OREANDA-NEWS  On 02 June was announced, that Chernozem’e-ROSNO branch paid its client an insurance compensation under the title insurance contract for the damage inflicted to the latter as a result of a court order to revoke his ownership title to the purchased apartment.

The underlying title insurance contract covering the risk of title loss with regard to the purchased apartment was concluded between ROSNO and its client, resident of Voronezh, in December 2007. Having learned of the new apartment owner, relatives of the former owner (serving his sentence in prison) applied to the prosecutor’s office. It was subsequently discovered that the passport and ownership certificate of the previous owner had got into unlawful possession of a criminal group. After repasting the document photo, the fraudsters arranged the sale and re-registration of the apartment.

The court ordered to terminate the new owner’s title. Having studied all documents and case history, ROSNO has recognized this situation as an insured event and paid full contractual insurance amount of 1,900,000 RUR.

A similar insured event occurred last year in Kaluga. Here, ROSNO paid its client 1,980,000 RUR  under the title insurance contract. The client’s title to the apartment was revoked by court after having established that the initial alienation of the apartment was based on forged documents.