Come April 2018, real estate developers will be able to buy title insurance cover — an indemnity policy which insures against financial loss from claims in title to land or property.
General insurance companies including state-owned National Insurance Company (NIC), SBI General and HDFC Ergo are eyeing products in this segment.
Long-term policies
Typically, title insurance would be through long-term policies ranging between 5 and 12 years. The promoter will pay premium and charges for such a cover taken, before transferring it to an association of allottees, on completion of the project.
