Risk reporting and managing risk by title insurance

Often reports on title to clients flag up issues of concern but fail to give clients the mechanism to assess the risk, its likelihood, its impact, whether it is ‘mission critical’, normal, or minor. Often title insurance is routinely obtained without thought of explanation to the client of its, often limited, function in dealing with the risk. Furthermore, firms frequently do not comply with their legal compliance obligations in arranging the insurance. The net result can be that the buck stops (and the risk stays) with the firm, not the client or the insurer.

This one-hour webinar will look at ways of communicating risk to clients, what the issues are with title insurance, when it might not be appropriate, and your legal obligations in arranging the insurance.

Topics:

• The importance of assessing risk, probability and impact
• Not all risk issues are equal
• What risks can be taken and what can be lived with?
• When is title insurance the wrong approach or inappropriate?
• The limits of cover
• How do you educate the client so they take the decision and accept the risk (if they do) rather than pass it on to your PI insurance?
• What are the new rules about arranging insurance? It’s likely you are the ‘broker’ not just an arranger
• Do you end up taking the risk rather than the insurance company?
• What does your demand needs and suitability statement have to say?
• What are your regulatory and compliance requirements?
• Common issues with standard policies
• Who should arrange any insurance – buyer or seller?
• Contractual terms, warranties, non-disclosure issues