505 East Jackson Street-Suite 303 - Tampa, Florida 33602
Phone: (813) 387-7724 - Fax: (813) 387-7727
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505 East Jackson Street-Suite 303 - Tampa, Florida 33602 Phone: (813) 387-7724 - Fax: (813) 387-7727
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Knowledge Is Key To Buying and Selling Real Estate By Attorney Miriam L. Sumpter Richard
WHAT IS REINSURANCE? Reinsurance is an integral part of the title insurance business in general. All title companies have a limit on the amount of the risk retained on any single transaction. Portions of the risk over the retention limit are traded are transferred, for a fee, to other title insurance companies when a policy is issued. The reinsurance process is normally automatic. However, when a lender or client requirements dictate special insurance requirements, the title insurance complies quickly. The title company’s agent involvement is to: (1) Obtain the identity of the prospective insured; (2) Verify the County; (3) Ascertain if the property is waterfront; (4) Ascertain Improvements; (5) Ascertain the amount of the policy; (6) Verify prior title policy; (7) Verify concurrent issuance of owner and/or mortgage and (8) Ascertain any special reinsurance requirements. When a final policy is reissued, reinsurance agreements showing the amounts assumed by all companies are executed.
For More Information Contact: Tel:
(813) 387-7724
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