Lloyds Insurance

ilovecyprus


Joined: 08/05/2007
Posts: 2880

Message Posted:
19/05/2007 18:28

I noticed on another site, reference to LLoyds having launched an insurance for people buying in the TRNC. (the context was in respect of land ownership)

Does anyone have any idea as to what type of insurance it might be and how I might find out some more details?

renelapin



Joined: 19/05/2007
Posts: 136

Message Posted:
20/05/2007 14:01

Yes, I read about in cyprus today a few weeks ago. It is an assurance that will

keep you compensated in case of loosing your property because of an expropriation by pre-74 greek owners. I think, some of the estate agencys established this assurance for having arguments against the fears of their customers. This agencys should be able to tell you more facts about this kind of insurance.

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
20/05/2007 15:03

I also heard about this and on one of the other forums was advised to look at the Churchill overseas web but searched and couldn't find anything. Not very well advertised and if true I would think it would be popular. Do you think it is too good to be true?

ilovecyprus


Joined: 08/05/2007
Posts: 2880

Message Posted:
21/05/2007 00:01

I will try and check it out tomorrow

ilovecyprus


Joined: 08/05/2007
Posts: 2880

Message Posted:
21/05/2007 00:17

I pulled this off the Churchill website:



New Title Insurance for Northern Cyprus Property Buyers



An insurance policy for land in north Cyprus hopes to put an end to ownership disputes.



The new policy, called 'Title Land Indemnity Guarantee', is underwritten by 'Lloyds-trained insurers'. The scheme, said to be backed by one billion pounds, will cover home buyers in the TRNC in the event of any claim on their title from Greek Cypriot former owners. The claimant must first apply to the recently-established TRNC Property Commission. If the Commission refuses compensation, the policy promises to pay out.



Several developers in northern Cyprus have already agreed to offer the policy to potential purchasers and existing home owners may also purchase policies.



A 12-month policy costs £1,560, or £30 per week. This is reduced to £21 per week, or £1,092 per annum, for a three year policy. After three years, if there have been no claims and customers wish to renew, they can take another three years cover at the same price. If a claim is made, they can stop the policy, as it only has to be live at the time of the claim.



The policies are being offered by Legal and Commercial UK Plc, part of Benchmark Partners Fund Ltd an offshore investment fund registered in the British Virgin Islands and specialising in commercial mortgages. The company has assets in excess of £50 million.



John Harris, chairman of Legal and Commercial said: There is little appetite for the insurance of 'political risks' or 'long standing disputes' in the international marketplace and this has been very frustrating for us as we have been working on this for the past three years.



Legal & Commercial is now happy to provide the necessary guarantees and has arranged the backing of major re-insurers to the satisfaction of the TRNC government. The government is well aware that the property market is the lifeblood of the future economy of the island.



He added that the Guarantee would assist Greek Cypriots in their claims, because instead of pursuing long-running court cases, they can claim from the TRNC compensation fund in the full knowledge that should the fund not pay, the guarantee policy will.



This is an exciting new development which could help to clear the logjam of the property issue, which has always been the sticking point in any talks about the future of Cyprus.

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
21/05/2007 00:56

well researched Ilove cyprus. Is this something you would consider?I would have thought that even if you need to pay compensation it would be a small amount when divided by everyone in the apartment block.Might be better just putting the fees in a bank and wait to se what happens. These sort of payments over the next decade would surely amount to more than any compensation.

davidoff


Joined: 21/04/2007
Posts: 438

Message Posted:
21/05/2007 11:42

Hi all,



Heres another article I found regarding the indemnity insurance I found on the hri-cyp turk news webb site:



[04] British Insurance Company to offer cover to the buyers of usurped Greek Cypriot properties



Under the title: End to Orams cases? Turkish Cypriot weekly CYPRUS TODAY newspaper (05-11.08.06) reports the following:

A British insurance company is launching a government-sanctioned policy for homeowners and potential buyers today which it claims could put an end to Orams-style disputes over land and compensation.



The policy, called Land Title Indemnity Guarantee, will cover homeowners in the event of any claim against their title. It is backed by some major developers who will be offering the guarantee on all new builds. Major figures in the property sector hope it will restore confidence in the North Cyprus market and give a much-needed boost to the industry, which has seen a slump this year following the post-referendum boom.



The scheme has been under-written by Lloyds-trained underwriters to the tune of ¤ 1 billion to cover all potential claims from former Greek Cypriot owners.



Policies are being offered by Legal and Commercial (UK) Plc, a long-established UK company based in the West Midlands. Legal and Commercial is part of Bench-Mark Partners Fund Ltd, an offshore investment fund registered in the British Virgin Islands and specializing in commercial mortgages. The company has assets in excess of ¤ 50 million.



Among developers in North Cyprus ready to offer the policy on their properties are Yigor Property Developments and Boyut construction. Evergreen Developments Group says it is also very interested but is waiting to see details. Existing homeowners may also purchase policies.



The Land Title Indemnity Guarantee will insure land and property owners in the event of a claim on their title from any former Greek Cypriot owners. The claimant must first apply to the recently established `TRNC Immovable Property Commission´. If the commission refuses compensation, the policy promises to pay out.



A 12-month policy costs ¤ 1,560, or ¤ 30 per week, reduced to ¤ 1,092 per annum or ¤ 21 a week, for a three-year policy. After three years, if there has been no claim and customers wish to renew, they will be able take another three years´ cover at the s ame price. If a claim is made, they can stop the policy, as it only has to be live at the time of the claim.



John Harris, chairman of Legal and Commercial said: There is little appetite for the insurance of `political risks´ or `long-standing disputes´ in the international marketplace and this has been very frustrating for us as we have been working on this for the past three years.



Legal and Commercial is now happy to provide the necessary guarantee and has arranged the backing of major re-insurers to the satisfaction of the `TRNC government´.



The government is well aware that the property market is the lifeblood of the future economy of the island. The Finance Ministry understands that Guaranteed Land Title will breed confidence in the property market. They have been very supportive from the beginning and are happy to approve the complete Legal and commercial package.



Mr Harris, who served with the Royal Engineers in Cyprus in the 1950s, says he formed a lifelong attachment to the island. He said: I always considered Cyprus to be the `Jewel of the Mediterranean´. I have maintained my links by way of holiday and business, both to the South and to the North via Istanbul. I have always understood the ultimate frustration of both sides.



He added: This guarantee can actually assist Greek Cypriots in their claims. Instead of pursuing long-running court cases, they can claim from the `TRNC´ compensation fund in the full knowledge that should the fund not pay, the guarantee policy will.



I honestly believe that this project

ilovecyprus


Joined: 08/05/2007
Posts: 2880

Message Posted:
21/05/2007 14:24

Hi Davidoff



Thanks for this info. Damn hard to get any answers though and I have been up many cul de sacs.

I cannot find any info on the web about the companies above, nor from directory enquiries.

Have called Lloyds, someone is phoning me back but not optimistic.

Have e-mailed Gurken and Gurken and am awaiting a reply.

Have phoned Churchill, spoke to Stuart and he is going to call me back



Hi Bradus



I am not sure what amounts of compensation the GC's would seek. I guess if they were ruling the roost then I guess it would be substantial. What do you reckon? I know you are safe because you have bought Turkish pre 74.

The guy challenging the Orams wasn't content with compensation but wanted the property on it knocked down. (sounds like revenge to me)

davidoff


Joined: 21/04/2007
Posts: 438

Message Posted:
21/05/2007 15:33

Hi ilovecyprus,



Me too hard to find any of the companies mentioned aswell- its looking near impossible to find out anything!



Also with e-mail responses in NC dont hold your breathe! You ll be lucky if you get responses back at all and if you do give it at least a fortnight this seems to be the norm ( huumm...)!



See ya D

ilovecyprus


Joined: 08/05/2007
Posts: 2880

Message Posted:
21/05/2007 17:07

This looks to be a 'wild goose chase' . I don't think this company exists.



Looked at the companies house website and they were listed as a UK company but registered c/o a chartered accountant. I spoke to the chartered accountant and he said he would love to know who they are too. They use his address but he has never heard of them. He has complained to Companies house.

I called companies house and they gave me an addrees for Legal and Commercial in Birmingham. They couldn't give me a telephone no. Tried directory enquiries and they had never heard of this company.

I guess you wouldn't want to buy a product from them because you wouldn't be able to track them down to make a claim anyway.

ilovecyprus


Joined: 08/05/2007
Posts: 2880

Message Posted:
21/05/2007 17:29

ps, Legal and Commercial are not registered with the Association of British Insurers. Another poor sign

ilovecyprus


Joined: 08/05/2007
Posts: 2880

Message Posted:
21/05/2007 18:00

If we look at the details more closely.



Under what circumstances would the TRNC government not pay out? Surely if they have approved something like this then they know they don't need to pay as the insurance will. Seems like it lets them off the hook and gives the gc's more incentive to claim?



Or am I seeing this all wrong?

norths4me


Joined: 19/04/2007
Posts: 269

Message Posted:
21/05/2007 19:06

Hi All



From the way that I read it about this insurance is that it was going to be an Option should the Orams case go pear shaped. As they won their case subject to appeal the insurance option has dissapeared.



Ilovecyprus you are wasting your time with Lloyds as it was never them that were offering this insurance it said it was Lloyds trained brokers.

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
21/05/2007 20:04

Hi Ilovecyprus,

I really don't think compensation would amount to much. We are looking at land and the 1974 value. On top of this if my memory serves me well, some greek cypriots were given some compensation to start afresh in the south. Surely this would be off set from any compensation package? Look at land/house prices in the south in comparison to the north! The GC's have faired well financially in this aspect. Compensation tends to relate to refugee status, loss of community, lively hood and that has to be sorted out by the TRNC. As already stated the beauty of buying an apartment is that any compensation deal would be divided by the whole block. Also the people that owned the land may have been given TC land and again this would have to be considered. Personally I think the Island will remain divided for many years to come. I agree that for the Greek Cypriot in the Oram's case it was never about compensation and I believe he was well supported by the Greek Cypriot government. A political attack by the GC Government and even if the house had been bulldozed the GC concerned would never have returned to live on his land. However they will continue to persue this and we can but wait to see what happens at appeal. Don't know where this figure came from but a TC estate agent thought that compensation in a block of 6 apartments we were viewing would be in the range of £3-5,000 each. You have to off set this against the fact that if the TRNC did join EU and Island reunited property prices would be on line with the South and that has to be a good investment.

davidoff


Joined: 21/04/2007
Posts: 438

Message Posted:
21/05/2007 20:24

Hi all,



I think your right-this insurance stuff may now be a deead end situation because of the outcomes of the orams ,property commissions and the new land deed status!



Me personally after being out there dont want the island to re-unite as the Gcs will never move on or let anything go we will be alot WORSE OFF i think- but thats just me!!!



What I would be happy with is TRNC independant recognition and direct flights anything could be an added bonus!!

Anyway the south has alot more to loose from this than the north and they know it!

Also I think they are starting to feel the brunt of the shift thats happening in the north which is effecting their economy in the south!



See ya D



p.s- a little birdie told me while I was in North last week that a sly little airline company who does regular weds latenight flights from uk has taken a few detours the last few weeks and has been skipping the turkey touch down and going direct!! Wonder how long before SC finds out???

Or wonder if its just hearsay ??

ilovecyprus


Joined: 08/05/2007
Posts: 2880

Message Posted:
21/05/2007 21:43

Hi all, interesting stuff and I value your opinions

ttoli


Joined: 24/03/2007
Posts: 1172

Message Posted:
21/05/2007 22:14

davidoff, this has been going on a while, check-in staff know in advance.

davidoff


Joined: 21/04/2007
Posts: 438

Message Posted:
21/05/2007 22:55

ttoli,



SO ITS NOT HEARSAY THEN-GOOD ON THEM! AT LAST!



Do the Gcs know yet? Hope not-otherwise thats the end to that!



Mind you if they did we would have known about it by now-as they would create uproar straight away!



See ya D

pilgrim



Joined: 11/05/2007
Posts: 1404

Message Posted:
22/05/2007 20:10

hi Folks,

Its great when it happens,cuts time to 4hours, problem when it happened to me arrived at 4am and had to wait 2hours for my lift! I'll ask next time before we board so I can rearrange pick-up.

cheers

p