OREANDA-NEWS. October 08, 2010. ROSNO’s North-Western Directorate has insured the risk of losing ownership title to the two apartments located in Central and Vyborgsky districts of St. Petersburg. ROSNO’s aggregate liability limit is 4,858,000 roubles, reported the press-centre of ROSNO.

The contract covers the risk of the insured apartment owner’s losing his or her real estate ownership title in case if the underlying apartment sale and purchase transaction is recognized as null and void by virtue of a legally consummated court resolution. Both contracts have been concluded for one year.

"ROSNO is actively developing title insurance. Its apparent advantage is that today it is the only available protection of funds invested in real estate against fraudulent actions, forged documents and errors committed during formalization and registration of such transaction. Even realtors with excellent reputation cannot give a one hundred percent guarantee that a transaction is „legally clean“, while fraudsters are becoming increasingly assertive. Notwithstanding the fact that the title insurance market is still forming, and only a few buyers seek to acquire insurance protection of their property title, ROSNO’s North-Western Directorate is increasing its title insurance premium collected each year", comments Mr. Pavel Ryumin, Head of the Corporate Sales Department in ROSNO’s North-Western Directorate.

ROSNO has been a full direct member of the Russian Guild of Realtors since 2005. The company has been developing title insurance since 1998. During this period, ROSNO made numerous insurance compensation payments for over one million roubles each.