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 e Should Surveyors Care? c n e r e • Definitions of Key Terms f n o • History of Title Insurance C O • Title Insurance vs. Casualty Insurance S L • What a Title Company does P 5 • What is covered in a Standard Policy 1 0 • What is covered in an Extended Policy 2 • Types of Reports, Policies and Endorsements Definition of Key Terms e c n e r e • Title Policy: f n o • An insurance policy insuring the Title to Real Property C O issued for the protection of persons acquiring S interests in real property either as owner, lender or L P lessee. 5 1 0 2 (Definitions of Surveying and Associated Terms, 2005) Definition of Key Terms e c n e r e • Title Insurance: f n o • Insurance against loss due to any defect or hazard C O insured against in a Title Insurance Policy. S L P 5 1 0 2 (Definitions of Surveying and Associated Terms, 2005) History of Title Insurance e c n e r e f • The Conveyancer n o C • The Abstract of Title O S • Watson v. Muirhead (57 pa 161) L P 5 1 0 2 (First American Title Insurance Company, 1980) History of Title Insurance e c n e r e • March 28, 1876 f n o C O • Real Estate Title Insurance Company was S L P founded in Philadelphia PA. 5 1 0 2 (First American Title Insurance Company, 1980) Abstract - Opinion e c n e r e f • Too slow n o C • Usually cost too much O S • The liability of the abstractor was limited to L P own errors and opinions 5 1 • Limitations to financial liability of the 0 2 abstractor (First American Title Insurance Company, 1980) Title Insurance vs. Casualty Insurance e c n e r • Casualty Insurance e f n • Risk Assumer o C • Annual Premium that can change at renewal O S • Policy only good while premium is paid L P • 65% to 112% of Premiums paid in claims 5 1 0 2 http://insuranceonworld.blogspot.com/2009/07/what-percentage-of-insurance-premiums.html Title Insurance vs. Casualty Insurance e c n e r • Casualty Insurance e f n • Health insurance - $.99 o C • Auto insurance - $1.12 O S • Homeowners insurance - $.87 L P • Workers comp - $1.42 5 1 • Other Property insurance - $.67 0 2 • Life insurance - $.65 http://insuranceonworld.blogspot.com/2009/07/what-percentage-of-insurance-premiums.html