The Title Insurance Industry

Paper Summary:

This paper explains that title insurance is protection against loss arising from problems connected to the title of your property, which is usually purchased in conjunction with the purchase of a house or other type of real estate, but can also include insurance issued to authenticate the owner's title to works of art, including paintings and sculptures. The author points out that, in the future, many companies, such as Lloyds or Chubbs, may offer more in the way of title insurance for fine pieces of art is because this sub specialty could become quite profitable. The paper contends that the career market for title insurers or for those who offer such services on an independent agent basis seems to be in a strong growth and stability market at home and abroad.

From the Paper:

"Having such a disproportionate amount of independent agents offering the same type of product could lend itself to situations of abuse, and that could spell trouble for the consumer. There are thousands of companies that offer mortgages, and many of them are through independent agents. There are only five title insurers that account for approximately ninety percent of the issued policies. These five insurers do not necessarily include Aris Title Insurance Corp, although the five insurers (depending on the viability of the market) could certainly join Aris in offering such services if they were deemed profitable."

Sample of Sources Used:

• AXA Art at Tefaf Maastricht: Leading Fine Art Insurance Company Warns of Water Damage, (2006) http://www.axa-art.co.uk/nws/nws005.pdf, accessed June 25, 2007
• Chubb Group Insurance, (2007) http://www.chubb.com/personal/collector_services.jsp, accessed June 25, 2007
• Esaak, Shelley, (2006) Title Insurance for Art Buyers, Your Guide to Art History, http://arthistory.about.com/b/a/257722.htm, accessed June 25, 2007
• Fidelity National Title Insurance Company (2006) https://www.fntic.com/about_us.asp, accessed June 25, 2007
• Lloyds of London Fact Sheet #2, (2007) http://www.lloyds.com/NR/rdonlyres/A868192A-B7CD-4559-82C5-63D9B4BDDE36/0/LloydsHistoryandChronologyFactSheet2.pdf, accessed June 25, 2007

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