Purpose and Nature of Title Insurance
What Is Title Insurance?
Title insurance is a contract of indemnity that obligates the title insurer to pay loss as defined by the policy. Case law has also deemed title insurance as used to “indemnify the insured for impairment of its interest due to failure of title as guaranteed in the title insurance report." This white paper reviews what title insurance is, what type of risks does the policy indemnify or protect and discusses negotiation of risks that are known vs. assumption of risks unknown.
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