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How title insurance differs from P&C

Title insurance is a frequently misunderstood business. That is hardly a novel concept, but seldom is it more apparent than when title insurance is compared to property and casualty insurance. Over and over we read that title claims are extremely low when compared to the claims ratios of the P&C world. As a result, some believe that because title insurers pay claims at a much lower rate than P&C insures we must retain virtually all of the revenue from policy premiums. Were that true I’d have retired to a desert island long ago.

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Author: Frank Pellegrini, President, Prairie Title

TitleTalk Article originally published in February 2008 issue of Metro Chicago Real Estate Magazine.

All things change, even title insurance

Who says things never change in the title insurance world? Last year the industry introduced brand new forms for our owners and loan policies. The new forms — created by industry experts through the efforts of the American Land Title Association — are recommended for use in all states and have been adopted by virtually all states that require regulatory approval. In those states that have not done so already, regulatory approval is expected soon.

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Author: Frank Pellegrini, President, Prairie Title

TitleTalk Article originally published in November 2007 issue of Metro Chicago Real Estate Magazine.

Title industry association hits the century mark

One hundred years ago, members of the national title insurance industry came together to form an association to promote the interests of title insurers and to educate the public about the importance of title insurance. At the same time, Illinois’ title insurers formed their own association — the Illinois Land Title Association (ILTA) — that has since worked on its mission hand-in-hand with the American Land Title Association.

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Author: Frank Pellegrini, President, Prairie Title

TitleTalk Article originally published in October 2007 issue of Metro Chicago Real Estate Magazine.