OREANDA-NEWS. June 22, 2010. The insurance company ROSNO and NDV-Nedvizhimost, the leading real estate agency specializing in the sales of newly-built houses, have concluded an agreement on strategic cooperation in the real estate market, reported the press-centre of ROSNO.

From now on, the property interests of the individuals buying apartments via NDV-Nedvizhimost will be protected by the insurance company ROSNO. All costs of providing insurance coverage of its clients’ property interests will be borne by NDV-Nedvizhimost. The said agreement will apply both to the transactions involving purchase of apartments in the newly-built houses and to the secondary market operations.

The insurance company ROSNO and the agency NDV-Nedvizhimost have concluded an agreement on strategic cooperation in the real estate market. This agreement results from almost three-month work of the two companies, leaders in their respective sectors.

A buyer of the apartment in the newly-built house offered by NDV-Nedvizhimost will be issued the ROSNO policy covering both the future and the current property rights of shareholders (title insurance policy with additional coverage of shareholder’s financial risks). Therefore, prior to the state registration of ownership title to the apartment in the newly-built house sold by NDV-Nedvizhimost, the shareholder’s rights will be protected by ROSNO. The insurer will also provide ownership title insurance to the secondary market buyers, in case if the insured apartments have been acquired via NDV-Nedvizhimost. Should the buyer lose his or her title to the purchased real estate object, ROSNO undertakes to reimburse the former for the full value of such real estate object.

All costs of providing insurance coverage of its clients’ property interests will be borne by NDV-Nedvizhimost.

This partnership between a real estate operator and an insurer in terms of protecting ownership titles of their clients in the primary and secondary real estate market segments is a unique practice for the Russian market.

"This partnership project is of strategic interest for our company", says Mr. Vitaly Ous, Deputy Director of the Financial Risks Insurance Department in OJSC IC ROSNO. In the eyes of the consumer, ROSNO is a symbolic brand with an established reputation, guaranteeing high reliability to its clients. We are very scrupulous in our choice of business partners. We perform detailed checks on every company we do business with. In our opinion, NDV-Nedvizhimost does business with reliable developers, thus substantially minimizing the risks for buyers. The company has been operating in the secondary housing market segment for over 10 years, and, during this time, it accumulated a unique expertise, proved its professionalism and created a stable reputation. I am certain that our joint work will facilitate promotion of title insurance and overall property insurance among those Russians who are purchasing apartments."

"The adoption of this program was a logical step forward under our new client-oriented strategy. ROSNO’s insurance coverage means additional guarantees of compliance with, and protection of, our clients’ financial interests, and we are ready to provide such guarantees", says Mr. Alexander Khrustalev, CEO of NDV-Nedvizhimost.

The microdistrict Tsaritsyno, one of the largest Moscow construction sites, accommodates the first newly-built real estate objects whose buyers are to be insured under the new program.