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<span>Purpose</span> </div> </a> <ul id="toc-Purpose-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Types_of_policies" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Types_of_policies"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Types of policies</span> </div> </a> <button aria-controls="toc-Types_of_policies-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Types of policies subsection</span> </button> <ul id="toc-Types_of_policies-sublist" class="vector-toc-list"> <li id="toc-Owner's_policy" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Owner's_policy"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>Owner's policy</span> </div> </a> <ul id="toc-Owner's_policy-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Lender's_policy" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Lender's_policy"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>Lender's policy</span> </div> </a> <ul id="toc-Lender's_policy-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Construction_loan_policy" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Construction_loan_policy"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3</span> <span>Construction loan policy</span> </div> </a> <ul id="toc-Construction_loan_policy-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Land_title_associations_and_standardized_policies" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Land_title_associations_and_standardized_policies"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Land title associations and standardized policies</span> </div> </a> <ul id="toc-Land_title_associations_and_standardized_policies-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Comparison_with_other_forms_of_insurance" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Comparison_with_other_forms_of_insurance"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Comparison with other forms of insurance</span> </div> </a> <ul id="toc-Comparison_with_other_forms_of_insurance-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Homeowner's_right_to_choose_a_title_insurance_company" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Homeowner's_right_to_choose_a_title_insurance_company"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Homeowner's right to choose a title insurance company</span> </div> </a> <ul id="toc-Homeowner's_right_to_choose_a_title_insurance_company-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Affiliated_business_arrangements" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Affiliated_business_arrangements"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>Affiliated business arrangements</span> </div> </a> <ul id="toc-Affiliated_business_arrangements-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Cost_of_title_insurance" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Cost_of_title_insurance"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>Cost of title insurance</span> </div> </a> <button aria-controls="toc-Cost_of_title_insurance-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Cost of title insurance subsection</span> </button> <ul id="toc-Cost_of_title_insurance-sublist" class="vector-toc-list"> <li id="toc-Premium_charges" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Premium_charges"> <div class="vector-toc-text"> <span class="vector-toc-numb">8.1</span> <span>Premium charges</span> </div> </a> <ul id="toc-Premium_charges-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Service_fees" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Service_fees"> <div class="vector-toc-text"> <span class="vector-toc-numb">8.2</span> <span>Service fees</span> </div> </a> <ul id="toc-Service_fees-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Industry_profitability" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Industry_profitability"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>Industry profitability</span> </div> </a> <ul id="toc-Industry_profitability-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Relative_market_share_among_U.S._title_insurers" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Relative_market_share_among_U.S._title_insurers"> <div class="vector-toc-text"> <span class="vector-toc-numb">10</span> <span>Relative market share among U.S. title insurers</span> </div> </a> <ul id="toc-Relative_market_share_among_U.S._title_insurers-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">11</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> </ul> 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class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Form of indemnity insurance</div> <p> <b>Title insurance</b> is a form of <a href="/wiki/Indemnity" title="Indemnity">indemnity</a> <a href="/wiki/Insurance" title="Insurance">insurance</a>, predominantly found in the United States and Canada, that insures against financial loss from defects in <a href="/wiki/Title_(property)" title="Title (property)">title</a> to <a href="/wiki/Real_property" title="Real property">real property</a> and from the invalidity or unenforceability of <a href="/wiki/Mortgage_loan" class="mw-redirect" title="Mortgage loan">mortgage loans</a>. Unlike some <a href="/wiki/Land_registration" title="Land registration">land registration</a> systems in countries outside the United States, US states' <a href="/wiki/Recorder_of_deeds" title="Recorder of deeds">recorders of deeds</a> generally do not guarantee <a href="/wiki/Torrens_title#Indefeasibility_of_title" title="Torrens title">indefeasible title</a> to those <a href="/wiki/Recording_(real_estate)" title="Recording (real estate)">recorded</a> titles. Title insurance will defend against a <a href="/wiki/Lawsuit" title="Lawsuit">lawsuit</a> attacking the title or reimburse the insured for the actual monetary loss incurred up to the dollar amount of insurance provided by the policy. </p><p>The first title insurance company, the Law Property Assurance and Trust Society, was formed in Pennsylvania in 1853.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> Typically the real property interests insured are <a href="/wiki/Fee_simple" title="Fee simple">fee simple</a> ownership or a <a href="/wiki/Mortgage_law" title="Mortgage law">mortgage</a>. However, title insurance can be purchased to insure any interest in real property, including an <a href="/wiki/Easement" title="Easement">easement</a>, <a href="/wiki/Lease" title="Lease">lease</a>, or <a href="/wiki/Life_estate" title="Life estate">life estate</a>. </p><p>There are two types of policies – owner and lender. Just as lenders require <a href="/wiki/Fire_insurance" class="mw-redirect" title="Fire insurance">fire insurance</a> and other types of insurance coverage to protect their investment, nearly all institutional lenders also require title insurance to protect their interest in the collateral of loans secured by real estate. Some mortgage lenders, especially non-institutional lenders, may not require title insurance. Buyers purchasing properties for cash or with a mortgage lender often want title insurance as well. </p><p>A loan policy provides no coverage or benefit for the buyer/owner and so the decision to purchase an owner policy is independent of the lender's decision to require a loan policy. </p><p>Title insurance is available in many other countries, such as Canada, Australia, the United Kingdom, Mexico, New Zealand, Japan, China, South Korea, and throughout Europe. However, while a substantial number of properties located in these countries are insured by U.S. title insurers, they do not constitute a significant share of the real estate transactions in those countries. They also do not constitute a large share of U.S. title insurers' revenues. In many cases these are properties to be used for commercial purposes by U.S. companies doing business abroad, or properties financed by U.S lenders. The U.S. companies involved buy title insurance to obtain the security of a U.S. insurer backing up the evidence of title that they receive from the other country's <a href="/wiki/Land_registration" title="Land registration">land registration</a> system, and payment of legal defense costs if the title is challenged. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Title_insurance&action=edit&section=1" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Prior to the invention of title insurance, buyers in real estate transactions bore sole responsibility for ensuring the validity of the <a href="/wiki/Land_title" class="mw-redirect" title="Land title">land title</a> held by the seller. If the title were later deemed invalid or found to be fraudulent, the buyer lost his investment. </p><p>In 1868, the case of <i><a href="/w/index.php?title=Watson_v._Muirhead&action=edit&redlink=1" class="new" title="Watson v. Muirhead (page does not exist)">Watson v. Muirhead</a></i> was heard by the <a href="/wiki/Pennsylvania_Supreme_Court" class="mw-redirect" title="Pennsylvania Supreme Court">Pennsylvania Supreme Court</a>.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> Plaintiff Watson had lost his investment in a real estate transaction as the result of a prior <a href="/wiki/Lien" title="Lien">lien</a> on the property. Defendant Muirhead, the <a href="/wiki/Conveyancer" title="Conveyancer">conveyancer</a>, had discovered the lien prior to the sale but told Watson the title was clear after his lawyer had (erroneously) determined that the lien was not valid. </p><p>The courts ruled that Muirhead (and others in similar situations) was not liable for mistakes based on professional opinions. As a result, in 1874, the Pennsylvania legislature passed an act allowing for the incorporation of title insurance companies. </p><p>Joshua Morris, a conveyancer in <a href="/wiki/Philadelphia" title="Philadelphia">Philadelphia</a>, and several colleagues met on March 28, 1876, to incorporate the first title insurance company. The new firm, <a href="/wiki/Real_Estate_Title_Insurance_Company_of_Philadelphia" class="mw-redirect" title="Real Estate Title Insurance Company of Philadelphia">Real Estate Title Insurance Company of Philadelphia</a>, would "insure the purchasers of real estate and mortgages against losses from defective titles, liens and encumbrances," and that "through these facilities, transfer of real estate and real estate securities can be made more speedily and with greater security than heretofore." </p><p>Morris' aunt purchased the first policy, valued at $1,500, to cover a home on North 43rd Street in <a href="/wiki/Philadelphia" title="Philadelphia">Philadelphia</a>.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Purpose">Purpose</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Title_insurance&action=edit&section=2" title="Edit section: Purpose"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>There are two types of title systems used worldwide: Land registration and land recording. </p><p>Most of the industrialized world uses <a href="/wiki/Land_registration" title="Land registration">land registration</a> systems for the transfer of land titles or interests in them.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> Under these systems, the government determines title ownership and encumbrances using its land registration; with only a few exceptions, the government's determination is conclusive. Governmental errors lead to monetary compensation to the person damaged by the error but that aggrieved party usually cannot recover the property. The <a href="/wiki/Torrens_title" title="Torrens title">Torrens title</a> system is the basis for land registration systems in several <a href="/wiki/Common_law" title="Common law">common law</a> countries. Nineteen jurisdictions in the United States, such as <a href="/wiki/Minnesota" title="Minnesota">Minnesota</a> and <a href="/wiki/Massachusetts" title="Massachusetts">Massachusetts</a>, adopted a form of this system between 1896 and 1917, however it fell out of favor after a single judgement in Imperial County, California, bankrupted the state's title indemnification fund<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (March 2020)">citation needed</span></a></i>]</sup>, and the vast majority of U.S. states have opted for a system of document recording in which no governmental official makes any determination of who owns the title or whether the instruments transferring it are valid.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (April 2023)">citation needed</span></a></i>]</sup> </p><p>In the <a href="/wiki/Recording_(real_estate)" title="Recording (real estate)">recording</a> system, each time a land title transaction takes place, the parties record the transfer instrument with a local government recorder located in the jurisdiction (usually the county) where the land lies. The government indexes the instrument by the names of the grantor (transferor) and the grantee (transferee) and photographs it so any member of the public can find and examine it. If such a transaction goes unrecorded for any reason or length of time, an unscrupulous grantor could sell the property to another grantee. In many states, the grantee whose transaction is recorded first becomes the legal owner, and any other would-be buyers are left without recourse.<sup class="noprint Inline-Template" style="margin-left:0.1em; white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Please_clarify" title="Wikipedia:Please clarify"><span title="The text near this tag may need clarification or removal of jargon. (September 2015)">clarification needed</span></a></i>]</sup> </p><p>The advantage of the recording system is: </p> <ul><li>In a registration system, the cost and risk are borne by the general public, but in a recording system, cost and risk are borne by the users of the system.</li> <li>In a recording system, an independent authority reviews government land transfers. In a registration system government can decide registration disputes in its favor, preventing separation of powers and the constitutional right to due process of law.</li> <li>A recording system can provide for conveyance of land for situations beyond the capacity of public records, such as homesteading and inheritance.</li> <li>A recording system combined with title insurance decentralizes records, creating redundancy. For example, when many records were destroyed in San Francisco's 1906 earthquake, out-of-town title companies maintained records that allowed landowners to prove ownership of their property.</li></ul> <p>Under this system, to determine who has title, one must: </p> <ul><li>Examine the indexes in the recorders' offices, pursuant to various rules established by state legislatures and courts.</li> <li>Scrutinize the recorded instruments.</li> <li>Determine how they affect the title under applicable law. The final arbiters of title matters are the courts, which make decisions in suits brought by disagreeing parties. Historically, the person who wanted to understand the title would hire an abstractor to write a <a href="/wiki/Property_abstract" title="Property abstract">property abstract</a> showing the <a href="/wiki/Chain_of_title" title="Chain of title">chain of title</a>. However, if the abstractor makes an error, the client may only be compensated if the attorney is negligent, subject to the limit of his financial responsibility (including his liability insurance).<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> However, the willingness of these professionals to accept strict liability varies.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (April 2023)">citation needed</span></a></i>]</sup></li></ul> <p>Title insurers conduct a <a href="/wiki/Title_search" title="Title search">title search</a> on public records before they agree to insure the purchaser or mortgagee of land. Specifically, after a real estate sales contract has been executed and escrow opened, a title professional will search the public records to look for any problems with the home's title. This search typically involves a review of land records going back many years. More than one-third of all title searches reveal a title problem that title professionals will insist on fixing before the transaction closes. For instance, a previous owner may have had minor construction done on the property, but never fully paid the contractor (resulting in a mechanic's lien), or the previous owner may have failed to pay local or state taxes (resulting in a tax lien). Title professionals seek to resolve problems like these before the transaction closes, since otherwise, their employer, the title insurer, will be required to fix such title defects by paying such unpaid fees or taxes. </p><p>Title insurance policies are fairly uniform, and backed by <a href="/wiki/Statutory_reserve" title="Statutory reserve">statutory reserves</a>, which is especially important in large commercial real estate transactions where the buyer and their lender have a large amount of money at stake. The insurer also pays for the defense of its insured in legal contests. </p><p>At least 20 U.S. states have experimented with <a href="/wiki/Torrens_title" title="Torrens title">Torrens title</a> or other title registration systems at one time or another, but most have retreated to title recording under pressure from title insurers or from lack of interest. According to <a href="/wiki/Karl_Llewellyn" title="Karl Llewellyn">Karl Llewellyn</a>, one Torrens title on one lot in New York City can render the entire block unavailable for large-scale improvement (i.e., skyscrapers); no lender will finance the purchase of such a lot because no New York title insurer will guarantee a Torrens title.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> The U.S. title insurance industry has successfully opposed land registration systems by saying that they are vulnerable to fraud (a severe problem in most land registration jurisdictions) and by contending that an inherently contingent property system more effectively protects property rights.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (June 2014)">citation needed</span></a></i>]</sup> Their contention is also that, while it is possible to fortify land registration systems to prevent the registration of forged deeds, the necessary countermeasures are complex and expensive.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (June 2014)">citation needed</span></a></i>]</sup> A 2007 book attacking the American title insurance "cartel" acknowledged that "[m]ore extensive use of Torrens certification would require setting up a special judicially supervised bureaucracy."<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Types_of_policies">Types of policies</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Title_insurance&action=edit&section=3" title="Edit section: Types of policies"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Standardized forms of title insurance exist for owners and lenders. The lender's policies include a form specifically for construction loans, though this is rarely used today. </p> <div class="mw-heading mw-heading3"><h3 id="Owner's_policy"><span id="Owner.27s_policy"></span>Owner's policy</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Title_insurance&action=edit&section=4" title="Edit section: Owner's policy"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The owner's policy assures a purchaser that the title to the property is vested in that purchaser and that it is free from all defects, liens and encumbrances except those listed as exceptions in the policy or are excluded from the scope of the policy's coverage. It also covers losses and damages suffered if the title is unmarketable.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> The policy also provides coverage for loss if there is no right of access to the land. Although these are the basic coverages, expanded forms of residential owner's policies exist that cover additional items of loss.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p><p>The liability limit of the owner's policy is typically the purchase price paid for the property. As with other types of insurance, coverages can also be added or deleted with an endorsement. There are many forms of standard endorsements to cover a variety of common issues. The premium for the policy may be paid by the seller or buyer as the parties agree. Usually a custom in a particular state or county on this matter reflects in most local real estate contracts. One should inquire about the cost of title insurance before signing a real estate contract that provides that he pay for title charges. A real estate attorney, broker, <a href="/wiki/Escrow" title="Escrow">escrow</a> officer (in the western states), or loan officer can provide detailed information as to the price of <a href="/wiki/Title_search" title="Title search">title search</a> and insurance before the real estate contract is signed. Title insurance coverage lasts as long as the insured retains an interest in the land insured and typically no additional premium is paid after the policy is issued. </p> <div class="mw-heading mw-heading3"><h3 id="Lender's_policy"><span id="Lender.27s_policy"></span>Lender's policy</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Title_insurance&action=edit&section=5" title="Edit section: Lender's policy"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>This is sometimes called a loan policy and it is issued only to mortgage lenders. Generally speaking, it follows the assignment of the mortgage loan, meaning that the policy benefits the purchaser of the loan if the loan is sold. For this reason, these policies greatly facilitate the sale of mortgages into the secondary market. That market is made up of high volume purchasers such as Fannie Mae and the Federal Home Loan Mortgage Corporation as well as private institutions. </p><p>The <a href="/wiki/American_Land_Title_Association" title="American Land Title Association">American Land Title Association</a> (ALTA) forms are almost universally used in the country though they have been modified in some states. In general, the basic elements of insurance they provide to the lender cover losses from the following matters: </p> <ol><li>The title to the property on which the mortgage is being made is either <ul><li>Not in the mortgage loan borrower,</li> <li>Subject to defects, liens or encumbrances, or</li> <li>Unmarketable.</li></ul></li> <li>There is no right of access to the land.</li> <li>The lien created by the mortgage: <ul><li>is invalid or unenforceable,</li> <li>is not prior to any other lien existing on the property on the date the policy is written, or</li> <li>is subject to mechanic's liens under certain circumstances.</li></ul></li></ol> <p>As with all of the ALTA forms, the policy also covers the cost of defending insured matters against attack. </p><p>Elements 1 and 2 are important to the lender because they cover its expectations of the title it will receive if it must foreclose its mortgage. Element 3 covers matters that will interfere with its foreclosure. </p><p>Of course, all of the policies except or exclude certain matters and are subject to various conditions. </p><p>There are also ALTA mortgage policies covering single or one-to-four family housing mortgages. These cover the elements of loss listed above plus others. Examples of the other coverages are loss from forged releases of the mortgage and loss resulting from encroachments of improvements on adjoining land onto the mortgaged property when the improvements are constructed after the loan is made. </p> <div class="mw-heading mw-heading3"><h3 id="Construction_loan_policy">Construction loan policy</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Title_insurance&action=edit&section=6" title="Edit section: Construction loan policy"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In many states, separate policies exist for construction loans. Title insurance for construction loans require a Date Down endorsement that recognizes that the insured amount for the property has increased due to construction funds that have been vested into the property. </p> <div class="mw-heading mw-heading2"><h2 id="Land_title_associations_and_standardized_policies">Land title associations and standardized policies</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Title_insurance&action=edit&section=7" title="Edit section: Land title associations and standardized policies"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In the United States, the <a href="/wiki/American_Land_Title_Association" title="American Land Title Association">American Land Title Association</a> (ALTA) is a national non-profit trade association representing the interests of nearly 4,500 title insurance companies, title agents, independent abstracters, title searchers and attorneys across the United States.<sup id="cite_ref-About_Alta,_Background_&_History_11-0" class="reference"><a href="#cite_note-About_Alta,_Background_&_History-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> ALTA members conduct title searches, examinations, closings, and issue title insurance that protects real property owners and mortgage lenders against losses from defects in titles. </p><p>Founded in 1907,<sup id="cite_ref-About_Alta,_Background_&_History_11-1" class="reference"><a href="#cite_note-About_Alta,_Background_&_History-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> ALTA has created standard forms of title insurance policy "jackets" (standard terms and conditions) for Owners, Lenders and Construction Loan policies.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> ALTA forms are used in most, but not all, U.S. states. ALTA also offers special endorsement forms for the various policies; endorsements amend and typically broaden the coverage given under a basic title insurance policy. ALTA does not issue title insurance; it provides standardized policy and endorsement forms that most title insurers issue. </p><p>Some states, including <a href="/wiki/Texas" title="Texas">Texas</a> and <a href="/wiki/New_York_(state)" title="New York (state)">New York</a>, may mandate the use of forms of title insurance policy jackets and endorsements approved by the state insurance commissioner for properties located in those jurisdictions, but these forms are usually similar or identical to ALTA forms. </p><p>In addition to ALTA, the National Association of Independent Land Title Agents (NAILTA) is a national non-profit trade association that represents the interests of independent title insurance agents and independent real estate settlement professionals from across the United States. It was created by independent real estate settlement professionals to further the agenda of small business owners from within the title insurance, abstracting, surveying, and real estate community who lack representation at local, state and national levels. NAILTA is a national trade association that serves thousands of independent title and real estate professionals across the United States who collectively comprise over 60% of the national title insurance market,<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> and identify themselves as independent settlement service providers. NAILTA represents the interests of those independent settlement service providers who serve over 31 million real estate purchase consumers per year,<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> who close an estimated $514.8 billion's worth of refinance mortgages per year,<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> and who collectively insure approximately $1.67 trillion in total national title insurance liability per year.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Comparison_with_other_forms_of_insurance">Comparison with other forms of insurance</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Title_insurance&action=edit&section=8" title="Edit section: Comparison with other forms of insurance"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Title insurance differs in several respects from other types of insurance. Where most insurance is a contract where the insurer <a href="/wiki/Indemnity" title="Indemnity">indemnifies</a> or guarantees another party against a possible specific type of loss (such as an accident or death) at a future date, title insurance generally insures against losses caused by title problems that have their source in past events. This often results in the curing of title defects or the elimination of adverse interests from the title before a transaction takes place. Title insurance companies attempt to achieve this by searching public records to develop and document the <a href="/wiki/Chain_of_title" title="Chain of title">chain of title</a> and to detect known claims against or defects in the title to the subject property. If liens or encumbrances are found, the insurer may require that steps be taken to eliminate them (for example, obtaining a release of an old mortgage or deed of trust that has been paid off, or requiring the payoff, or satisfying involuntary liens such as abstracts of judgment and tax liens) before issuing the title policy. Title insurance companies also have the ability to discharge ancient mortgages under the Real Property Actions and Proceedings Law (RPAPL) in <a href="/wiki/New_York_(state)" title="New York (state)">New York</a>. Ancient mortgages are ones that are presumed to be satisfied or complete and have been for over 20 years.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> In the alternative, it may except from the policy's coverage those items not eliminated. Title plants are sometimes maintained to index the public records geographically, with the goal of increasing searching efficiency and reducing claims. In some states title plants are required to index the real-property records geographically and also maintain a name file for judgments, probates and other general matters. </p><p>The explanation above discloses another difference between title insurance and other types: title insurance premiums are not principally calculated on the basis of <a href="/wiki/Actuarial_science" title="Actuarial science">actuarial science</a>, as is true in most other types of insurance. Instead of correlating the probability of losses with their projected costs, title insurance seeks to eliminate the source of the losses through the use of the <a href="/wiki/Recording_(real_estate)" title="Recording (real estate)">recording</a> system and other underwriting practices. As a result, a relatively small fraction of title insurance premiums are used to pay insured losses. The great majority of the premiums is used to finance the title research on each piece of property and to maintain the title plants used to efficiently do that research. There is significant social utility in this approach as the result conforms with the expectations of most property purchasers and mortgage lenders. Generally, they want the real estate they purchased or lent money on to have the title condition they expected when they entered the transaction, rather than money compensation and litigation over unexpected defects. This is not to say that title insurers take no actuarial risks. There are several matters that can affect the title to land that are not disclosed by the recording system but that are covered by the policies. Some examples are deeds executed by minors or mentally incompetent persons, forged instruments (in some cases), corporate instruments executed without the proper corporate authority and errors in the public records. However, historically, these problems have not amounted to a high percentage of the losses paid by the insurers. A more significant percentage of losses paid by the insurers are the result of errors and omissions in the title examining process itself. </p> <div class="mw-heading mw-heading2"><h2 id="Homeowner's_right_to_choose_a_title_insurance_company"><span id="Homeowner.27s_right_to_choose_a_title_insurance_company"></span>Homeowner's right to choose a title insurance company</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Title_insurance&action=edit&section=9" title="Edit section: Homeowner's right to choose a title insurance company"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In an April 2007 United States Government Accountability Office (GAO) Report on Title Insurance, the GAO recommended that state and federal legislators and regulators improve consumers ability to shop for title insurance based on price, encourage price competition, and ensure consumers are paying reasonable prices for title insurance.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p><p>A federal law called the <a href="/wiki/Real_Estate_Settlement_Procedures_Act" title="Real Estate Settlement Procedures Act">Real Estate Settlement Procedures Act</a> (RESPA) entitles an individual homeowner to choose a title insurance company when purchasing or refinancing residential property. Typically, homeowners do not make this decision for themselves and instead rely on their bank's or attorney's choice; however, the homeowner retains the right to choose a different insurer. RESPA makes it unlawful for any bank, broker, or attorney to mandate that a particular title insurance company be used. Doing so is a violation of federal law and any person or business doing so can be fined or lose its license. </p><p>Section 9 of RESPA prohibits a seller from requiring the buyer to use a particular title insurance company, either directly or indirectly, as a condition of sale. Buyers may sue a seller who violates this provision for an amount equal to three times all charges made for the title insurance. The only exception to this rule applies to commercial real estate transactions, which is not within the parameters of RESPA. </p><p>The new Loan Estimate form (LE)<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> is the latest step taken by <a href="/wiki/United_States_Department_of_Housing_and_Urban_Development" title="United States Department of Housing and Urban Development">Department of Housing and Urban Development</a> (HUD) to protect and assist consumers. In the past, lenders had provided potential borrowers with Good Faith Estimates (GFEs). </p><p>1. Lenders must issue the LE within three business days of loan application. However, many will provide the form to borrowers who are still in the shopping phase. Note that the LE provides more protections for consumers than a "worksheet" or "scenario" because lenders must by law adhere to its costs and indicate how long that rate and fee will be in effect. </p><p>If a loan originator does not provide the LE within three business days of receiving a completed loan application, it is in violation of Section 5 of RESPA. HUD provides the specific criteria for what constitutes a complete loan application: </p> <dl><dd><ul><li>Borrower's name</li> <li>Borrower's monthly income</li> <li>Borrower's <a href="/wiki/Social_Security_number" title="Social Security number">Social Security number</a> (SSN) (to obtain a credit report)</li> <li>Property address</li> <li>The estimated value of the property</li> <li>Loan amount</li> <li>Anything else the lender deems necessary</li></ul></dd></dl> <p>2. The new LE is standardized </p> <dl><dd>All lenders must provide consumers with the exact same document. Loan charges, third-party fees, and other costs must be displayed uniformly.</dd></dl> <p>3. The new LE encourages consumers to shop </p> <dl><dd>Since lenders are now required to issue a standardized LE in a specific time frame, consumers are provided an opportunity to compare lenders and their products. Further, HUD states that prior to the issuance of a LE, lenders can only charge potential borrowers a fee to cover the expense of a credit report. The relative low cost of credit reports ($15–30) results in consumers' ability to comparison shop many lenders at a minimal cost.</dd></dl> <p>4. Lenders are accountable for their quotes </p> <dl><dd>The new LE form puts the most important facts about a mortgage on the first page instead of burying them in small print throughout the form. This information includes: <ul><li>Loan amount, interest rate, and principal and interest payment.</li> <li>The existence of prepayment penalties, negative or balloon payments</li> <li>It alerts the borrower if the interest rate, loan balance or payment can increase during the loan's term</li> <li>Projected payments in future years, based on current financial indexes (mostly applies to adjustable rate mortgages (ARMs)</li> <li>Estimated escrows (also called impounds), which are payments for property taxes and homeowners insurance added to the monthly payment. the lender then pays these amounts on behalf of the borrower when they come due</li> <li>Total closing costs and cost to close (how much the borrower must bring to the closing)</li></ul></dd></dl> <p>5. At the closing, lenders must issue a Closing Disclosure (CD) disclosing the actual costs. The borrower can compare the actual costs to the estimated costs. Costs fall into several categories, and differences between the actual and estimated costs are treated accordingly: </p> <dl><dd><dl><dd>a. 0% Tolerance. If at the closing, any item in the 0% Tolerance category is higher on the corresponding section of the CD compared to the original LE, the lender is responsible for covering the difference.</dd> <dd>b. 10% Tolerance. Unlike the 0% Tolerance category, these items are not compared individually to their corresponding section in the CD. Instead, all items in the category are aggregated on the LE and compared to the aggregated corresponding items on the CD. In the event that the CD has a total more than 10% higher than the total on the LE, the lender is responsible for any expense in excess of the 10% increase. This means that individual items in the 10% Tolerance category may increase more than 10% from the LE to the CD without a penalty to the lender, as long as the sum of all the items does not increase more than 10%.</dd> <dd>c. No Tolerance. A few sections of the new LE fall into the No Tolerance category. These quotes can change with no penalty to the lender.</dd> <dd>Again, depending on the state, region, and vendor, homeowners can save substantial money by shopping around for title insurance except in some states, such as Texas, in which the rates are codified by law. In light of the changes made by RESPA and those to the LE, notable consumer and business publications have featured articles about the benefits of shopping around for title insurance, such as <i>The Wall Street Journal</i>, Kiplinger's Personal Finance, HSH.com, Forbes.com, and <i>The New York Times</i>.</dd></dl></dd></dl> <div class="mw-heading mw-heading2"><h2 id="Affiliated_business_arrangements">Affiliated business arrangements</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Title_insurance&action=edit&section=10" title="Edit section: Affiliated business arrangements"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Sometimes, several businesses that offer settlement services are owned or controlled by a common corporate parent. These businesses are known as "affiliates", while the relationship is called an affiliated business arrangement (ABA). </p><p>When a lender, real estate broker, or other participant refers his homebuyer to an affiliate for a settlement service (such as when a real estate broker refers his homebuyer to a mortgage broker affiliate), the law requires the referring party to provide an affiliated business arrangement disclosure. This disclosure informs homebuyers they are not required to use the affiliate and are free to shop for other providers. </p><p>Despite advances in technology that allow homebuyers to shop for title services, many homebuyers remain unaware that they may select their own title insurance or settlement company.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> </p><p>A recent survey from the Ohio Association of Independent Title Agents (OAITA), conducted from 2009 through 2010, showed when homebuyers are made fully aware of ABAs, they become uncomfortable and prefer a title company or title agent to be a third party (i.e., independent) to the transaction. </p><p>While 77% of respondents did not independently select their settlement company, when made fully aware of the ABA relationships 50% of respondents said they prefer a title company that does not share profits with a referral source compared to 6% of respondents saying they prefer a title agent that shares profits with a referral source. Further, 58% of respondents said they believe that ABAs are a conflict of interest. </p><p>The OAITA stands in stark contrast to two Harris Interactive surveys used by the Real Estate Services Providers Council in a January 2011 meeting with Federal Reserve staff to claim that homebuyers were more satisfied with the ABA settlement service providers. </p> <ul><li>A 2002 study used by the proponents revealed that 64% of homebuyers who used "one-stop shopping" programs had a better overall experience with their home purchase transaction.</li> <li>A 2008 study revealed that homebuyers who used "one-stop shopping" in their latest real estate transaction were more satisfied with their home buying experience compared to those who used services of multiple providers.</li></ul> <p>Organizations such as the National Association of Independent Land Title Agents seek to restore transparency and credibility to the land title process and to preserve an objective and impartial role at the closing table to improve the consumer experience, by addressing the proliferation of controlled business arrangements and eliminating conflicts of interest between title agents and their referral sources, as well as between all real estate settlement service providers and their sources of business.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Cost_of_title_insurance">Cost of title insurance</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Title_insurance&action=edit&section=11" title="Edit section: Cost of title insurance"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The cost of title insurance has two components: premium charges and service fees. </p><p>Title insurance premium rates are based on five cost considerations, including those related to: </p> <ol><li>Maintaining current title information on property local to that operation, i.e., title plant</li> <li>Searching and examining the title to subject properties</li> <li>Resolving or clearing defects to title</li> <li>Covering title defects</li> <li>Allowing for a reasonable profit</li></ol> <div class="mw-heading mw-heading3"><h3 id="Premium_charges">Premium charges</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Title_insurance&action=edit&section=12" title="Edit section: Premium charges"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Like the rates for other forms of insurance, rates for title insurance usually are regulated by state governments to ensure that premiums are not excessive, inadequate or unfairly discriminatory to the public. States have different methods of regulating title insurance rates. The types of rate regulation used include:<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </p> <ul><li><b>Promulgation:</b> State regulatory body sets the rates. An example is Texas, where rates are set after comprehensive hearings each year.</li> <li><b>Prior approval:</b> Insurers propose rates, which must be reviewed formally and approved explicitly or deemed approved by the regulatory body before they can be charged.</li> <li><b>File and use:</b> Insurers set rates, but they cannot be charged until the regulator has been notified and allowed time to review and action, if necessary. In some prior-approval states, almost the same result is achieved through a so-called deemer provision. Under a deemer, rates proposed by insurers are deemed approved if the regulatory body takes no action to disapprove a filing within a specified time, and the filer notifies the state that the rates are being deemed approved.</li> <li><b>Use and file:</b> Insurers set rates that can be charged immediately, as long as the new rate schedule is filed with the regulatory body.</li> <li><b>No direct rate regulation:</b> Insurers set rates that can be changed at an insurer's discretion. Even in this apparent unregulated situation, a regulatory body still is charged with overseeing the title insurance industry and can question the propriety of a rate that appears to be unfairly discriminatory or otherwise violates statutory standards. Examples are Illinois, Georgia and Massachusetts.</li></ul> <p>The rates may include discounts if title insurance is ordered within a specified time after the last policy issued or if the mortgage being insured is a refinance of an earlier mortgage. In the states employing any of these regulations, it is illegal for title insurance companies to charge a higher or lower rate than the regulated rate. </p><p>For example: In Pennsylvania there are two rates, basic rate and reissue rate. The basic rate would apply if it has been more than ten years since the last policy was issued. If less than ten years, the reissue rate applies. The reissue rate offers a discount of approximately ten percent off of the basic rate. If the transaction is a refinance, the savings can be as much as thirty percent off of the reissue rate. These rates and applicable discounts are filed with and approved by the Pennsylvania Insurance Commission. </p><p>Title insurance is substantially different from other lines of insurance because it emphasizes risk prevention rather than risk assumption. This means the majority of the premium dollar, about 80 percent, covers the work performed by title professionals, such as the search examination, curative work, policy issuance and, frequently, the settlement or closing. The remaining 20 percent covers the insurance policy, a significant portion of which is put into reserves for claims that could occur 10 or 20 years in the future. According to a 2006 survey by ALTA,<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> title problems that required curative action were found in 36 percent of all residential real estate transactions in 2005. This was up from 25 percent in 2000, due to the booming real estate market and an increase in transactions. </p> <div class="mw-heading mw-heading3"><h3 id="Service_fees">Service fees</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Title_insurance&action=edit&section=13" title="Edit section: Service fees"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In some states, the regulated premium charge does not include part of the underwriting costs necessary for the process. In those states, title insurers may also charge search or abstracting fees for searching the public records, or examination fees to compensate them for the title examination. These fees are usually not regulated and in those cases may sometimes be negotiated. In some states, regulation requires that the title insurer base its policy on the opinion of an attorney. The attorney's fees are not regulated. They are also not part of the title insurance premium, though the title insurer may include those fees within its invoice as a convenience to the attorney rendering the opinion. Similarly, fees for closing a sale or mortgage transaction are not regulated in most states though the charge for closing may appear in the invoice disclosing the total charges for the transaction. </p> <div class="mw-heading mw-heading2"><h2 id="Industry_profitability">Industry profitability</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Title_insurance&action=edit&section=14" title="Edit section: Industry profitability"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+style+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+link+.ambox{margin-top:-1px}html body.mediawiki .mw-parser-output .ambox.mbox-small-left{margin:4px 1em 4px 0;overflow:hidden;width:238px;border-collapse:collapse;font-size:88%;line-height:1.25em}.mw-parser-output .ambox-speedy{border-left:10px solid #b32424;background-color:#fee7e6}.mw-parser-output .ambox-delete{border-left:10px solid #b32424}.mw-parser-output .ambox-content{border-left:10px solid #f28500}.mw-parser-output .ambox-style{border-left:10px solid #fc3}.mw-parser-output .ambox-move{border-left:10px solid #9932cc}.mw-parser-output .ambox-protection{border-left:10px solid #a2a9b1}.mw-parser-output .ambox .mbox-text{border:none;padding:0.25em 0.5em;width:100%}.mw-parser-output .ambox .mbox-image{border:none;padding:2px 0 2px 0.5em;text-align:center}.mw-parser-output .ambox .mbox-imageright{border:none;padding:2px 0.5em 2px 0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="box-More_citations_needed plainlinks metadata ambox ambox-content ambox-Refimprove" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Question_book-new.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png" decoding="async" width="50" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This article <b>needs additional citations for <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">verification</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/Title_insurance" title="Special:EditPage/Title insurance">improve this article</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a>. Unsourced material may be challenged and removed.<br /><small><span class="plainlinks"><i>Find sources:</i> <a rel="nofollow" class="external text" href="https://www.google.com/search?as_eq=wikipedia&q=%22Title+insurance%22">"Title insurance"</a> – <a rel="nofollow" class="external text" href="https://www.google.com/search?tbm=nws&q=%22Title+insurance%22+-wikipedia&tbs=ar:1">news</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?&q=%22Title+insurance%22&tbs=bkt:s&tbm=bks">newspapers</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?tbs=bks:1&q=%22Title+insurance%22+-wikipedia">books</a> <b>·</b> <a rel="nofollow" class="external text" href="https://scholar.google.com/scholar?q=%22Title+insurance%22">scholar</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.jstor.org/action/doBasicSearch?Query=%22Title+insurance%22&acc=on&wc=on">JSTOR</a></span></small></span> <span class="date-container"><i>(<span class="date">August 2011</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <p>The title industry is highly dependent on real estate markets, which, in turn, are highly sensitive to mortgage interest rates and the overall economic well-being. During the housing bubble from 2000 through 2006, the industry's revenue more than doubled. As the surge in real estate transactions drove up title insurance revenue—along with a greater incidence of claims—the economic downturn that started in 2007 pared back revenue significantly for several years.<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> To compare, the industry reported nearly $17 billion in title insurance premiums in 2005, but volume fell to $9.6 billion in 2009.<sup id="cite_ref-ReferenceA_26-0" class="reference"><a href="#cite_note-ReferenceA-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> </p><p>In 2012, according to ALTA, the industry paid out about $908 million in claims, about 8.1% of the $11.2 billion taken in as premiums.<sup id="cite_ref-ReferenceA_26-1" class="reference"><a href="#cite_note-ReferenceA-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> By comparison, the <a href="/wiki/Boiler_insurance" class="mw-redirect" title="Boiler insurance">boiler insurance</a> industry, which like title insurance requires an emphasis on inspections and risk analysis, pays 25% of its premiums in claims.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (April 2017)">citation needed</span></a></i>]</sup> As mentioned above, professionals in the land title industry seek to prevent claims through up-front preventive measures before a policy is issued and therefore the industry's claims ratio is different from other lines of insurance. </p><p>According to the statutory accounting rules for title insurance, only reported claims are reflected in the loss expense, while in other lines—both reported and unreported claims are included in the loss expense. As a result, timing differences occur in the reporting of losses and loss-adjustment expenses for title insurance when compared to other lines.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> In addition, title insurance, unlike most other property/casualty exposures, has no termination date and no time limitation on filing claims. </p><p>In many states, the price of title insurance is regulated by a state insurance commission. In these states, the title insurance companies lobby state legislators and other politicians and donate to their campaigns, in the hopes of maintaining high rates.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> Unlike other forms of insurance (such as life, medical, or home owners), title insurance is not paid for annually, as it has one payment for the term of the policy, which is in effect until the property is resold or refinanced. </p> <div class="mw-heading mw-heading2"><h2 id="Relative_market_share_among_U.S._title_insurers">Relative market share among U.S. title insurers</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Title_insurance&action=edit&section=15" title="Edit section: Relative market share among U.S. title insurers"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The following discloses the relative 2012 market shares among the four U.S. national families of title insurers (Fidelity National Financial, First American, Stewart, and Old Republic), and the regional companies, i.e., those not affiliated with the national families. </p> <dl><dd><dl><dd><table class="wikitable" style="text-align:center"> <caption>Market share 2012 </caption> <tbody><tr> <th>Family</th> <th>Share </th></tr> <tr> <th><a href="/wiki/Fidelity_National_Financial" title="Fidelity National Financial">Fidelity National Financial</a> </th> <td>33.86% </td></tr> <tr> <th><a href="/wiki/First_American_Corporation" class="mw-redirect" title="First American Corporation">First American Corporation</a> </th> <td>26.34% </td></tr> <tr> <th><a href="/wiki/Old_Republic_National_Title_Insurance_Company" class="mw-redirect" title="Old Republic National Title Insurance Company">Old Republic National Title Insurance Company</a> </th> <td>13.53% </td></tr> <tr> <th><a href="/wiki/Stewart_Title_Guaranty_Company" class="mw-redirect" title="Stewart Title Guaranty Company">Stewart Title Guaranty Company</a> </th> <td>12.95% </td></tr> <tr> <th>Regional companies </th> <td>13.32% </td></tr> <tr> <th>Total </th> <td>100.00% </td></tr> <tr> <th><i>Source: American Land Title Association</i><sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> </th></tr></tbody></table></dd></dl></dd></dl> <p>As of January 2009, Fidelity National Financial held the highest market share, due to its acquisition of LandAmerica's Commonwealth Land Title, Lawyers Title, and United Capital Title units subsequent to LandAmerica's declaration of bankruptcy.<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Title_insurance&action=edit&section=16" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-More_footnotes_needed plainlinks metadata ambox ambox-style ambox-More_footnotes_needed" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/a/a4/Text_document_with_red_question_mark.svg/40px-Text_document_with_red_question_mark.svg.png" decoding="async" width="40" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/a4/Text_document_with_red_question_mark.svg/60px-Text_document_with_red_question_mark.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/a4/Text_document_with_red_question_mark.svg/80px-Text_document_with_red_question_mark.svg.png 2x" data-file-width="48" data-file-height="48" /></span></span></div></td><td class="mbox-text"><div class="mbox-text-span">This article includes a list of <a href="/wiki/Wikipedia:Citing_sources#General_references" title="Wikipedia:Citing sources">general references</a>, but <b>it lacks sufficient corresponding <a href="/wiki/Wikipedia:Citing_sources#Inline_citations" title="Wikipedia:Citing sources">inline citations</a></b>.<span class="hide-when-compact"> Please help to <a href="/wiki/Wikipedia:WikiProject_Reliability" title="Wikipedia:WikiProject Reliability">improve</a> this article by <a href="/wiki/Wikipedia:When_to_cite" title="Wikipedia:When to cite">introducing</a> more precise citations.</span> <span class="date-container"><i>(<span class="date">April 2014</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width reflist-columns-2"> <ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text">D. B. Burke, Jr., <i>Law of Title Insurance</i>, Little Brown & Company (1986) § 1.1, p. 2.</span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.firstam.com/title/resources/reference-information/home-buyer-guide/history-of-title-insurance/index.html">"History of Title Insurance - First American Title Insurance"</a>. <i>First American Title</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=First+American+Title&rft.atitle=History+of+Title+Insurance+-+First+American+Title+Insurance&rft_id=https%3A%2F%2Fwww.firstam.com%2Ftitle%2Fresources%2Freference-information%2Fhome-buyer-guide%2Fhistory-of-title-insurance%2Findex.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATitle+insurance" class="Z3988"></span></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCraig1932" class="citation journal cs1">Craig, Mark R. (1932). Charles Ellewyin George (ed.). "What Is Title Insurance". <i>Lawyer and Banker and Central Law Journal</i>. <b>25</b>. Lawyers and Bankers' Corporation: 134.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Lawyer+and+Banker+and+Central+Law+Journal&rft.atitle=What+Is+Title+Insurance&rft.volume=25&rft.pages=134&rft.date=1932&rft.aulast=Craig&rft.aufirst=Mark+R.&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATitle+insurance" class="Z3988"></span></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text">National Title-Duluth, Inc. <a rel="nofollow" class="external text" href="http://www.nationaltitleduluth.com/tradition.htm">TITLE INSURANCE: AN AMERICAN TRADITION</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20081201043954/http://www.nationaltitleduluth.com/tradition.htm">Archived</a> December 1, 2008, at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>". Accessed November 5, 2008.</span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFArruñada2002" class="citation journal cs1">Arruñada, Benito (2002). <a rel="nofollow" class="external text" href="https://ssrn.com/abstract=311444">"A Transaction-Cost View of Title Insurance in Different Legal Systems"</a>. Geneva Papers on Risk and Insurance. <b>27</b> (4): 582–601. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.2139%2Fssrn.311444">10.2139/ssrn.311444</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=A+Transaction-Cost+View+of+Title+Insurance+in+Different+Legal+Systems&rft.volume=27&rft.issue=4&rft.pages=582-601&rft.date=2002&rft_id=info%3Adoi%2F10.2139%2Fssrn.311444&rft.aulast=Arru%C3%B1ada&rft.aufirst=Benito&rft_id=https%3A%2F%2Fssrn.com%2Fabstract%3D311444&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATitle+insurance" class="Z3988"></span> <span class="cs1-visible-error citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_journal" title="Template:Cite journal">cite journal</a>}}</code>: </span><span class="cs1-visible-error citation-comment">Cite journal requires <code class="cs1-code">|journal=</code> (<a href="/wiki/Help:CS1_errors#missing_periodical" title="Help:CS1 errors">help</a>)</span></span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text">See <i>Watson v. Muirhead</i> 57 Pa. 161 (1868) where an attorney made a non-negligent error and was not required to compensate the purchaser of the property. Historians say this case was the impetus for title insurance in the U.S. See D.B. Burke, Jr., <i>Law of Title Insurance</i>, Little Brown & Company (1986) § 1.1, p. 2.</span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLlewellyn2008" class="citation book cs1">Llewellyn, Karl Nickerson (2008). <i>Jurisprudence: Realism in Theory and Practice</i> (Orig. pub. in 1962 by U. Chicago Press, reprint ed.). New Brunswick, NJ: Transaction Publishers. p. 33. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1412807869" title="Special:BookSources/978-1412807869"><bdi>978-1412807869</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Jurisprudence%3A+Realism+in+Theory+and+Practice&rft.place=New+Brunswick%2C+NJ&rft.pages=33&rft.edition=Orig.+pub.+in+1962+by+U.+Chicago+Press%2C+reprint&rft.pub=Transaction+Publishers&rft.date=2008&rft.isbn=978-1412807869&rft.aulast=Llewellyn&rft.aufirst=Karl+Nickerson&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATitle+insurance" class="Z3988"></span></span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFEaton2007" class="citation book cs1">Eaton, Joseph and David (2007). <a rel="nofollow" class="external text" href="https://archive.org/details/americantitleins0000eato/page/40"><i>The American Title Insurance Industry: How a Cartel Fleeces the American Consumer</i></a>. New York: NYU Press. pp. <a rel="nofollow" class="external text" href="https://archive.org/details/americantitleins0000eato/page/40">40</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0814722404" title="Special:BookSources/978-0814722404"><bdi>978-0814722404</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+American+Title+Insurance+Industry%3A+How+a+Cartel+Fleeces+the+American+Consumer&rft.place=New+York&rft.pages=40&rft.pub=NYU+Press&rft.date=2007&rft.isbn=978-0814722404&rft.aulast=Eaton&rft.aufirst=Joseph+and+David&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Famericantitleins0000eato%2Fpage%2F40&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATitle+insurance" class="Z3988"></span></span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text">A title is unmarketable if it would be unacceptable to a reasonable purchaser exercising reasonable business prudence, who is informed of the facts creating or affecting it and their legal meaning, because it appears subject to material defect, grave doubt or to the likelihood of litigation. However, the title need not be bad in fact to be "unmarketable." <i>Black's Law Dictionary</i> 4th Ed. West Publishing Co. 1951) defining "Marketable Title" and "Unmarketable Title."</span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text">Examples are the American Land Title Association Residential Owner's Policy and Expanded Coverage Residential Owner's Policy.</span> </li> <li id="cite_note-About_Alta,_Background_&_History-11"><span class="mw-cite-backlink">^ <a href="#cite_ref-About_Alta,_Background_&_History_11-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-About_Alta,_Background_&_History_11-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.alta.org/about/index.cfm#1">"About Alta, Background & History"</a>. American Land Title Association. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130622024556/http://www.alta.org/about/index.cfm#1">Archived</a> from the original on June 22, 2013.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=About+Alta%2C+Background+%26+History&rft.pub=American+Land+Title+Association&rft_id=http%3A%2F%2Fwww.alta.org%2Fabout%2Findex.cfm%231&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATitle+insurance" class="Z3988"></span></span> </li> <li id="cite_note-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-12">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.alta.org/forms/index.cfm">"Policy Forms Online"</a>. American Land Title Association. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130702165832/http://www.alta.org/forms/index.cfm">Archived</a> from the original on July 2, 2013.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Policy+Forms+Online&rft.pub=American+Land+Title+Association&rft_id=http%3A%2F%2Fwww.alta.org%2Fforms%2Findex.cfm&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATitle+insurance" class="Z3988"></span></span> </li> <li id="cite_note-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-13">^</a></b></span> <span class="reference-text">See Demotech Performance of Title Insurance Companies 2012, p. 104. Non-affiliated (independent) premiums written in 2011 totaled $5,575,537,135.00 or 60.19% of the overall title insurance market.</span> </li> <li id="cite_note-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-14">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.realtor.org/sites/default/files/reports/2012/embargoes/2012-09-ehs/ehs-09-2012-overview-2012-10-19.pdf">"Archived copy"</a> <span class="cs1-format">(PDF)</span>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20121119065232/http://www.realtor.org/sites/default/files/reports/2012/embargoes/2012-09-ehs/ehs-09-2012-overview-2012-10-19.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on November 19, 2012<span class="reference-accessdate">. Retrieved <span class="nowrap">November 20,</span> 2012</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Archived+copy&rft_id=http%3A%2F%2Fwww.realtor.org%2Fsites%2Fdefault%2Ffiles%2Freports%2F2012%2Fembargoes%2F2012-09-ehs%2Fehs-09-2012-overview-2012-10-19.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATitle+insurance" class="Z3988"></span><span class="cs1-maint citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_web" title="Template:Cite web">cite web</a>}}</code>: CS1 maint: archived copy as title (<a href="/wiki/Category:CS1_maint:_archived_copy_as_title" title="Category:CS1 maint: archived copy as title">link</a>)</span> (visited October 25, 2012).</span> </li> <li id="cite_note-15"><span class="mw-cite-backlink"><b><a href="#cite_ref-15">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.mbaa.org/ResearchandForecasts/ForecastsandCommentary">"Archived copy"</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20121107234515/http://www.mbaa.org/ResearchandForecasts/ForecastsandCommentary">Archived</a> from the original on November 7, 2012<span class="reference-accessdate">. Retrieved <span class="nowrap">November 20,</span> 2012</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Archived+copy&rft_id=http%3A%2F%2Fwww.mbaa.org%2FResearchandForecasts%2FForecastsandCommentary&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATitle+insurance" class="Z3988"></span><span class="cs1-maint citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_web" title="Template:Cite web">cite web</a>}}</code>: CS1 maint: archived copy as title (<a href="/wiki/Category:CS1_maint:_archived_copy_as_title" title="Category:CS1 maint: archived copy as title">link</a>)</span> (visited October 26, 2012). Estimates based upon 2011 figures.</span> </li> <li id="cite_note-16"><span class="mw-cite-backlink"><b><a href="#cite_ref-16">^</a></b></span> <span class="reference-text">Assuming a $3.00 per thousand average national rate of insurance premium and over $5.6 trillion in independent service provider-related written title insurance liability per annum. See Demotech, p. 104, supra.</span> </li> <li id="cite_note-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-17">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.law.com/newyorklawjournal/almID/1202736646639/discharge-of-ancient-mortgages-in-new-york/">"Discharge of Ancient Mortgages in New York | New York Law Journal"</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Discharge+of+Ancient+Mortgages+in+New+York+%7C+New+York+Law+Journal&rft_id=https%3A%2F%2Fwww.law.com%2Fnewyorklawjournal%2FalmID%2F1202736646639%2Fdischarge-of-ancient-mortgages-in-new-york%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATitle+insurance" class="Z3988"></span> </span> </li> <li id="cite_note-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-18">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.nysenate.gov/legislation/laws/RPA/1931">"Legislation"</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Legislation&rft_id=https%3A%2F%2Fwww.nysenate.gov%2Flegislation%2Flaws%2FRPA%2F1931&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATitle+insurance" class="Z3988"></span></span> </li> <li id="cite_note-19"><span class="mw-cite-backlink"><b><a href="#cite_ref-19">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.gao.gov/new.items/d07401.pdf">"Title Insurance: Actions Needed to Improve Oversight of the Title Industry and Better Protect Consumers"</a> <span class="cs1-format">(PDF)</span>. United States Government Accountability Offic. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20111101045629/http://www.gao.gov/new.items/d07401.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on November 1, 2011<span class="reference-accessdate">. Retrieved <span class="nowrap">February 26,</span> 2012</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Title+Insurance%3A+Actions+Needed+to+Improve+Oversight+of+the+Title+Industry+and+Better+Protect+Consumers&rft.pub=United+States+Government+Accountability+Offic&rft_id=http%3A%2F%2Fwww.gao.gov%2Fnew.items%2Fd07401.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATitle+insurance" class="Z3988"></span></span> </li> <li id="cite_note-20"><span class="mw-cite-backlink"><b><a href="#cite_ref-20">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://homebuying.about.com/od/findingalender/qt/The-Basics-Of-A-Good-Faith-Estimate.htm">"The Basics of a Good Faith, or Loan, Estimate"</a>. November 6, 2016. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150906054227/http://homebuying.about.com/od/findingalender/qt/The-Basics-Of-A-Good-Faith-Estimate.htm">Archived</a> from the original on September 6, 2015<span class="reference-accessdate">. Retrieved <span class="nowrap">April 12,</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=The+Basics+of+a+Good+Faith%2C+or+Loan%2C+Estimate&rft.date=2016-11-06&rft_id=http%3A%2F%2Fhomebuying.about.com%2Fod%2Ffindingalender%2Fqt%2FThe-Basics-Of-A-Good-Faith-Estimate.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATitle+insurance" class="Z3988"></span></span> </li> <li id="cite_note-21"><span class="mw-cite-backlink"><b><a href="#cite_ref-21">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFTodd_Ewing2011" class="citation web cs1">Todd Ewing (March 15, 2011). <a rel="nofollow" class="external text" href="http://www.federaltitle.com/blog/affliliated-business-arrangements-bad-business">"Affliliated business arrangements = Bad business"</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120323140811/http://www.federaltitle.com/blog/affliliated-business-arrangements-bad-business">Archived</a> from the original on March 23, 2012.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Affliliated+business+arrangements+%3D+Bad+business&rft.date=2011-03-15&rft.au=Todd+Ewing&rft_id=http%3A%2F%2Fwww.federaltitle.com%2Fblog%2Faffliliated-business-arrangements-bad-business&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATitle+insurance" class="Z3988"></span></span> </li> <li id="cite_note-22"><span class="mw-cite-backlink"><b><a href="#cite_ref-22">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.nailta.org/">"NAILTA"</a>. National Association of Independent Land Title Agents. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20101027063834/http://www.nailta.org/">Archived</a> from the original on October 27, 2010.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=NAILTA&rft.pub=National+Association+of+Independent+Land+Title+Agents&rft_id=http%3A%2F%2Fwww.nailta.org%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATitle+insurance" class="Z3988"></span></span> </li> <li id="cite_note-23"><span class="mw-cite-backlink"><b><a href="#cite_ref-23">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRusso" class="citation web cs1">Russo, Michael. <a rel="nofollow" class="external text" href="http://www.alta.org/images/PDF/10-12-15_AM_Best_Report.pdf">"financial analyst"</a> <span class="cs1-format">(PDF)</span>. AM Best. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120505141732/http://www.alta.org/images/PDF/10-12-15_AM_Best_Report.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on May 5, 2012.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=financial+analyst&rft.pub=AM+Best&rft.aulast=Russo&rft.aufirst=Michael&rft_id=http%3A%2F%2Fwww.alta.org%2Fimages%2FPDF%2F10-12-15_AM_Best_Report.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATitle+insurance" class="Z3988"></span></span> </li> <li id="cite_note-24"><span class="mw-cite-backlink"><b><a href="#cite_ref-24">^</a></b></span> <span class="reference-text">American Land Title Association</span> </li> <li id="cite_note-25"><span class="mw-cite-backlink"><b><a href="#cite_ref-25">^</a></b></span> <span class="reference-text">AM Best Special Report December 13, 2010</span> </li> <li id="cite_note-ReferenceA-26"><span class="mw-cite-backlink">^ <a href="#cite_ref-ReferenceA_26-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-ReferenceA_26-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">American Land Title Association Industry Financial Data</span> </li> <li id="cite_note-27"><span class="mw-cite-backlink"><b><a href="#cite_ref-27">^</a></b></span> <span class="reference-text">AM Best Special Report</span> </li> <li id="cite_note-28"><span class="mw-cite-backlink"><b><a href="#cite_ref-28">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.forbes.com/forbes/2006/1113/148.html#2c1ed3c65266">"Inside America's Richest Insurance Racket"</a>. <i><a href="/wiki/Forbes" title="Forbes">Forbes</a></i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Forbes&rft.atitle=Inside+America%27s+Richest+Insurance+Racket&rft_id=https%3A%2F%2Fwww.forbes.com%2Fforbes%2F2006%2F1113%2F148.html%232c1ed3c65266&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATitle+insurance" class="Z3988"></span></span> </li> <li id="cite_note-29"><span class="mw-cite-backlink"><b><a href="#cite_ref-29">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.curbed.com/2018/2/26/17017142/title-insurance-scam-government-takeover">"Title insurance is a scam and it's time for a government takeover"</a>. February 26, 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Title+insurance+is+a+scam+and+it%27s+time+for+a+government+takeover&rft.date=2018-02-26&rft_id=https%3A%2F%2Fwww.curbed.com%2F2018%2F2%2F26%2F17017142%2Ftitle-insurance-scam-government-takeover&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATitle+insurance" class="Z3988"></span></span> </li> <li id="cite_note-30"><span class="mw-cite-backlink"><b><a href="#cite_ref-30">^</a></b></span> <span class="reference-text">Based upon total premiums written. American Land Title Association, 2012 Market Share by Family and State – DISTRIBUTION, found at <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.alta.org/industry/financial.cfm">"ALTA - Industry Research - Industry Financial Data"</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20080302070242/http://www.alta.org/industry/financial.cfm">Archived</a> from the original on March 2, 2008<span class="reference-accessdate">. Retrieved <span class="nowrap">February 19,</span> 2008</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=ALTA+-+Industry+Research+-+Industry+Financial+Data&rft_id=http%3A%2F%2Fwww.alta.org%2Findustry%2Ffinancial.cfm&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATitle+insurance" class="Z3988"></span>. Retrieved June 24, 2013. These figures appear to include insurance on non-U.S. properties, which amounts to 2.3% of the total premiums written in 2007.</span> </li> <li id="cite_note-31"><span class="mw-cite-backlink"><b><a href="#cite_ref-31">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.investor.fnf.com/releasedetail.cfm?CompID=FNT&ReleaseID=363350">"Fidelity National Financial, Inc. Reports Fourth Quarter 2008 EPS of ($0.01)"</a>. 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href="/wiki/Template:Insurance" title="Template:Insurance"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Insurance" title="Template talk:Insurance"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Insurance" title="Special:EditPage/Template:Insurance"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Insurance" style="font-size:114%;margin:0 4em"><a href="/wiki/Insurance" title="Insurance">Insurance</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Types of <br />insurance</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Health_insurance" title="Health insurance">Health</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Accident_insurance" title="Accident insurance">Accident</a></li> <li><a href="/wiki/Accidental_death_and_dismemberment_insurance" title="Accidental death and dismemberment insurance">Accidental death and dismemberment</a></li> <li><a href="/wiki/Dental_insurance" title="Dental insurance">Dental</a></li> <li><a href="/wiki/Disability_insurance" title="Disability insurance">Disability</a> <ul><li><a href="/wiki/Total_permanent_disability_insurance" title="Total permanent disability insurance">Total permanent disability</a></li> <li><a href="/wiki/Business_overhead_expense_disability_insurance" title="Business overhead expense disability insurance">Business overhead expense</a></li></ul></li> <li><a href="/wiki/Income_protection_insurance" title="Income protection insurance">Income protection</a></li> <li><a href="/wiki/Long-term_care_insurance" title="Long-term care insurance">Long-term care</a></li> <li><a href="/wiki/National_health_insurance" title="National health insurance">National health</a></li> <li><a href="/wiki/Payment_protection_insurance" title="Payment protection insurance">Payment protection</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Life_insurance" title="Life insurance">Life</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Longevity_insurance" title="Longevity insurance">Longevity insurance</a></li> <li><a href="/wiki/Mortgage_life_insurance" title="Mortgage life insurance">Mortgage life</a></li> <li><a href="/wiki/Term_life_insurance" title="Term life insurance">Term life</a></li> <li><a href="/wiki/Unitised_insurance_fund" title="Unitised insurance fund">Unitised fund</a></li> <li><a href="/wiki/Universal_life_insurance" title="Universal life insurance">Universal life</a></li> <li><a href="/wiki/Variable_universal_life_insurance" title="Variable universal life insurance">Variable universal life</a></li> <li><a href="/wiki/Whole_life_insurance" title="Whole life insurance">Whole life</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Business</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bond_insurance" title="Bond insurance">Bond</a></li> <li><a href="/wiki/Business_interruption_insurance" title="Business interruption insurance">Business interruption</a></li> <li><a href="/wiki/Business_owner%27s_policy" title="Business owner's policy">Business owner</a></li> <li><a href="/wiki/Collateral_protection_insurance" title="Collateral protection insurance">Collateral protection</a></li> <li><a href="/wiki/Directors_and_officers_liability_insurance" title="Directors and officers liability insurance">Directors and officers liability</a></li> <li><a href="/wiki/Fidelity_bond" title="Fidelity bond">Fidelity</a></li> <li><a href="/wiki/Over-redemption_insurance" title="Over-redemption insurance">Over-redemption</a></li> <li><a href="/wiki/Payment_protection_insurance" title="Payment protection insurance">Payment protection</a></li> <li><a href="/wiki/Pollution_insurance" title="Pollution insurance">Pollution</a></li> <li><a href="/wiki/Professional_liability_insurance" title="Professional liability insurance">Professional liability</a></li> <li><a href="/wiki/Protection_and_indemnity_insurance" title="Protection and indemnity insurance">Protection and indemnity</a></li> <li><a href="/wiki/Surety" title="Surety">Surety</a></li> <li><a href="/wiki/Trade_credit_insurance" title="Trade credit insurance">Trade credit</a></li> <li><a href="/wiki/Umbrella_insurance" title="Umbrella insurance">Umbrella</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Residential</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Boiler_insurance" class="mw-redirect" title="Boiler insurance">Boiler</a></li> <li><a href="/wiki/Builder%27s_risk_insurance" title="Builder's risk insurance">Builder's risk</a></li> <li><a href="/wiki/Contents_insurance" title="Contents insurance">Contents</a></li> <li><a href="/wiki/Earthquake_insurance" title="Earthquake insurance">Earthquake</a></li> <li><a href="/wiki/Flood_insurance" title="Flood insurance">Flood</a></li> <li><a href="/wiki/Home_insurance" title="Home insurance">Home</a></li> <li><a href="/wiki/Landlords%27_insurance" title="Landlords' insurance">Landlords'</a></li> <li><a href="/wiki/Lenders_mortgage_insurance" title="Lenders mortgage insurance">Lenders mortgage</a></li> <li><a href="/wiki/Mortgage_insurance" title="Mortgage insurance">Mortgage</a></li> <li><a href="/wiki/Property_insurance" title="Property insurance">Property</a></li> <li><a href="/wiki/Renters%27_insurance" title="Renters' insurance">Renters'</a></li> <li><a class="mw-selflink selflink">Title</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Transport/<br />Communication</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Aviation_insurance" title="Aviation insurance">Aviation</a></li> <li><a href="/wiki/GAP_insurance" title="GAP insurance">GAP insurance</a></li> <li><a href="/wiki/Inland_marine_insurance" title="Inland marine insurance">Inland marine</a></li> <li><a href="/wiki/Public_auto_insurance" title="Public auto insurance">Public auto</a></li> <li><a href="/wiki/Marine_insurance" title="Marine insurance">Marine</a></li> <li><a href="/wiki/Satellite_insurance" title="Satellite insurance">Satellite</a></li> <li><a href="/wiki/Shipping_insurance" title="Shipping insurance">Shipping</a></li> <li><a href="/wiki/Travel_insurance" title="Travel insurance">Travel</a></li> <li><a href="/wiki/Vehicle_insurance" title="Vehicle insurance">Vehicle</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Reinsurance" title="Reinsurance">Reinsurance</a> <ul><li><a href="/wiki/Catastrophe_bond" title="Catastrophe bond">Catastrophe bond</a></li> <li><a href="/wiki/Insurance-linked_security" title="Insurance-linked security">Insurance-linked securities</a></li></ul></li> <li><a href="/wiki/Casualty_insurance" title="Casualty insurance">Casualty</a></li> <li><a href="/wiki/Climate_risk_insurance" title="Climate risk insurance">Climate risk</a></li> <li><a href="/wiki/Insurance#Casualty_insurance" title="Insurance">Crime</a></li> <li><a href="/wiki/Crop_insurance" title="Crop insurance">Crop</a> <ul><li><a href="/wiki/Catastrophic_crop_insurance" title="Catastrophic crop insurance">Catastrophic</a></li> <li><a href="/wiki/Multi-peril_crop_insurance" title="Multi-peril crop insurance">Multi-peril</a></li></ul></li> <li><a href="/wiki/Cyber_insurance" title="Cyber insurance">Cyber</a></li> <li><a href="/wiki/Deposit_insurance" title="Deposit insurance">Deposit</a></li> <li><a href="/wiki/Expatriate_insurance" title="Expatriate insurance">Expatriate</a></li> <li><a href="/wiki/Extended_warranty" title="Extended warranty">Extended warranty</a></li> <li><a href="/wiki/Group_insurance" title="Group insurance">Group</a></li> <li><a href="/wiki/Index-based_insurance" title="Index-based insurance">Index-based</a> <ul><li><a href="/wiki/Parametric_insurance" title="Parametric insurance">Parametric</a></li></ul></li> <li><a href="/wiki/Interest_rate_insurance" title="Interest rate insurance">Interest rate</a></li> <li><a href="/wiki/Kidnap_and_ransom_insurance" title="Kidnap and ransom insurance">Kidnap and ransom</a></li> <li><a href="/wiki/Legal_expenses_insurance" title="Legal expenses insurance">Legal expenses</a></li> <li><a href="/wiki/Liability_insurance" title="Liability insurance">Liability</a></li> <li><a href="/wiki/No-fault_insurance" title="No-fault insurance">No-fault</a></li> <li><a href="/wiki/Pet_insurance" title="Pet insurance">Pet</a></li> <li><a href="/wiki/Political_risk_insurance" title="Political risk insurance">Political risk</a></li> <li><a href="/wiki/Prize_indemnity_insurance" title="Prize indemnity insurance">Prize indemnity</a></li> <li><a href="/wiki/Takaful" title="Takaful">Takaful</a></li> <li><a href="/wiki/Terrorism_insurance" title="Terrorism insurance">Terrorism</a></li> <li><a href="/wiki/Tuition_insurance" title="Tuition insurance">Tuition</a></li> <li><a href="/wiki/War_risk_insurance" title="War risk insurance">War risk</a></li> <li><a href="/wiki/Weather_insurance" title="Weather insurance">Weather</a></li> <li><a href="/wiki/Workers%27_compensation" title="Workers' compensation">Workers' compensation</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Insurance_policy" title="Insurance policy">Insurance <br />policy</a> <br />and <a href="/wiki/Insurance_law" title="Insurance law">law</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Act_of_God" title="Act of God">Act of God</a></li> <li><a href="/wiki/Actuarial_science" title="Actuarial science">Actuarial science</a> <ul><li><a href="/wiki/Actuary" title="Actuary">Actuary</a></li> <li><a href="/wiki/Adverse_selection" title="Adverse selection">Adverse selection</a></li> <li><a href="/wiki/Risk" title="Risk">Risk</a></li> <li><a href="/wiki/Risk_assessment" title="Risk assessment">Risk assessment</a></li> <li><a href="/wiki/Risk_management" title="Risk management">Risk management</a></li> <li><a href="/wiki/Uncertainty" title="Uncertainty">Uncertainty</a>/<a href="/wiki/Knightian_uncertainty" title="Knightian uncertainty">Knightian</a></li> <li><a href="/wiki/Value_of_life" title="Value of life">Value of life</a></li></ul></li> <li><a href="/wiki/Actual_cash_value" title="Actual cash value">Actual cash value</a></li> <li><a href="/wiki/Cash_value" title="Cash value">Cash value</a></li> <li><a href="/wiki/Insurance_broker" title="Insurance broker">Broker</a></li> <li><a href="/wiki/Cancellation_(insurance)" title="Cancellation (insurance)">Cancellation</a> <ul><li><i><a href="/wiki/Pro_rata" title="Pro rata">Pro rata</a></i></li> <li>Short rate table</li></ul></li> <li><a href="/wiki/Cause_of_action" title="Cause of action">Claim</a> <ul><li><a href="/wiki/Claims_adjuster" class="mw-redirect" title="Claims adjuster">Claims adjuster</a></li></ul></li> <li><a href="/wiki/Deductible" title="Deductible">Deductible</a> <ul><li><a href="/wiki/Co-insurance" title="Co-insurance">Co-insurance</a></li> <li><a href="/wiki/Copayment" title="Copayment">Copayment</a></li> <li><a href="/wiki/Out-of-pocket_expense" title="Out-of-pocket expense">Out-of-pocket expense</a></li></ul></li> <li><a href="/wiki/Explanation_of_benefits" title="Explanation of benefits">Explanation of benefits</a></li> <li><i><a href="/wiki/Force_majeure" title="Force majeure">Force majeure</a></i></li> <li><a href="/wiki/General_average" title="General average">General average</a></li> <li><a href="/wiki/Indemnity" title="Indemnity">Indemnity</a></li> <li><a href="/wiki/Insurability" title="Insurability">Insurability</a></li> <li><a href="/wiki/Insurable_interest" title="Insurable interest">Insurable interest</a></li> <li><a href="/wiki/Insurance_fraud" title="Insurance fraud">Insurance fraud</a></li> <li><a href="/wiki/Proximate_cause" title="Proximate cause">Proximate cause</a></li> <li><a href="/wiki/Replacement_value" title="Replacement value">Replacement value</a></li> <li><a href="/wiki/Risk_pool" title="Risk pool">Risk pool</a></li> <li><a href="/wiki/Self-insurance" title="Self-insurance">Self-insurance</a></li> <li><a href="/wiki/Total_loss" title="Total loss">Total loss</a></li> <li><a href="/wiki/Underinsured" title="Underinsured">Underinsurance</a></li> <li><a href="/wiki/Underwriting" title="Underwriting">Underwriting</a> <ul><li><a href="/wiki/Underwriting_profit" title="Underwriting profit">Profit</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Insurance <br />by country</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Insurance_in_Australia" title="Insurance in Australia">Australia</a></li> <li><a href="/wiki/Insurance_industry_in_China" title="Insurance industry in China">China</a></li> <li><a href="/wiki/Insurance_in_India" title="Insurance in India">India</a></li> <li><a href="/wiki/Insurance_in_Pakistan" title="Insurance in Pakistan">Pakistan</a></li> <li><a href="/wiki/Insurance_in_Serbia" title="Insurance in Serbia">Serbia</a></li> <li><a href="/wiki/Insurance_in_the_United_Kingdom" title="Insurance in the United Kingdom">United Kingdom</a></li> <li><a href="/wiki/Insurance_in_the_United_States" title="Insurance in the United States">United States</a> <ul><li><a href="/wiki/Climate_change_and_insurance_in_the_United_States" title="Climate change and insurance in the United States">Climate change</a></li> <li><a href="/wiki/Health_insurance_in_the_United_States" title="Health insurance in the United States">Health insurance</a></li> <li><a href="/wiki/Health_insurance_costs_in_the_United_States" title="Health insurance costs in the United States">Health insurance costs</a></li> <li><a href="/wiki/Health_insurance_coverage_in_the_United_States" title="Health insurance coverage in the United States">Health insurance coverage</a></li> <li><a href="/wiki/Vehicle_insurance_in_the_United_States" title="Vehicle insurance in the United States">Vehicle insurance</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/History_of_insurance" title="History of insurance">History</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Banker_(ancient)" title="Banker (ancient)">Mesopotamian banker</a></li> <li><a href="/wiki/Code_of_Hammurabi" title="Code of Hammurabi">Code of Hammurabi</a> <ul><li><a href="/wiki/Marine_insurance" title="Marine insurance">§100–105; §126</a>; <a href="/wiki/Labour_law" title="Labour law">§234</a>; <a href="/wiki/Marine_insurance" title="Marine insurance">§235–238; §240</a>; <a href="/wiki/Labour_law" title="Labour law">§275–277</a></li></ul></li> <li><i><a href="/wiki/Collegium_(ancient_Rome)" title="Collegium (ancient Rome)">Collegium</a></i> <ul><li><a href="/wiki/Burial_society" title="Burial society">Burial society</a></li> <li><a href="/wiki/Guild" title="Guild">Guild</a></li></ul></li> <li><i><a href="/wiki/Corpus_Juris_Civilis" title="Corpus Juris Civilis">Corpus Juris Civilis</a></i> <ul><li><i><a href="/wiki/Digest_(Roman_law)" title="Digest (Roman law)">Digesta</a></i></li></ul></li> <li><a href="/wiki/Syndicate" title="Syndicate">Syndicate</a></li> <li><a href="/wiki/Benefit_society" title="Benefit society">Benefit</a>/<a href="/wiki/Friendly_society" title="Friendly society">Friendly society</a> <ul><li><a href="/wiki/Cooperative" title="Cooperative">Cooperative</a></li> <li><a href="/wiki/Cooperative_banking" title="Cooperative banking">Cooperative banking</a></li> <li><a href="/wiki/Credit_union" title="Credit union">Credit union</a></li> <li><a href="/wiki/Fraternal_order" title="Fraternal order">Fraternal order</a></li> <li><a href="/wiki/Mutual_organization" title="Mutual organization">Mutual organization</a></li> <li><a href="/wiki/Mutual_savings_bank" title="Mutual savings bank">Mutual savings bank</a></li> <li><a href="/wiki/Rochdale_Principles" title="Rochdale Principles">Rochdale Principles</a></li> <li><a href="/wiki/Savings_and_loan_association" title="Savings and loan association">Savings and loan association</a></li> <li><a href="/wiki/Social_insurance" title="Social insurance">Social insurance</a></li> <li><a href="/wiki/Trade_union" title="Trade union">Trade union</a></li></ul></li> <li><a href="/wiki/Insurance_cycle" title="Insurance cycle">Insurance cycle</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><b><a href="/wiki/Category:Insurance" title="Category:Insurance">Category</a></b></li> <li><b><a href="/wiki/Outline_of_finance#Insurance" title="Outline of finance">List of topics</a></b></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Real_estate" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Real_estate" title="Template:Real estate"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Real_estate" title="Template talk:Real estate"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Real_estate" title="Special:EditPage/Template:Real estate"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Real_estate" style="font-size:114%;margin:0 4em"><a href="/wiki/Real_estate" title="Real estate">Real estate</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><a href="/wiki/Property" title="Property">Property</a></li> <li><a href="/wiki/Tertiary_sector_of_the_economy" title="Tertiary sector of the economy">Tertiary sector of the economy</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">By location</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Real_estate_in_Bangladesh" title="Real estate in Bangladesh">Bangladesh</a></li> <li><a href="/wiki/Real_estate_in_Canada" class="mw-redirect" title="Real estate in Canada">Canada</a></li> <li><a href="/wiki/Real_estate_in_China" title="Real estate in China">China</a></li> <li><a href="/wiki/Real_estate_in_Indonesia" class="mw-redirect" title="Real estate in Indonesia">Indonesia</a></li> <li><a href="/wiki/Real_estate_in_Italy" title="Real estate in Italy">Italy</a></li> <li><a href="/wiki/Real_estate_in_Turkey" class="mw-redirect" title="Real estate in Turkey">Turkey</a></li> <li><a href="/wiki/Real_estate_in_Kenya" title="Real estate in Kenya">Kenya</a></li> <li><a href="/wiki/Real_estate_in_Pakistan" title="Real estate in Pakistan">Pakistan</a></li> <li><a href="/wiki/Real_estate_in_Panama" title="Real estate in Panama">Panama</a></li> <li><a href="/wiki/Real_estate_in_Puerto_Rico" title="Real estate in Puerto Rico">Puerto Rico</a></li> <li><a href="/wiki/Real_estate_in_Russia" class="mw-redirect" title="Real estate in Russia">Russia</a></li> <li><a href="/wiki/Real_estate_in_Saudi_Arabia" class="mw-redirect" title="Real estate in Saudi Arabia">Saudi Arabia</a></li> <li><a href="/wiki/Real_estate_in_the_United_Arab_Emirates" class="mw-redirect" title="Real estate in the United Arab Emirates">United Arab Emirates</a></li> <li><a href="/wiki/Real_estate_in_the_United_Kingdom" title="Real estate in the United Kingdom">United Kingdom</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Types</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Commercial_property" title="Commercial property">Commercial property</a> <ul><li><a href="/wiki/Commercial_building" class="mw-redirect" title="Commercial building">Commercial building</a></li></ul></li> <li><a href="/wiki/Corporate_Real_Estate" class="mw-redirect" title="Corporate Real Estate">Corporate Real Estate</a></li> <li><a href="/wiki/Extraterrestrial_real_estate" title="Extraterrestrial real estate">Extraterrestrial real estate</a></li> <li><a href="/wiki/International_real_estate" title="International real estate">International real estate</a></li> <li><a href="/wiki/Lease_administration" title="Lease administration">Lease administration</a></li> <li><a href="/wiki/Niche_real_estate" title="Niche real estate">Niche real estate</a> <ul><li><a href="/wiki/Garden_real_estate" class="mw-redirect" title="Garden real estate">Garden real estate</a></li> <li><a href="/wiki/Healthcare_real_estate" title="Healthcare real estate">Healthcare real estate</a></li> <li><a href="/wiki/Vacation_property" class="mw-redirect" title="Vacation property">Vacation property</a></li> <li><a href="/wiki/Arable_land" title="Arable land">Arable land</a></li> <li><a href="/wiki/Golf_property" title="Golf property">Golf property</a></li> <li><a href="/wiki/Luxury_real_estate" class="mw-redirect" title="Luxury real estate">Luxury real estate</a></li></ul></li> <li><a href="/wiki/Off-plan_property" title="Off-plan property">Off-plan property</a></li> <li><a href="/wiki/Private_equity_real_estate" title="Private equity real estate">Private equity real estate</a></li> <li><a href="/wiki/Real_estate_owned" title="Real estate owned">Real estate owned</a></li> <li><a href="/wiki/Residential_property" class="mw-redirect" title="Residential property">Residential property</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Sectors</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Property_management" title="Property management">Property management</a></li> <li><a href="/wiki/Real_estate_development" title="Real estate development">Real estate development</a></li> <li><a href="/wiki/Real_estate_investing" title="Real estate investing">Real estate investing</a></li> <li><a href="/wiki/Flipping" title="Flipping">Real estate flipping</a></li> <li><a href="/wiki/Relocation_service" title="Relocation service">Relocation</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Property_law" title="Property law">Law</a> and regulation</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Adverse_possession" title="Adverse possession">Adverse possession</a></li> <li><a href="/wiki/Chain_of_title" title="Chain of title">Chain of title</a></li> <li><a href="/wiki/Closing_(real_estate)" title="Closing (real estate)">Closing</a></li> <li><a href="/wiki/Concurrent_estate" title="Concurrent estate">Concurrent estate</a></li> <li><a href="/wiki/Conditional_sale" title="Conditional sale">Conditional sale</a></li> <li><a href="/wiki/Conveyancing" title="Conveyancing">Conveyancing</a></li> <li><a href="/wiki/Deed" title="Deed">Deed</a></li> <li><a href="/wiki/Eminent_domain" title="Eminent domain">Eminent domain</a></li> <li><a href="/wiki/Encumbrance" title="Encumbrance">Encumbrance</a></li> <li><a href="/wiki/Foreclosure" title="Foreclosure">Foreclosure</a></li> <li><a href="/wiki/Land_law" title="Land law">Land law</a></li> <li><a href="/wiki/Land_registration" title="Land registration">Land registration</a></li> <li><a href="/wiki/Leasehold_estate" title="Leasehold estate">Leasehold estate</a> <ul><li><a href="/wiki/Lease" title="Lease">Lease</a></li></ul></li> <li><a href="/wiki/Property_abstract" title="Property abstract">Property abstract</a></li> <li><a href="/wiki/Real_estate_transaction" title="Real estate transaction">Real estate transaction</a> <ul><li><a href="/wiki/Real_estate_contract" title="Real estate contract">Real estate contract</a></li></ul></li> <li><a href="/wiki/Real_property" title="Real property">Real property</a></li> <li><a href="/wiki/Rent_regulation" title="Rent regulation">Rent regulation</a></li> <li><a href="/wiki/Severance_(land)" title="Severance (land)">Severance</a></li> <li><a href="/wiki/Torrens_title" title="Torrens title">Torrens title</a></li> <li><a href="/wiki/Zoning" title="Zoning">Zoning</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Economics, financing<br />and valuation</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Asset-based_lending" title="Asset-based lending">Asset-based lending</a></li> <li><a href="/wiki/Capitalization_rate" title="Capitalization rate">Capitalization rate</a></li> <li><a href="/wiki/Effective_gross_income" title="Effective gross income">Effective gross income</a></li> <li><a href="/wiki/Gross_rent_multiplier" title="Gross rent multiplier">Gross rent multiplier</a></li> <li><a href="/wiki/Hard_money_loan" title="Hard money loan">Hard money loan</a></li> <li><a href="/wiki/Highest_and_best_use" title="Highest and best use">Highest and best use</a></li> <li><a href="/wiki/Home_equity_loan" title="Home equity loan">Home equity loan</a></li> <li><a href="/wiki/Investment_rating_for_real_estate" title="Investment rating for real estate">Investment rating for real estate</a></li> <li><a href="/wiki/Mortgage_insurance" title="Mortgage insurance">Mortgage insurance</a></li> <li><a href="/wiki/Mortgage_loan" class="mw-redirect" title="Mortgage loan">Mortgage loan</a></li> <li><a href="/wiki/Real_estate_derivative" title="Real estate derivative">Real estate derivative</a></li> <li><a href="/wiki/Real_estate_economics" title="Real estate economics">Real estate economics</a></li> <li><a href="/wiki/Real_estate_bubble" class="mw-redirect" title="Real estate bubble">Real estate bubble</a></li> <li><a href="/wiki/Real_estate_valuation" class="mw-redirect" title="Real estate valuation">Real estate valuation</a></li> <li><a href="/wiki/Remortgage" title="Remortgage">Remortgage</a></li> <li><a href="/wiki/Rental_value" title="Rental value">Rental value</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Parties</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Real_estate_appraisal" title="Real estate appraisal">Appraiser</a></li> <li><a href="/wiki/Buyer_agent" class="mw-redirect" title="Buyer agent">Buyer agent</a></li> <li><a href="/wiki/Buyer_broker" class="mw-redirect" title="Buyer broker">Buyer broker</a></li> <li><a href="/wiki/Chartered_Surveyor" title="Chartered Surveyor">Chartered Surveyor</a></li> <li><a href="/wiki/Exclusive_buyer_agent" title="Exclusive buyer agent">Exclusive buyer agent</a></li> <li><a href="/wiki/Land_banking" title="Land banking">Land banking</a></li> <li><a href="/wiki/Landlord" title="Landlord">Landlord</a></li> <li><a href="/wiki/Moving_company" title="Moving company">Moving company</a></li> <li><a href="/wiki/Property_manager" title="Property manager">Property manager</a></li> <li><a href="/wiki/Real_estate_agent" title="Real estate agent">Real estate broker</a></li> <li><a href="/wiki/Real_estate_investment_club" title="Real estate investment club">Real estate investment club</a></li> <li><a href="/wiki/Real_estate_investment_trust" title="Real estate investment trust">Real estate investment trust</a></li> <li><a href="/wiki/Real_property_administrator" class="mw-redirect" title="Real property administrator">Real property administrator</a></li> <li><a href="/wiki/Leasehold_estate" title="Leasehold estate">Tenant</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Category:Real_estate_companies" title="Category:Real estate companies">Companies</a></li> <li><a href="/wiki/Eviction" title="Eviction">Eviction</a></li> <li><a href="/wiki/Filtering_(housing)" title="Filtering 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