Insurance in Panama

In the US and other countries banks require title insurance as a requirement to obtain a mortgage loan. Here for commercial or private loans, banks require a person to obtain fire and life insurance policies as a guarantee that if the person passes away the insurance company will reimburse the bank for the unpaid portion of the loan. The property you are buying is not sufficient collateral for banks in Panama.

You have the option of buying these insurance policies from the bank or getting them from a broker.

THE LAW

Article 36 of the Law 59 of 29 of July of 1996.

Clients of private and state banks, financial companies, fiduciaries, credit institutions, and automobile agencies, have the liberty to decide and designate their insurance companies and their insurance brokers (natural or juridical) in those transactions in which the purchase of an insurance is needed.

There are numerous advantages of obtaining life and fire policies from a broker.

THE BENEFIT OF HAVING AN INSURANCE BROKER

An insurance broker is an intermediary between the client and the insurance company and/or the bank. We believe in creating lasting relationships with our clients and in order to do so we have to provide our clients with the fastest service and the lowest premiums that satisfy their individual needs. After doing a need analysis, we give our clients a few options with different premiums for them to choose which one they find more suitable.

When it comes to bank mortgage or loans we do this on a daily basis, so we know the importance of being reliable and fast. We handle all the paperwork required by the insurance company and after the policy is emitted we take it to the bank, so it’s more convenient for our clients.

LOWER PREMIUMS

We offer term policies for mortgage loans. What this means is that unless you choose to get a permanent policy, we do policies specific for the amount of the loan. You can bring us the quote on the policies the bank offers and we will always beat that price!

VIP SERVICE

We understand that your time is valuable; this is why we design everything to fit your commodity. Many of our clients prefer to do their exams in their own country since their stays in Panama are short. To do this we have arrange a network of labs and doctors in most countries of the world. All we need to do is know where you live permanently and we will send you to one of our providers. The costs of the lab and/or medical exams will be reimbursed using as a reference the cost for those exams in Panama.

If you have a longer visit it is preferable to do those exams here in Panama. Our lab specialist and/or doctor will come to you (even to your hotel) at no cost or you can go directly to the clinic and/or lab.

Let us know to coordinate an appointment. The exams should not take more than a few minutes.

Contact our customer service department at forlacol@gmail.com or by phone (507) 6676-5151 for more information on how to get a mortgage in Panama.

Mortgage from a US Bank

A prestigious international bank based of Florida has just approved mortgages for US citizens purchasing property in Panama. This is the first of several banks who are in the process of establishing international mortgages in Panama.

FIRE AND TITLE INSURANCE will be required to obtain a mortgage from this bank.

To get more information how to obtain a Mortgage from a US Bank or to get a quote, contact our customer service department at forlacol@gmail.com or by phone (507) 6676 5151.

Home Owner’s Multi Risk or Fire Insurance

Fire Insurance covers the structure of a property - roof, walls, and ceiling. Rates depend on the material used for construction (cement, mixture of cement/wood, or wood) and the location of the property (urban or rural areas). Fire protection covers you for catastrophic damage - earthquake, hurricane/windstorm, lightning, explosion, falling objects/vehicle impact, smoke damage, and debris removal. Flood and landfall can be included in this policy.

Your maintenance fee does not include fire damage.

Fire insurance is required by banks in order to obtain a mortgage.

Home Owner’s Multi Risk - Content + Fire Insurance - protects the content of a property to a certain percentage (25, 50, or 100%) for theft. This policy can also protect you from theft outside your home, breakage of mirrors/crystals, electronic equipment, and civil responsibility (including fire).

Claims are based on good faith here in Panama, but it is recommendable to keep the receipts in case of a claim. Claims are based on depreciated value of objects.

Renters can apply for Home Owner’s coverage.

Companies give a 5% discount if you pay the full premium.

To get more information on Home Owners or Multi Risk Insurance or to get a quote, contact our customer service department at forlacol@gmail.com or by phone (507) 6676 5151.