Insurance in Panama

A license will be suspended if a person acquires more than thirty five (35) points in a period of 12 months. Also if:

• If there are severe injuries or death caused by a traffic accident, and the police can establish negligence from part of the driver.
• For driving under the influence of alcohol and/or drugs, which is to be determined by the proper authorities.
• For conducting race or speed competitions (”regattas”) on public roads.
• For a hit and run when a person is involved in a traffic accident.

If you commit any of these infractions a second time, your license will be canceled.

One wonders how much certain tickets cost. Well here is a list of the most common infractions. This also includes how many points you are given on your license.

~ Vehicle without title ~ 1 point ~ $25

~ Vehicle with expired tag ~ 3 points ~ $50

~ Vehicle without a tag ~ 3 points ~ $50

~ Not carrying a driver’s license ~ 2 points ~ $50

~ Allowing an unauthorized person to drive ~ 5 points ~ $150

~ Refusing to pull over the vehicle when required (fuga) ~ 6 points ~$200

~ Talking on the phone when driving ~ 3 points ~ $75

~ Not wearing a seatbelt ~ 3 points ~ $75

~ Spilling or throwing garbage on the road ~ 2 points ~ $75

~ This one if for TAXIS: Refusal to take a passenger ~ 1 point ~ $75

~ DUI first time depending on alcohol level ~ 5 points ~ $150

~ DUI second time or for the first time if the alcohol level is very high ~ Suspension of license, removal of vehicle, and fine.

~ Reckless driving ~ 3 points ~ $75

~ Driving on the wrong side of the road or giving a U turn where is prohibited ~ 3 points ~ $75

~ Driving on the wrong side of the lane of the road or highway ~ 2 points ~ $50

~ Driving on the shoulder of the road ~ 2 points ~ $50

~ Refusal to stop ~ 5 points ~ $100

~ Passing a red light ~ 6 points ~ $100

~ Vehicle parked where it’s not allowed ~ 1 point ~ $10

~ Parking in a handicapped spot (Law 42 of 27/August /99) ~ 3 points ~ $50 ~ Double if the person does it again.

~ Speeding ~ 5 points ~$50 ~ If the person does it again, attendance to a lecture is required.

~ Hit and run or property damage ~ Cancellation of license.

You have 30 days to pay for the ticket or you will receive a an additional fee (10% of the ticket value)

To see a complete list of all traffic infractions please access the A.T.T.T. Webpage (which is in Spanish)

Driving in Panama is like driving nowhere else in the world. Between our famous “Diablo Rojos” (our buses), the patched up taxis (that still cost $1.25 in most places in the city), and the rush hour traffic, this place is ridiculous. Foreigners always ask me how I can drive in Panama, and I tell them that I learned to drive thinking I was in a video game, you know like “Grand Theft Auto” or something, and a friend once told me but you die on those games, and my response was have you seen that jungle out there!

We do have cops in Panama, but since they get paid minimum wage which is very low, that means we have corrupt cops. Getting back to the no-nos, cops here only seem to care about two things. #1 and most important do not under any circumstance talk on your cell phone while driving and # 2 your seatbelt. Things like passing red lights, speeding, or DUIs are minor in this country. Actually, sometimes when a politician wants to do some PR they do a version of DUI checkpoints. These points are done in Calle Uruguay (where everybody is drinking and driving) and they take the “guarometro” or in English “boozemeter” (yeah the cops call it that as well!) and stop random people and give them $150 fines – which happens maybe 3 nights out of the year.

Mandatory insurance policies for automobiles (which only cover damage to thirds) where placed as a law this year (yeah in 2007!). The limits for those are $5,000 for foreign property and $5,000 per person and $10,000 per accident for personal injury. When they passed this law I was seriously proud of this country. But already the other day my vet’s assistant told me when “I went to get my yearly revision and tag renewal they didn’t ask me for my insurance papers.” When I asked why? He said that when they were asking for the insurance policy nobody was paying to get their new tags so the government was losing money, because the policy was so expensive (it’s around $140-175 a year which would make that half of one month’s salary for the average Panamanian.) For taxis and buses it’s even worse the premium is $450-1,000 a year and no company wants to insure them because it’s too high of a risk.

Do not to take any chances with yourself or your car in Panama. Get full coverage insurance (collision, comprehensive, theft, and fire) with limits that are specific for your needs. Call +507 6676-5151 or write to forlacol@gmail.com to get a quote today!

You don’t need to search anymore; FORLACOL has the right Title Insurance Company for you!

When you include the Title Insurance FORLACOL offers in your transaction, you pay for peace of mind. Since there was no Title Insurance industry in Panama before January 2006, there is currently no standard among law firms, as there is in the US, about what is all that needs to be research when a buyer requests a title search to identify a title as clear from on-record defects. But when dealing with us, we will instruct, evaluate and insure for you an extensive due diligence, that will show everything there is to know about a property. Including but not limited to all Public records not only from the Public Registry but from other public offices; plus other private documents we request from the seller.

All of this information is then organized into a legal opinion about the property, that added to all other documents and original certifications will form your comprehensive Title Report. Thus, a Title Report is the best way to make a really informed decision about a transaction. Having fulfilled this requirement, we will issue a Title Insurance Policy that will protect your investment against: fraud, criminal and civil issues, mistakes, and other off-records title defects.

Insured Value

This can be either your purchase price or property market value, you decide which. The insured value for the policy could also include future improvements like new constructions. It is entirely your choice which amount to insure as limit of coverage against economic loss. That is whether or not to insure future improvements.

(Panama City Bay ~ Avenida Balboa)

Rates

Rates are payable only once and insure title insurance over your property as long as the property is yours or is inherited.

Planning Your Next Visit ?

We will be happy to assist you on your next visit when scheduled. The best time to get Title Insurance is when entering into a Promise to Purchase, or any time before closing. Have you already made contact with these developers about the property you are considering? We have good relationship with most of them, so if you haven’t been in direct contact, we would be happy to make the arrangements. Since recording of your title, or closings, are a lengthier process they normally will not be completed on your visit if you are here just for under a month. We can gladly follow up on it on your behalf. However if you have already closed on a property we can still properly clear and insure its Title.

Contact forlacol@gmail.com or Ursula (507) 6676-5151 for more information on how we can advise you regarding title insurance, escrow services, or title search.

Title Insurance Commitment and Policy

Title insurance provides financial indemnification for losses due to on-record or off-record title defects on the property that existed on the date the policy was issued. The extensive work done prior to the issuance of a title policy allows the policy holder peace of mind: knowing that the underwriter carefully investigated the title prior to issuing the policy and; knowing that if a claim does arise the policy holder is indemnified by the insurance company.

A full title search is conducted and a commitment to issue title insurance is issued at closing. Once the property is transferred to the new owner, a title insurance policy is executed and issued to the insured

(Sunset in Contadora – Pearl Islands – Panama)

Joint Marketing Services

Participation and support in publicity events

Assistance in the process of educating potential buyers about the sales process

Advantages and Benefits

We believe that these services offered together, as a package, add value (not cost) to the real estate transaction process, providing many advantages to both the developer and clients.

(Volcan - Chiriqui Province - Panama)

Advantages to Developer

• Increased selling potential of property
• Significant cost savings: lower cost than providing services individually
• Reduced administrative burden: allowing the developer to focus on the most important tasks (sales and development)
• Faster deal executing time: standardized system and process ensures quicker turnaround time
• More efficient system for executing transactions: centralization of activities related to funds management, documentation and closing allows better control and efficiency
• Accurate and up to date tracking of project status and funds

Advantages to Clients

• Real financial guaranty against loss
• Absolute security of funds
• Reduced investment risk
• Increased resale value of the property
• Significant cost reduction vs. requesting all services separately

Contact forlacol@gmail.com or Ursula (507) 6676-5151 for more information on how we can advise you regarding title insurance, escrow services, or title search.

The main areas that are researched are the following:

Public Registry of Panama ~ Here the attorneys check to ensure that the property is registered to the name of the seller, or the sellers entity (corporation, foundation, or trust) and that there are no pending liens or encumbrances on the property. A copy of the public deed and all amendments to the public deed are extracted from the Public Registry, which are then researched and confirmed to be valid and authentic.

Ministry of Economy & Finance ~ Here the attorneys check to ensure that the property has all property taxes paid up to date.

Utility Companies ~ The attorneys check with the various utility companies to ensure that the property has all water utilities, electrical utilities, etc. paid up to date so that there are no future claims from the utility companies.

Agricultural Reform Department ~ In the event that the property is not titled property, rather it is what is referred to as “Possession Rights” property (Propiedad de Derecho Possessorio), the attorneys research and confirm the Possession Rights Certification at the Agricultural Reform Department (the department that regulates government lands in rural areas that are granted ownership rights to those citizens or entities who have proven use of the land through a Possession Rights Certification).

Courtesy: of Panama Offshore Services.

The following is the information our lawyer will obtain in your title search, please do not use a lawyer that is not approved by us, because the insurance company will not accept the search as valid.

(Ocean Business Plaza or Banesco Tower ~ Banking District)

Property Registration Information – which includes:

1. Location and Address

2. Area in square meter

3. Type description and use of the property

4. Information regarding any burden to the title of the property.

5. Lease agreements or other agreements granting use of the property.

6. Registered liens, easements, encumbrances or limitations.

7. Chain of Title.

Title Search also requires:

• Certificate of absence of Liens
• Certificate issued by the Catastro Office regarding total area and registered value of lead and improvements.
• Survey with Delineation of the Meets and Bounds.
• Good Standing Tax Certificate for the Property.
• Good Standing or EVIDENCE OF Payment of water, sewage and other Contributions.
• Condominium Property Regime, if applicable.
• Time Share Regime, if applicable.
• Ground Lease Structure, if applicable.
• Mortgage Indebtedness and Mortgage Cancellations.
• Covenants, Conditions and Registrations on the Property.
• Description of Physical Inspection (including for review of easements for possession by third parties).
• Impending Litigation: report of Legal Status of any lawsuits affecting the property.
• Appraisal of the Property.

Part of obtaining title insurance is conducting a title search. A title search must be done by a lawyer. We work with a network of lawyers that we can recommend to do this search for you. For more information please contact us at forlacol@gmail.com or by phone (507) 6676 5151 (Ursula)

Health Care in Panama

• Panama offers great health care with First World Hospitals and Doctors.
• Health care providers you know and trust have branches in Panama, such as Blue Cross Blue Shield, IHI, and World Wide Medical.
• Health Insurance premiums can be significantly lower since Panama is not a litigious country.
• It is extremely important to get health insurance in Panama since hospitals will require by law proof of insurance (your card) or a credit card before allowing you to be admitted into the hospital, even for persons in critical conditions.

Your health insurance policy can cover you for hospitalization and/or medical expenses. You can also obtain Local or International Coverage.

Hospitalization

• Maternity
• Room and food
• Intensive care
• Special hospital services
• Emergencies
• Medical Expenses
• octor’s fees
• Ambulatory consultation
• Medicine
• Lab exams and X Rays

Local Coverage

• Includes Hospitalization and Medical Expenses.
• With Co-Payment: the insured person pays a fixed amount for each consultation and the rest the insurance company pays directly to the doctor.
• Medical Network: list of doctors in most hospitals in the country.
• Doctors/Hospitals outside the network are covered up to a percentage negotiated with the network.
• Coverage without maximum age.
• Premium depends on age range.

Internacional Coverage

• Can choose between Hospitalization and/or Medical Expenses.
• Coverage in Panama and in every country in the World.
• Coverage without maximum age.
• Premium depends on age range.
• Higher insured sum (1- 2 million lifetime benefit)
• Deductibles are done by policy or calendar year, they are not by event.
• Medical and/or Lab Requirements

Depends on the company – some have no requirements.

If they do:
· For Panamanians over 40 years of age.
· For foreigners of all ages.
· For children – pediatric report required.

To get more information on a Health Insurance Policy that suits your needs or to get a quote, contact our customer service department at forlacol@gmail.com or by phone (507) 6676 5151.

WWSelect is the best WWM offers
World Wide Coverage up to $2,000,000 per year with 3 different deductible options:
$1,000, $2,500 and $5,000. The deductibles are done by policy year, not by event.
90% coverage in your country of residence (Panama) without deductible

Select Hospitals ~ In our 6 Select Hospitals your deductible will be reduced in half and WWM will cover 100% of expensesHospitals in your Country of Residence (Panama) ~ No Deductible and WWM covers 90% of expenses

World Wide Coverage with a lifetime benefit of $2,000,000 with 3 different deductible options: $1,000, $2,500 and $5,000. The deductibles are done by policy year, not by event.

90% coverage in your country of residence (Panama) without deductible

Maternity
Coverage by event of $2,000 in Panama and $5,000 elsewhere.

For maternity to be covered there must be a 10 month waiting period. If pregnancy occurs 2 months after buying the insurance and as long as the labor happens 10 months after you are insured then you are covered.

Air Ambulance ~ Up to $25,000 per case

Organ Transplant ~ Up to $250,000

Congenital Problems ~ Only if maternity was covered by the policy ~ Up to $25,000

Dialysis ~ $25,000 per year, $75,000 lifetime benefit

Physical Therapy ~ Up to $1,000 each year

Ambulatory Expenses ~ Such as laboratory exams, consultations, X rays, or medicine are covered world wide except for Panama

Hospital Room ~ Semi-private outside of Panama, private in Panama

Traveler’s Assistance/Insurance ~ included

4 Service Alternatives

Participating Hospitals ~ Over 4,000 Hospitals ~ Deductible must be covered then WWM covers 80% of expenses up to $25,000 after which WWM covers 100% of expenses

Non Participating Hospitals ~ Deductible must be covered then WWM covers 80% of expenses up to $25,000 after which WWM covers 100% of expenses

Select Hospitals ~ In our 6 Select Hospitals your deductible will be reduced in half and WWM will cover 100% of expenses

Hospitals in your Country of Residence (Panama) ~ No Deductible and WWM covers 90% of expenses

Includes over 4,000 participant hospitals, the 6 select hospitals, and the hospitals in your country of residency (Panama).

World Wide Coverage with a lifetime benefit of $2,000,000 (at age 80 this is reduced to $250,000) with 3 different deductible options: $1,000, $2,500 and $5,000. The deductibles are done by policy year, not by event.

This plan does not include maternity benefits and has a $100 deductible for all hospitals in Panama.

Air Ambulance ~ Up to $25,000 per case in participating hospitals

Organ Transplant ~ Up to $250,000

Dialysis ~ $25,000 per year, $75,000 lifetime benefit

Physical Therapy ~ Up to $1,000 each year

Ambulatory Expenses ~ Such as laboratory exams, consultations, X rays, or medicine are covered world wide except for Panama

Hospital Room ~ Semi-private outside of Panama, private in Panama

Traveler’s Assistance/Insurance ~ included
4 Service Alternatives

Participating Hospitals ~ Over 4,000 Hospitals ~ Deductible must be covered then WWM covers 80% of expenses up to $25,000 after which WWM covers 100% of expenses

Non Participating Hospitals ~ Does Not Apply

Select Hospitals ~ In our 6 Select Hospitals your deductible will be reduced in half and WWM will cover 100% of expenses

Hospitals in your Country of Residence (Panama) ~ $100 Deductible and WWM covers 80% of expenses