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| Your Costa Rica Dream..... |
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Costa Rica Insurance Advisors (CRIA), as a member of the Summerland Group, has created a special relationship with Costa Rica’s government insurance monopoly, the Instituto Nacional Seguros (INS), to provide investors in Costa Rica’s real estate with expanded property insurance coverage and discounted premiums. CRIA uses the special relationship and the market power of Summerland Group purchasing to provide as much as 15% discounts on premiums with coverage that exceeds standard, individual INS property insurance in important ways.
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- INS is the only Costa Rican entity which can offer insurance to property owners at this time.
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- Costa Rica Insurance Advisors (CRIA) clients are being offered a special program, because the INS is familiar with the complexes and their management by the Summerland Group.
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- Costa Rica Insurance Advisors (CRIA) will be able to add new clients to the program without an INS inspection of each new unit.
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- Costa Rica Insurance Advisors (CRIA) will handle all matters related to the insurance including initial subscription, premium collection, filing of inventories and changes, and processing claims.
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- Any number of hazards occurring within a 72 hour period will be considered one "event" for calculating deductibles. Eg: multiple earthquakes
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- Once losses are paid, any recovered items become the possessions of the INS.
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- Contents insurance is identified separately, but pays the same rate as building coverage.
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- This policy is for your condo or home only. If relevant, your Association needs a separate policy for the common areas of your complex.
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| CRIA Insurance Program compared to standard, individual INS property insurance policy. |
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Costa Rica Insurance Advisors (CRIA) |
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Individual Policy |
- Indemnification to full replacement value for all physical damage - Covered losses will be paid at replacement value.
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- Losses are reimbursed with deductions for depreciation.
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The coverage is for ALL risks, with standard exclusions for wars, nuclear accidents, deliberate negligence, court judgments, etc, that are part of policies worldwide.
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- Automatic protection for new additions to the inventory for 20 days, prior to notifying INS.
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Allowances for recovery efforts related to professional fees, technical assistance, handling errors and omissions, restoring accounting records, restoring magnetic/electronic records, design work
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- There is no coverage for liability
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| CRIA Insurance Program compared to standard, individual INS property insurance policy. |
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Costa Rica Insurance Advisors (CRIA) |
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Individual Policy |
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| CRIA Insurance Program compared to standard, individual INS property insurance policy. |
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Costa Rica Insurance Advisors (CRIA) |
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Individual Policy |
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Pooled Program - 0.445% of insured valuation, $100,000 coverage = $445 premium per year, all building sizes
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Note: All premiums under either program are subject to the 13% sales tax. |
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Owners with existing individual policies will be allowed to convert to the pooled program with a credit for the unused premium on the individual policy. |
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Selecting the right level of property insurance to protect your investment requires that you evaluate you tolerance for risk.
It is possible to insure properties for 100% of their market value and protect them for every level of loss up to total destruction. In the event of total destruction, you would not be required to rebuild. You could receive the covered amount in cash to reinvest elsewhere. Insuring at this high level will result in higher premiums.
It is also possible to assess the probable level of loss, short of total destruction, and purchase an amount of insurance that may be more appropriate to your likely experience. Your personal assessment of risk, guided by local consultants, is essential to your decision.
If you are buying insurance for an existing property, you will need to allocate a portion to interior furnishings, if you wish to cover them. The maximum payment for losses to furnishings will be that allocated amount. You will also need to submit an inventory of interior furnishings, supported by purchase price documentation, to get this element of your policy approved by the program.
We are ready to insure or convert your existing policy immediately.
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Tamarindo - Sunrise Commercial Center #6
Tamarindo, Guanacaste, Costa Rica
Costa Rica Phone 011-506-653-1810
Costa Rica Fax 011-506-653-1815
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Brasilito - Hitching Post #1
Brasilito, Guanacaste, Costa Rica
Costa Rica Phone: 011-506-654-5460
Costa Rica Fax: 011-506-654-5467
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Costa Rica Insurance Advisors is a member of The Summerland Group, Costa Rica’s most complete and vertically-integrated service organization helping real estate investors, visitors, and anyone seeking to add Costa Rica to their life. Visit www.summerlandgroup-costarica.com to see the entire family of Summerland Group companies. |
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The Summerland Group of companies is committed to eliminating discrimination, welcoming diversity, and promoting equality, fairness, truth, respect, and justice. These goals are reflected in their policies, practices, procedures, and all interactions with others. This applies to clients, guests, staff, partners, professional peers, consultants, vendors, and all other third parties. The Summerland Group of companies intends to treat everyone equally and with same attention, courtesy, and respect - regardless of their gender, marital status, race, racial group, color, ethnic or national origin, culture, citizenship, religion or beliefs, disability, age, sexual orientation, health condition, and/or employment status. |
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© 2007 Costa Rica Mortgage Advisors
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