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.

For more information click here.

HEALTH CARE IN PANAMA

Panama’s health care standards are up to par with first world hospitals and doctors, which is the reason why Panama is rapidly becoming a destination for medical tourism. For information on hospitals in Panama City, click here and outside of Panama City, click here.

Health care providers you know and trust have branches in Panama, such as Blue Cross Blue Shield, IHI BUPA, and World Wide Medical, as well as the local Panamanian Insurance Companies, like PALIC, ANCON and ASSA.

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 obtain Local or International Coverage.

HOSPITALIZATION

Maternity
Room and food
Intensive care
Special hospital services
Emergencies

MEDICAL EXPENSES

Doctor’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 or is later on reimbursed.
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.

INTERNATIONAL COVERAGE

You 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.
Depending on the company you can continue your policy if you move within Latin America and the Caribbean
More flexible to admit persons with pre-existing conditions.
MEDICAL AND/OR LAB REQUIREMENTS

Requirements depend on the company’s policies, some have no requirements, but the standard is:

For Panamanians – over 40 years of age
For foreigners – of all ages
For children – pediatric report required

When we present you with options for health insurance, we also include the medical requirements each one solicits. Medical exams costs must be covered by the person applying for the insurance. We will assist you in coordinating the medical appointment.

TO OBTAIN A QUOTE:

Send an email to forlacol@gmail.com with the following information:
Your birth date
Any pre-existing conditions
If you are looking for local or international coverage or want information on both options

We will send you a quote by email, then we recommend a meeting to go over your options and answer any questions you might have (health insurance is probably the most complex policy sold).

Remember insurance brokers are managed by their licenses with the Insurance Superintendency and we  have the duty to protect your privacy.

The real estate may be sold to you without the knowledge of the party having a right or claim in and to the property. In addition, you may purchase the real estate without having any knowledge of these rights or claims. In either event, these rights or claims remain attached to the title to the property that you are buying until they are extinguished.

    Why do you need Title Insurance? To protect possibly the most important investment you’ll ever make – the investment in your land. With a title insurance policy, you as owner, have an indemnity contract that will reimburse you for loss in the event someone asserts a claim against your property that is covered by the policy.

    How can there be a title defect if the title has been searched? Title insurance is issued after a careful examination of copies of the public records. But even the most thorough search cannot absolutely assure that no title hazards are present, despite the knowledge and experience of professional title examiners. In addition to matters shown by public records, other title problems may exist that cannot be disclosed in a search.

    What protection does title insurance provide against defects and hidden risks? Title insurance will pay for defending against any lawsuit attacking your title as insuranced, and will either clear up title problems or pay for any losses. For a one-time premium, an owner’s title guaranty policy remains in effect as long as you, or your heirs, retain an interest in the property such as:

With regards to Title Insurance, when issuing the policy we are of the agreement with the buyer of the insured title, that all title defects that are found and fully determined as one not only the buyer but by our company as well, are risks that the buyer is willingly entering into being fully aware of the consequences of still going through with the purchase.   We, as the buyer’s Title Company, will be there covering  for any other matter or off record defect not found and not arising from the currently known risks, that in the future may turn into an adverse matter challenging the title.  At the mere hint of a claim adverse to the title, Title insurance includes coverage for legal expenses which may be necessary to investigate, litigate or settle an adverse claim, claims litigation, arbitration, mediation, coverage opinions and defense in all courts.

No client wants to pay the potentially ruinous cost of defending your property rights in court which would definitely go beyond the total fees or our services, should a valid claim arise.

Protect your investments by obtaining title insurance in panama. Contact Forlacol a licensed LATCO agent in Panama: forlacol@gmail.com or by phone +507-211-1466

Cars made in the year 2000 or newer can be insured for Full Coverage – civil responsibility (personal injuries and damage to foreign property), medical assistance, and coverage for the insured vehicle (collision and comprehensive).

Cars from 1999 or older are insured for Civil Responsibility (damage to thirds) under Panamanian law. This coverage includes foreign property and personal injuries for third parties. Your policy can also include medical assistance for the driver/passengers in your car.

The older the car the higher the premium for full coverage – this has to do with the risk of a car accident and older parts are harder to get and more expensive.

Depreciation is done 20% first year (some companies do 15%) and then 15% the rest of the years.

If you bring your car to Panama include the entry taxes as part of the value of the car.

For you to be covered your license needs to be valid. You can use any license from any country or an international license for up to 3 months; just make sure it’s not expired!

No-fault coverage does not exist in Panama.

If you are financing a car, banks will require you to have a full coverage policy. It is much better to use a broker who can assess your needs, compare different premiums, and assist you in a claim. The Law 59, of July 29, 1996 (which regulates insurance in Panama) in Article 36 states that a consumer has the right to chose who will sell him/her insurance. So don’t pay higher premiums at the bank!

AAA does not exist in Panama, but your insurance policy has roadside assistance included! This covers jump-starts, towing, a tire change, or gas delivery (gasoline costs are not included).

To get a quote for car insurance, please email forlacol@gmail.com with the following information:

- Value of the car (depreciation is done 20% the first year and 15% thereafter)
- Make
- Model
- Year

The Transit Authority and Land Transport (ATTT) launched the free distribution of vehicle ownership card. To give users idea of the status of your document you will find two systems, one is the number 315-0000 or by accessing the website http://www.tarjeta.com.pa

For the provinces of Panama and Colon the cards will be delivered at Auto Depot. The other regions may approach the headquarters of the Single Registry of Motor Vehicles ATTT of each province.

Vehicle Ownership card will be delivered on the date that corresponds to the renovation of the plate. All cars that have renewed plates from 01 June this year should have this card.

If you are a client of Interoceanica de Seguros and now receive a bill from Suramericana it is because after 10 years of having a strategic alliance, the two groups now merged. Suramericana is one of Colombia’s strongest financial groups and Interoceanica has over 30 years of experience being an insurance company in Panama.

For all clients with existing Interoceanica policies, your policies will remain the same, despite the merger.

The new company “SURA” is focused on product innovation, low prices, and customer service.

A “get to know your client” policy is now enacted and from the date the law comes into effect. Brokers and insurance companies have 1 year to provide in their clients renovations, a new questionnaire (which is standard for all insurance companies – just the logo changes). If you have several policies, you only need to fill one out, unless you have several insurance brokers or companies. The questionnaire asks the client general information questions and requires the client to sign it.

This policy will not affect you much, unless you pay more than $10,000 a year in insurance premiums, then you will be required to give your broker and insurance company a financial profile (does not have to be audited). Like clients under $10,000 this information is placed in your file, which is confidential, unless a pertinent authority solicits the file.

If you are a client that has a corporation and have bearer shares, the new regulation dictates you must specify who is the real “beneficiary owner” of the company. This information will not be verified when you buy your policy, but if inconsistent with the truth if a situation where to arise, then it could serve as proof that the person was buying the insurance for other motives.

The new legislation regulates insurance companies, reinsurers, brokers, adjusters, and insurance administrators.  Who are required by law to report any suspicious activities. Fines for insurance brokers go from $1,000-50,000 and 3 to 12 years of prison and for insurance companies from $5,000-1,000,000 and 25 to 30 years of prison time.

Please note this measurement applies to all, not only new clients, so be patient with your insurance broker when he/she asks for this additional requirement. We are regulated under law to keep confidential all of our clients information.

Imagine the heartbreak of discovering that you have run the race only to find yourself set back to a point more distant than your starting line. Such is the case when unforeseen factors cloud your title.

It is true that title insurance is priced fairly in Panama. This important surety is well worth this small investment.

Shopping for real estate anywhere in the world demands attention to detail. This is why many countries require title insurance. Panama give you the freedom to choose. It is suggested that you choose this extra measure of protection.

While the nation’s title industry routinely points to many different ways in which a title can be compromised, a fairly short list comprises the greatest percentage and severity. Among these is a forged deed or related documents like satisfaction of mortgage docs and releases.

Another source of many disputes is the transfer of a Deed from a mentally incompetent person or a minor. Laws defining in competency are vague, so be wary. Always be careful to measure the capacities of your seller before entering into a transaction.

Another important source of seller based hassles is rooted in dealing with unnatural entities such as corporations, trusts, partnerships , and such. Clarifying the standing of such entities can be difficult, and is not a job for amateurs.

It should suffice to say that the ability to avoid anyone of a hundred different pitfalls makes the price of title insurance a bargain.

“For more information click here”