ALTA/ACSM Land Title Surveys: What is Title Insurance and Why Should Surveyors Care?

39 Pages·2015·2.11 MB·English

by  Mitch Duryea

ALTA/ACSM Land Title Surveys:
What is Title Insurance and Why Should
Surveyors Care?
Mitch Duryea, PLS
2015 PLSO Conference
January 21, 2015
Salem, Oregon

What is Title Insurance and Why
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Should Surveyors Care?
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• Definitions of Key Terms
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• History of Title Insurance
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• Title Insurance vs. Casualty Insurance
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• What a Title Company does
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5 • What is covered in a Standard Policy
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• What is covered in an Extended Policy
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• Types of Reports, Policies and Endorsements
Definition of Key Terms
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• Title Policy:
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• An insurance policy insuring the Title to Real Property
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O issued for the protection of persons acquiring
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interests in real property either as owner, lender or
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lessee.

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(Definitions of Surveying and Associated Terms, 2005)
Definition of Key Terms
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• Title Insurance:
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• Insurance against loss due to any defect or hazard
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O insured against in a Title Insurance Policy.
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P

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(Definitions of Surveying and Associated Terms, 2005)
History of Title Insurance
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f • The Conveyancer
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o
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• The Abstract of Title

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• Watson v. Muirhead (57 pa 161)
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P

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(First American Title Insurance Company, 1980)
History of Title Insurance
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• March 28, 1876
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C

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• Real Estate Title Insurance Company was
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P founded in Philadelphia PA.

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(First American Title Insurance Company, 1980)
Abstract - Opinion
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f • Too slow
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o
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• Usually cost too much

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• The liability of the abstractor was limited to
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own errors and opinions

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• Limitations to financial liability of the
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abstractor
(First American Title Insurance Company, 1980)
Title Insurance vs. Casualty Insurance
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r • Casualty Insurance
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• Risk Assumer
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• Annual Premium that can change at renewal

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S • Policy only good while premium is paid
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• 65% to 112% of Premiums paid in claims

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http://insuranceonworld.blogspot.com/2009/07/what-percentage-of-insurance-premiums.html
Title Insurance vs. Casualty Insurance
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r • Casualty Insurance
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• Health insurance - $.99
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• Auto insurance - $1.12

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S • Homeowners insurance - $.87
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• Workers comp - $1.42

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1
• Other Property insurance - $.67
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• Life insurance - $.65
http://insuranceonworld.blogspot.com/2009/07/what-percentage-of-insurance-premiums.html