Commercial Title Insurance
Commercial Title Insurance
Commercial title insurance protects your owner and lender clients against losses associated with survey* issues, municipal agreement compliance issues, title defects and claims against their interest in the property (title).
Unlike traditional property and casualty insurance, title insurance covers issues that existed before the policy’s effective date, as well as certain issues that may occur in future (e.g. title fraud).
If the insured’s interest in the property is ever challenged due to a covered risk, we will defend them and pay any associated costs, legal fees and expenses.** That’s what we call our “duty to defend”.
Protection for your clients
- Title insurance reduces the number of searches you need to complete, allowing you to get your clients’ deal finished faster.
- Your clients can save money by using title insurance instead of an up-to-date, costly survey* to appease most lender requirements.
- Our no-fault claims process means we assume the responsibility and costs of defending your clients’ title if they suffer a loss for a covered risk.
Our comprehensive coverage**
We make sure your clients’ interests are protected with comprehensive coverage. The most common issues covered under our policies include, but are not limited to:
The experience of our underwriters allows us to be flexible and customize policies to cover many known and unknown defects such as prior charges, liens or encumbrances that may affect the title to your clients’ property.
We cover issues that would have been revealed if a survey* was completed before closing. In cases where an existing survey of the property is available, we can insure its accuracy. If this existing survey reveals a costly issue, like a building encroachment, we can provide coverage over the issue to ensure the deal closes on time.
Unfortunately pre-existing issues like errors in public records, errors in government responses, non-compliance with municipal agreements, and zoning by-law violations can arise after a deal has closed. We work to correct these issues and/or compensate the insured if required.
Our gap coverage protects against losses from third party registrations that appear between the time documents are submitted for registration and when the registration is completed. This coverage is particularly helpful in jurisdictions with registration delays and for multi-site or multi-jurisdictional closings. It allows funds to be released once the documents are executed, instead of waiting until they are registered.
Fraud and forgery
Our underwriting process works to stop title fraud before it occurs and protects your clients against fraudulent activity that may have happened before the closing date, during the insured transaction, or after the transaction closes.††
* Real property report or certificate of location where applicable.
** For specific coverage and exclusions, refer to the applicable policy, schedule or endorsement.
† Excluding vacant land when the owner’s policy is issued.
†† Coverage for title fraud occurring after the transaction closes is limited to $5 million and excludes vacant land.
Contact your FCT business development manager or connect with our friendly Commercial Solutions team. We are available to answer all your questions from 8:00 a.m. to 8:00 p.m. ET