common concerns when buying a property abroad and make the process safer for the consumer. Since its inception fi ve years ago, the AIPP has dealt with a number of consumer complaints involving issues surrounding title deeds and building defects. Professor Mark Sharp, CEO of the AIPP
I , says: “Over the years, our
experience has shown that many of the concerns when buying abroad centre around quality of build and the certainty of obtaining full rights to the land and property. To make this easier and safer for consumers, we have launched an innovative range of new insurance services that tackle these worries. It will enable consumers to feel more confi dent about buying a property abroad.” The AIPP has teamed up with Kinnell Corporate
Limited, a specialist insurance broker, to tailor a range of insurance services for consumers and the industry alike, to specifi cally address the issues highlighted above. The range of insurances available to the consumer through ‘AIPP Insurance Services’ includes latent defects, title insurance, and travel insurance.
Latent Defects Insurance When purchasing a property, one of the common concerns is the quality of the build as construction methods are not the same worldwide. Latent Defects Insurance helps minimise risk exposure from inadequately constructed buildings, and provides cover comparable to the NHBC (National House Building Council) guarantee on UK new build property. When buying off-plan or new build, if insurance against defects is not already provided for you by the developer, you could take this out directly insuring your property against
n 2011 we announced a new service for AIPP members and their clients, providing access to a range of insurance services that can help eradicate
problems that might arise as a result of the standard of build. This could include damage to your property caused by defective design, workmanship or materials becoming apparent for up to 10 years after the practical completion of building work.
Title Insurance Buying a property overseas isn’t the same as buying one at home, and Title Insurance is common in most parts of the world where land registration is not as complete or accurate as it is in the UK. Title Insurance covers property buyers against disputes over ownership, access rights and other common issues such as boundaries. Available on both new build and existing properties there are even bespoke policies for properties with known exposures. This insurance is not restricted to European countries and can also be purchased after completion.
Travel Insurance If you’re buying a holiday home overseas, you and your family will no doubt be taking regular and perhaps extended trips to stay in the property. It is imperative to have a suitable travel insurance in place when buying an overseas home, as it takes the burden off the traveller should something go wrong while they are abroad. AIPP Insurance Services can help source the right policy to best suit your needs, even if you have problems with travel insurance due to age or illness.
How do I find out more?
Enquiries about AIPP Insurance Services can be made via the AIPP website
www.aipp.org.uk under the ‘Services’ tab.
For added peace of mind when buying property overseas, ask your agent or developer about what insurances they have in place and contact AIPP Insurance Services to find out what additional cover could be available to you.
AIPP Insurance Services is a trading name of Kinnell Corporate Limited. Kinnell Corporate Limited is authorised and regulated by the Financial Services Authority.
Association of International Property Professionals Limited is an Introducer Appointed Representative of Kinnell Corporate Limited, 14 Castle Street, Liverpool, L2 0NE.
AIPP CONSUMER GUIDE 53
SECTION 5 AIPP SERVICES
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