Upon the purchase of a financed property,financial institutions should mandatorily require that the taker of real estate financing (borrower) take out insurance with coverage for taker’s death and permanent disability (MIP) and physical damage to the property (DFI), as this insurance policy is mandatory for all property financed by the Housing Financing System (Sistema Financeiro da Habitação).
The entity financing real property purchase , qualifies, from its roster, at least two among the various insurers authorized to operate in this branch , and places these for borrowers’ choice. Each insurer manages its housing insurance portfolio, whose operating conditions follow the rules defined by Susep (Private Insurance Superintendency, the authority subordinated to the Ministry of Finance, in charge of regulating and inspecting the insurance sector).
Housing insurance comprises a basic guarantee to real estate credit, with benefiits to all parties involved.
The DFI coverage comprises risks of fire, lighning strike, explosion, flooding , roof loss, full or partial building collapse, in addition to building collapse threat. Indemnification is equal to the amount needed to compensate for the losses, with property rehabbing to conditions identical to those the building presented prior to the damage (materializing of one of the risks envisaged in the policy.
The MIP coverage, in turn, protects the borrower and family in case of his or her death or permanent disability or of one of the members comprising family income, when property financing was granted entailing this situation, that is, more than one person. In this case, indemnification will correspond to the settlement of the outstanding debt, commensurate with the share, in the financing contract, of the deceased or disabled party.
DELPHOS performs full insurance portfolio management, administrating policies, processing premiums, reinsurance, coinsurance, regulating claims and providing support to all stages in the operation. This service encompasses several value chain stages. An insurance company production and operation can be supported by DELPHOS, either through system utilization only, or through our team, infrastructure, and solution resources, which releases clients from considerable administrative expenses, as well as from the high investment burden in the setting up of an own structure. Among the said stages, personal and material damage claim regulations are contemplated, which may be inserted into Insurance BPO services, or then may be hired separately. On account of its experience in claim regulation for the Persons branch (especially Housing and Life, which bear coverage for death and permanent disability), DELPHOS is able to provide performance of Medical Expertise through its accredited network, as well as the management of the entire macroprocess for insurance companies and brokers, services which, such as regulation, can be inserted in the Global Insurance BPO service scope, or then be hired separately.