Upon underwriting analysis, the owner / purchaser of a real estate property will benefit from coverage during their period of ownership against a claim for a known defect covered by the terms of the title insurance policy. In the event of the resale of the property to a third party, the title insurer undertakes to title insure the following purchaser under the same conditions, provided premium is paid.
Title insurance does not protect against problems related to the property assessment, its market value, the physical condition of the building, environmental issues or the insured’s misrepresentations.
Tile insurance policies are issued for a one-time premium. Premium is paid at the time the title insurance policy is issued and the policy will remain in force as long as the insured retains an interest in the property.
Sujet aux conditions de souscription, pour les risques connus et soulevés dans la demande d’assurance titres, la Compagnie d’assurance titres Chicago assure le propriétaire / acheteur tant qu’il conserve un intérêt dans la propriété assurée pour une réclamation relativement à un risque connu et couvert aux termes de la police d’assurance titres. En cas de revente, l’assureur s’engage à assurer un acheteur subséquent aux mêmes conditions, moyennant le paiement de la prime.
L’assurance titres ne protège pas pour les problèmes relatifs à l’évaluation de la propriété, à sa valeur marchande, à la condition physique de la bâtisse, aux problèmes de nature environnementale ou si l’assuré fait de fausses déclarations.
Les polices d’assurance titres sont émises sur paiement d’une prime unique. La prime est payée au moment de la souscription de l’assurance et la police émise est valable tant et aussi longtemps que l’assuré détient un intérêt d’assurance dans la propriété.
Title insurance is a unique form of insurance. It provides coverage for future claims or future losses due to title defects which are created by some past event (i.e., event prior to the acquisition of the property.) These risks are far less obvious than those protected against by automobile insurance but can be just as devastating. Title Insurance protects the insured owner of a real estate property or the insured mortgage lender against title defects, issues outlined on a survey or real property report and against real estate fraud.
The Duty to Defend goes beyond the indemnification of the insured when a claim is presented. As the title insurer, we are responsible for any costs, legal and/or notarial fees, and expenses incurred in the defense of an insured risk, including the title itself or the charge against the title
The Insured is indemnified for losses by the Company regardless of fault in the incident generating losses. By proving their loss, the insured may present a valid claim.
