Fire and Allied Perils
  • Third Party Liability
  • Automobile
  • Burglary, Theft, Robbery
  • Cargo Insurance
  • Homeowners
  • Commercial Multiperil
  • Bankers Blanket Bonds
  • Jewelers Block
  • Cotractor’s and Erection All Risks
  • Machinery Breakdown
  • Electronic Equipment
  • Export Credit Insurance
  • Title Insurance
• Personal Lines Insurance
  • Individual Life Insurance (Universal and Term)
  • Group Life Insurance
  • Individual and Group Health Insurance
  • Personal Accident

Panama Realtor is affiliated with Panamericana de Seguros. If you would like more information about insurance in Panama, fill in the form below and your inquiry will be forwarded to this company.

 

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