OREANDA-NEWS. June 23, 2010. The federal agency MIAN is announcing the launch of the insurance program covering all transactions concluded in the secondary real estate market in the four regions of the company’s presence, reported the press-centre of ROSNO.

Since 01 May in Kazan, and since 01 June in Voronezh, Ufa and Chelyabinsk, all the clients of the federal agency MIAN will receive a title insurance policy as a confirmation of legality of their apartments acquired in the secondary market.*

The insurance program covering the transactions concluded in the secondary real estate market was launched by MIAN in Moscow in January 2010. The insurance company ROSNO acted as a program partner.

"We guarantee our clients a high quality of services rendered, and we bear liability for the legal background checks of the real estate offered for sale. Therefore, all expenses under the insurance program are borne by MIAN agency, and not by the client", comments Ms. Inna Ignatkina, executive director of MIAN agency.

Title insurance is recognized as one of the most efficient arrangements protecting bona fide buyers against financial losses which may arise from potential claims of third parties, fraudulent acts, violation of successor rights during previous transactions, etc. In case of an insured event — recognition by court of invalidity of a transaction — the buyer will be compensated for the market value of the apartment as of the moment of conclusion of the agreement.

Thus, MIAN has become the first company in the Russian real estate market, which, together with its partner, ROSNO, guarantees financial and legal support for its clients upon completion of the transaction.

"The success of the joint title insurance program in Moscow has enabled us to ponder over the prospects of its further development. The federal scale of both MIAN and ROSNO businesses make insurance protection possible not only for the buyers in the Moscow real estate market, but for other Russian cities as well. I am positive that the high service level provided by MIAN and the reliability of our financial protection will arouse interest among the regional clients, and our program will serve as an additional impetus for the development of the Russian real estate insurance market", notes Mr. Vitaly Us, Deputy Director of the Financial Risks Insurance Department in OJSC IC ROSNO.

The introduction of additional insurance guarantees represents yet another step by MIAN towards forming a civilized real estate market and achieving better living conditions for our clients.

* Title insurance is the most reliable tool protecting the bona fide housing buyer against financial losses which may arise in the future in connection with third party claims or encumbrances over the relevant real estate. The insured period is 3 years (corresponding to the aggregate limitation of action).