The answer is “any kind you need.”If you are moving to Panama or spending a large amount of time here, your insurance needs will be largely the same as they are “back home.”

You will want health insurance in Panama. If you are visiting, then check your health insurance for benefits when you travel. If you will be living in Panama, check with us for types of health insurance available in Panama.

If you will be driving a car in Panama you will want car insurance in Panama. For rental cars this is simple, but costly. You will pay a daily premium directly with the car rental company. For your own car you will want both collision and liability. Being an expatriate in Panama can mark you as a target for liability claims in the event of an accident.

If you are buying property, you will want title insurance in Panama whether you are buying titled land in the city or right of possession property in the interior of Panama. In fact, you will find it hard to get a mortgage without title insurance, much as in the USA. Beside title insurance you will want a multi-risk homeowners insurance to include fire, theft, flood, wind damage, etc. Be aware that in Panama payment on claims is on a depreciated value, so you will not get replacement value on older property.

A note on title insurance is that it is wise to have someone who is experienced in this area do your title search. If your title is challenged you may end up being paid for the property and needing to build again. Beside title insurance banks will often want a life insurance policy and fire insurance on your home.

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Title insurance in the United States is indemnity insurance against financial loss from defects in title to real property and from the invalidity or unenforceability of mortgage liens.

This is a type of insurance that most Panamanians are unfamiliar with. However, LATCO sees the need to provide it because Americans and other foreigners have chosen Panama as another important expat or second home buyer destination. Therefore, LATCO has become the first insurance company in Panama registered to offer title insurance.

LATCO and Chicago Title are also providing their services in Costa Rica, where they have learned that both local and foreign customers trust their well reputed brand name. After all, Chicago Title has been working since 1847, and in the year 2000 became the largest insurance company in the United States, after being acquired by Fidelity National Financial, Inc.

Latinamerica Title Co. strives to offer the most comprehensive and accurate title and escrow related services in the region, enhancing real estate transactions with a group of services that minimize the risk of investing in a foreign country. Services for closing and mortgage are also amongst their menu of services.

Be sure to check out LATCO’s Real Estate Solutions magazine. Now that they are established in Panama, the fourth edition of this publication will be available in the Panamanian market at the end of July 2009. Its content will be related to Panama, Costa Rica and Central America as a start point.

Their intention is to offer a realistic, serious and professional view of the world of real estate, finance, investment, modern design and ecological development, providing their readers solutions and answers to their questions – and ideas for new business projects.

They offer the opportunity to submit articles and place advertisements and property listings, for reasonable prices that you may find in their website’s media kit. It will be distributed in law firms, real estate agents offices, regional airports, car rental facilities, Latinamerica Title Co regional offices, and the biggest and important strategic offices in the United States.

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Panama has two types of documents that describe the ownership of land.

Panama has titles to land, which are kept in the Public Registry. These titles describe the land, and who is the owner.

Panama also has certificates kept in the Agricultural Reform Department, which describe land and who has the “right of possession.” This kind of “title” typically does not qualify you for a bank mortgage in Panama but it does allow you to purchase, build on, and live on property.

Traditionally land in the interior of Panama is “right of possession” property and land in Panama City is usually titled. Costal property and islands have been “right of possession.” However, the Panama Assembly passed a law in April of 2009 that will allow for titling of these properties. The way this works in Panama is that the assembly writes the intent of the law and the executive branch of government fills in the details. This usually takes a few months.

The point being that if you are buying coastal, right of possession, property you may need the services of an attorney to first do a title search and issue a policy for right of possession and then help you gain title to the land.

As with title insurance for titled property a policy on right of possession land insures that the title insurance company will defend your rights if challenged and, if unsuccessful, pay you. Depending on what you choose for an insurance policy the payment may be the price you paid for the land or the current value as determined by appraisal.

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In general, the title insurer carries out its own search of public records to assure that the purchaser of a property will have clear title. The title insurance carrier will describe the title in the insurance document. The title insurance carrier will defend the title as described in the title insurance document or pay the amount stated in the title insurance document.

Almost all title insurance in the world is written in the United States. How about title insurance in Panama?

Title insurance is new in Panama since January of 2006 but it works the same as in the USA. Agents of the title insurer, usually attorneys, search the pertinent public records to make sure that the property is question is, in fact, registered in the name of the seller and that there are no pending liens or encumbrances. The insurer also assures that property taxes have been paid, and utility bills are paid up to date.

Besides checking public records a competent title insurer will request, in writing, any and all pertinent documents from the seller as an extra precaution.

The additional issue in Panama is untitled, derecho procesario property (right of possession). In this case similar searches are carried out through the Agricultural Reform Department making sure that certification is correct.

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