The History of Title Insurance

The need for title insurance arose historically from the fact that traditional methods of conveying real property did not provide adequate safety to the parties involved. Until a century ago, transferring title to real property was handled primarily by conveyancers, who were responsible for all aspects of the transaction. The conveyancer conducted a title search…

The need for title insurance arose historically from the fact that traditional methods of conveying real property did not provide adequate safety to the parties involved. Until a century ago, transferring title to real property was handled primarily by conveyancers, who were responsible for all aspects of the transaction. The conveyancer conducted a title search to determine the ownership rights of the seller and any other rights, interests, liens or encumbrances that may exist with respect to the property, and, based on its search, provide a signed abstract (or description) of the status of the title. Although the conveyancer was generally not a lawyer, that individual was recognized as an authority on real estate law. The origin of title insurance is directly traceable to the limited protection that the work of such a conveyancer provided to the purchaser of real property.

In 1868, the celebrated case of Watson v. Muirhead (57 Pa. 161) was filed in Pennsylvania. In that case, Muirhead, a conveyancer, had searched and abstracted a title for Watson, the purchaser of a parcel of real property. In good faith and after consulting an attorney, Muirhead chose to ignore certain recorded judgments and to report the title as good and unencumbered. On the basis of Muirhead's abstract, Watson went ahead with the purchase, but was presented with, and require to satisfy, the liens that Muirhead had concluded were not impairments to title. Watson sued Muirhead to recover his losses, but the Pennsylvania Supreme Court ruled that there was no negligence on the conveyancer's part and dismissed the case. Watson, an innocent purchaser who had suffered financial damages because of the encumbrances on his title, had no recourse.

The decision of Watson v. Muirhead demonstrated clearly that the existing conveyancing system could not provide total assurance to purchasers of real property that they would be safe and secure in their ownership. As a result of that decision, the Pennsylvania legislatureature shortly thereafter passed an act “to provide for the incorporation and regulation of title insurance companies.” The first title company was founded in Philadelphia in 1876.

This new type of insurance (called “title insurance”), addressed the concerns raised in Watson v. Muirhead by providing:

1. Responsibility without proof of negligence;

2. Financial protection through a reduction of the risk of insolvency; and

3. The assumption of risks beyond those disclosed in the public records (for which the abstractor was notiable).

Since the late 1800s, the title insurance industry has grown to where it now is an essential component in an overwhelming majority of real estate transactions in this country. The services provided by the title insurers may vary somewhat from one area of ​​the country to the other, reflecting the different laws, customs and procedures of the various states and counties through the nation. But the essential purpose of these services is the same – to assist all of the parties in real estate transactions by ensuring that the acquisition or transfer of an interest in real estate can be effected with a maximum degree of efficiency, security and safety.

The Truth About Personal Injury Protection – & Some Myths

Trying to get insurance cover can be a real minefield to most people. It is almost always an unbelievably expensive item with respect to the family budget. Unfortunately however, it can be horrendously costly in another way if the cover is not appropriate or does not cover the intended items. Let's look at the main…

Trying to get insurance cover can be a real minefield to most people. It is almost always an unbelievably expensive item with respect to the family budget. Unfortunately however, it can be horrendously costly in another way if the cover is not appropriate or does not cover the intended items. Let's look at the main types of cover and attempt to throw a little light on the subject.

The best auto insurance policies will include the following items: uninsured motorist coverage, personal property liability, collision coverage, body liability liability, comprehensive coverage and personal injury protection (PIP). Some of these elements are required by all states while others are not required. Collision coverage pays for all damages to a vehicle or other vehicle when it is in collision with another automobile or other vehicle or non-vehicular object, even if the insurance holder is at fault. Comprehensive insurance policies protect the insurance holder in the unrestitution situation that their automobile or other vehicle is taken without the owner's permission, damaged illegally, harmed by an act of nature or damaged otherwise. Both of these kinds of insurance are always optional and are usually very expensive.

Bodily injury and personal property insurance are required by all US states in one way way or another. Where the states differ very much in the minimum guaranteed payout that is set for each. For example, in Alaska, a driver is required to carry coverage that has a guaranteed minimum bodily injury payout of $ 100,000. In Florida, a driver is only required to carry coverage worth $ 10,000.

Many elements of an auto insurance policy that could be optional are cover for the uninsured motorist and personal injury protection. The coverage for the uninsured motorist protects the insurance holder in case he or she has an accident with an uninsured person. It provides the insurance policies that should probably have been supplied by the other party. PIP, in the event of an accident, pays for the medical expenses and other asserted damages caused by the insurance holder and their passengers (or if the insurance holder is an injured pedestrian). Carrying personal injury protection is mandatory in: Colorado, Delaware, Florida, Hawaii, Kansas, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, New Jersey, New York, North Dakota, Oregon and Utah.

Even if personal injury protection is not mandatory in your state, you may still want to consider purchasing the insurance policies. PIP, in the event of an accident, will pay around 80% (depending on insurance policies limits) of the costs of the insurance holder and passengers. These costs include medical bills, lost wages and other asserted expenses. personal injury protection is a no-fault policy, so it will cover you and your passengers, even if the reason for claim was your fault.

personal injury protection, sometimes known as Medical Payment Insurance or Medpay, is a no-fault insurance policies for a couple of reasons. Firstly, the fact that blame does not have to be confirmed saves time and there before allows medical payments to get into the pockets of the injured parties as soon as possible.

Secondly, it saves everyone from the cost of lawsuits being filed so that responsibility can be proved for an accident and therefore who has responsibility for the bills. One time a personal injury protection policy may allow for a lawsuit is when serious injury or death occurs.

Before you purchase personal injury protection, you would be advised to take a look at your current policies and see whether or not the insurance policies offered by personal injury protection is duplicated elsewhere. It could be that the cost of lost wages and medical bills may be recovered through an existing health insurance policy. If this is the case, then you may need minimal personal injury protection or none at all. Your driving habits will also help determine whether or not you need personal injury protection. Do you carry passengers on a regular basis? While your health insurance may cover your own medical expenses, it will not cover those of your passengers (unless they are members of your family who are on your health plan). Ask your regular passengers about their own health insurance policies and its coverage. If they are inadequately covered or not covered at all, you need personal injury protection in order to keep them covered. This may seem like the thin end of the wedge, especially if you're the one driving an office car pool, however, the safety of any passenger riding in your car is always going to be your responsibility.

If you stay in a state that requires personal injury protection you will need to know the minimum amount of cover you must have because this has already been decided for you. If you live in a state where personal injury protection is not mandatory however, you may decide that you need the extra insurance policies anyway. How much insurance policies you need depends, mainly, on your age. If you are middle-aged or older, have good health and liability insurance policies, then you will need minimal personal injury protection insurance policies. If, on the other hand, you are young, just starting out and still do not have much in the way of health and liability insurance, you will want to protect yourself, your family and your future by carrying as much insurance as you can afford. This is especially true if you have a young family or if you constantly carry others in your automobile or other vehicle.

So there we have it, whether you require PIP and at what level, depends on several factors: where you live, your driving habits, your employment, your health, your personal circumstances and your level of existing cover. Whatever your circumstances however, you need to research it carefully so that you can rest easy knowing that you are safely covered.

Protection Of Your Property

Accidents account for most damage to private property , for instance, fire, flood etc. Probability of accidents can be reduced but not completely prevented. So the only way to protect your property is taking out insurance, and the best extended it is insured the better. Insurance is aimed to cover the insured party against losses…

Accidents account for most damage to private property , for instance, fire, flood etc. Probability of accidents can be reduced but not completely prevented.

So the only way to protect your property is taking out insurance, and the best extended it is insured the better.

Insurance is aimed to cover the insured party against losses related with such damage.

There are numerous insurance companies offering different insurance policies and cover schemes. You should be only careful choosing the insurance company to deal with. The Internet today is best way to
get latest insurance online quotes and choose the best insurance company. Your choice could have made more reliable by checking out online company reviews. These are reviews from past customers and also people writing about their own experience with a particular insurance company. Let us recommend some simple actions in the case of possible accidents connected with any damage to your property.

In the case of theft and robbery one should inform the police promptly and do not touch anything until police arrives. The insurance agency of the injured owner should be informed as soon as possible. It should also be taken measures to prevent recurrence of robbery by changing keys, putting back windows, etc.

In the case of fire one should summon first aid for injured and call the rescue and fire fighting service. Try to extinguish or delimit the fire, help the firemen locate utilities, emergency exits, etc. After the localization of fire, call your insurance agency to assess the damage.

In the case of natural disasters (windstorm, hail, floods, etc.) one should take measures to prevent further damage to the property – and contact its insurance agency as soon as possible. It is recommended also to take a photo of the place.

How to Find Good Diamond Insurance

When considering how to find good diamond insurance for your precious diamond jewelry, there are a few things you need to know about diamond insurance policies, and what they cover and do not cover. It's a specialized type of insurance, and your insurance agent may not have all the information he or she needs to…

When considering how to find good diamond insurance for your precious diamond jewelry, there are a few things you need to know about diamond insurance policies, and what they cover and do not cover. It's a specialized type of insurance, and your insurance agent may not have all the information he or she needs to craft a suitable policy for you, so it's up to you to come armed with all the particulars you're concerned about.

There are basically three types of diamond insurance available, and these are Actual Cash Value, Replacement Value, and Agreed Value. Actual Cash Value means that your diamond will be insured at today's actual market rate for the diamond, irrespective of what you paid for it. Replacement Value means that the insurance company will pay up to a certain amount to replace the diamond. They may actually pay lees than the policy states, as they can often get a better replacement transaction than you can. Agreed Value is simply that; you and the insurance company come to an agreement on the value of the diamond, and that is what they'll pay in the event of a loss. This type is rare, and if you can get it, jump on it! Most times people are steered into Replacement Value, but that should not be your first choice if you have one. Try for Agreed Value, then Actual Cash Value first.

Most diamond insurance polices are written as riders to your homeowners or renters insurance. There is one more major thing to keep in mind, especially as regards Replacement Value insurance. Do not opt ​​for the insurance companies appraiser when evaluating the value of your diamonds. They work for them, and you should know that if they set the value of your diamonds at $ 15,000 and after a loss they find they can replace the diamonds for $ 5000, that's what they'll do. Why that is significant is that all this time you'll have paying premiums based on $ 15,000, not $ 5000. Big difference. Always insist on an independent appraiser.

Finding good diamond insurance is not all that hard, but like anything else when it comes to any type of insurance, you'll want to be armed with the facts so you will not overpay, or find yourself underinsured.

Protect That Bauble: Engagement Ring Insurance

Engagement ring insurance can protect your bauble in case a worst case scenario happens … So you've taken one of the biggest steps of your life by purchasing a ring and proposing to the woman of your dreams. This is the point where practical considerations begin to cross your mind …. Like, what if my…

Engagement ring insurance can protect your bauble in case a worst case scenario happens …

So you've taken one of the biggest steps of your life by purchasing a ring and proposing to the woman of your dreams. This is the point where practical considerations begin to cross your mind …. Like, what if my woman is washing her hands and the ring slips off down the drain. Or what if the diamond falls out of the setting. Or what if the dog somehow swallows it.

There are several different types of insurance policies for jewelry. You need to carefully investigate each policy to determine what is right for you. Each one varies in annual costs and procedures for reimbursements.

Many people rely on their homeowner's / renters's insurance to cover them in case of a jewelry mishap. Unfortunately, home owner's or renter's insurance may not cover any or all of the cost of a lost or stolen diamond. However, you want to thoroughly check out your policy to discern exactly what is and is not covered. Common practice is for home / rental insurance policies to cover between $ 500- $ 1,000 for jewelry theft. However, such policies may not cover damaged or lost engagement rings or anything that happens to the ring outside of the homefront.

A replacement policy will refund the cost of replacing the ring with an identical new piece (ie comparable diamond size, setting and metal) at the current market value.

Actual value insurance policies are the most popular amongst consumers and also the most affordable. This type of insurance policy replaces the cash value of your engagement ring, but subtracts for depreciation. Another words, if you have a $ 3000 engagement ring but it is four years old, money would be deducted from the ring's value based on wear and use.

Valued At Policies are more uncommon as well as expensive. You set the value of your ring, which can actually be higher than the appraised value, when taking into consideration factors such as emotional sentiment. If anything should happen to the ring, the insurance policy will refund you for the value you set the ring at.

Ask the jeweler where you purchased your ring for insurance policy recommendations. They may have relationships with insurers and can potentially offer you a discounted policy. Also, look around on the internet and see what deals you can find. Make sure to investigate the company with the Better Business Bureau to see whether they historically have a solid reputation

Here are some questions you should ask potential insurers:

– Is there a deductible and how does it affect costs?

– What type of paperwork must I provide?

– Under what circumances is the ring covered?

– Is the ring covered for the full replacement cost?

– Will the settlement be in cash or for a replacement ring?

– Are repairs covered for damaged rings?

Mobile Phone Insurance Safe Your Mobile Phone’s Life

Mobile phone insurance is the most important pre-requisite in today's world. UK records a very high number of mobile losses every year (around 700,000 maybe more) and it is in our best interest if we protect ourselves by a mobile insurance. Mobile phone insurance would protect you from a number of calamities. Depending on your…

Mobile phone insurance is the most important pre-requisite in today's world. UK records a very high number of mobile losses every year (around 700,000 maybe more) and it is in our best interest if we protect ourselves by a mobile insurance.

Mobile phone insurance would protect you from a number of calamities. Depending on your policy you would have saved against both attended and unattended theft. Even loss (National and worldwide) and accidental damage would have covered under your insurance. This type is available separately for contract and pay as you go phones.

The other options to consider while going for an mobile insurance are – Airtime abuse and The number of phones covered. An airtime abuse, it would protect you against any misuse of your airtime. Many service providers do provide a 'lock' period, however your airtime can be misused before that. If you own a number of phones or have a number of phones in your household, you could look for a policy that would cover multiple phones.

If you own a very expensive mobile or a late set, you could even jumble it into your home content insurance. This is accepted and you would have no problems.

Insurance in general and mobile insurance in particular is very important. It safeguards us and enables us to live a tension free life. Rising costs, thefts with an even steep curve leave us with no option but to go for an it.

This has never been a method to squeeze out money from you and the same is true for the entire insurance sector. And to be fair to us, we as Britons realize the importance of it very well.

Do I Need Diamond Ring Insurance?

If you have to ask when or not you need diamond ring insurance you probably do. There's something nagging you in the back of your mind saying “this thing's just too darn valuable to have it stolen or misplaced!” And you're right. While you should never look upon your diamond jewelry as an investment, there's…

If you have to ask when or not you need diamond ring insurance you probably do. There's something nagging you in the back of your mind saying “this thing's just too darn valuable to have it stolen or misplaced!” And you're right. While you should never look upon your diamond jewelry as an investment, there's no harm in being smart about covering things you're spending a fair amount of cash on, and diamond ring insurance can go a long way towards easing your concerns. There are a few things to consider, however.

Diamond ring insurance is usually found as a rider to most homeowners or renters insurance policies, at least in the US. Many insurance companies will not bother, but most of the larger ones will. There are basically three types of diamond ring insurance: Actual Cash Value, Replacement Value, and Agreed Value. Actual cash value mirrors the ring at current market rates, either higher or lower than you paid for it. This coverage is rather rare. Another rare form of coverage but the most desirable, is Agreed Value. This is where you and the insurance company agree on the value, and that is the amount you are compensated in the event of a loss. The most common type, and the policy that most people are sold is Replacement Value. This is where the insurance company replaces your ring at the lowest cost they can negotiate. This is sometimes much less than the amount the ring is insured for. This is an area to be careful. Always insist on an independent appraisal, as you do not want to be paying premiums for a ring appraised at $ 15,000, and then have it replaced for $ 3000.

Make sure your diamond ring insurance covers you when you travel, and for most normal occasions. I've seen policies that only covered the ring in the house, causing problems when it was lost or stolen outside the home. All is all, diamond ring insurance is not difficult to obtain, just keep these guidelines handy and you'll be able to buy some piece of mind!

Why You Need Mobile Insurance

Every 45 seconds, somebody loses his mobile phone. That's 700,000 people a year – and considering the cost of today's mobile phones, over a million worth of property. But we all know that when we lose our phone, the cost of the unit is the least of our concerns. Many of us store priceless information…

Every 45 seconds, somebody loses his mobile phone. That's 700,000 people a year – and considering the cost of today's mobile phones, over a million worth of property.

But we all know that when we lose our phone, the cost of the unit is the least of our concerns. Many of us store priceless information on our mobile phones. It's got the contact numbers of clients, associates, family and friends. It's got photos and videos from family vacations. It's got schedules and to do lists, which are a headache to reconstruct. And there's the hassle of having to replace the unit, recover all that information, and then – when the bill arrives – contest the cost of all the calls the thief may have made before you reported it.

That's where mobile phone insurance comes in handy. This type of policy was developed to address the needs of the digital society, where people use mobile phones and PDA's for practically everything. Plus, they bring it everywhere, making them more vulnerable to theft or even damage. Who has not experienced dropping the phone? Or what about the time you were caught in a really strong sudden downpour, and your bag (and the phone you were covering inside it) was drenched so badly that you had to get a towel to dry everything off.

Mobile phone insurance provides necessary protection against the loss of, or damage to, mobile phones and personal digital assistants (PDAs). It can repair or replace a damaged or lost phone with a similar unit (if that unit is out of stock or has since been discontinued, you will be given a phone equal in value, after inflation). Mobile phone insurance can also help owners complain about unauthorized calls.

If you lost your phone, you have to call your communication company and the police within minutes – just to stop the thief from using your plan to make his calls. You should also look at the insurance's fine print to see their policy on how they replae a unit. Mobile phones can deteriorate very quickly in market value and you can not expect to get the top-of-the-line phone in exchange for an old model you bought two years ago.

You should also take steps to protect your phone. Do not leave it lying around. If you have a habit of forgetting to take it with you, then buy a unit that is small enough to fit in your pocket or even hang around your neck. If you do not like sporting your phone like a clunky necklace, you can also buy special belts that let you hang your phone around your waist. This is more unobtrusive and will not cramp your fashion statement.

Also program your phone for password protection, so that no thief can use your phone book or steal personal information (such as bank account numbers).

It's also very important that you avoid dropping or wetting the phone. You can buy protective sleeves or cases that will help protect the phone from scratches or dampness. Also backup your phone data periodically (once every month is good) so you have a hardcopy of the contact numbers.

Personal Property Insurance for Your Personal Possessions

Have you ever considered what you might do if you lost everything that you own? Most people do not think about this at all and yet their personal possessions rank pretty high on their lists of importance in their lives. Consider if you will all the things that you own and how important they are…

Have you ever considered what you might do if you lost everything that you own? Most people do not think about this at all and yet their personal possessions rank pretty high on their lists of importance in their lives. Consider if you will all the things that you own and how important they are to you? If you lost them, could you afford to replace them? For most people the answer is no.

Personal Property Insurance is insurance for your Personal Possessions. If you consider that you like most people work hard to make money to buy the things you love and it gives you joy and happiness to have these things, but what if? And that is why there is personal property insurance and then, perhaps you might look into getting some to protect your personal property. But you need to consult an expert on insurance so you can know what the coverage are and how these policies really work.

Some of my friends have actually gotten a video camera and photographed each and every item in their home and then cataloged it. Indeed, they then took all these digital pictures and video clips and backed them up on a peripheral hard drive which is now kept in a fire proof safe? Ask you insurance agent if that might be a good idea for you too?

I certainly hope this article is of interest and that is has propelled thought. The goal is simple; to help you in your quest to be the best in 2007. I thank you for reading my many articles on diverse subjects, which interest you.

Ensure That Your Mobile Is Insured

Mobile phone had ceased to be a luxury a long time back and nowdays it is more like a necessity that helps you keep pace with this rapidly developing world. With evolving technology and with each passing day newer mobile phones with even more integrated technological advancement are hitting the market. As more and more…

Mobile phone had ceased to be a luxury a long time back and nowdays it is more like a necessity that helps you keep pace with this rapidly developing world. With evolving technology and with each passing day newer mobile phones with even more integrated technological advancement are hitting the market.

As more and more features are packed in these pocket sized gizmos their price tags are bound to flaunt larger amounts. In this scenario mobile phones like so many of our material possessions have become a 'valuable asset' that one needs to get insured! Loss by theft is not the only reason for losing one as these sophisticated gadgets are vulnerable to the forces of nature and something as harmless as a mild shower is enough to cripple your dear mobile phone for life.

This type of insurance deals can be availed with either the user's service provider (network) or any independent insurer who provides insurance coverage for mobile phones. But what one should go for solely depends on the availability of the better deal. The two aforementioned transactions have different plus points attached and that one has to decide according to their personal choice.

Your network will put the cost of the insurance along with the cost of the contract or the handset and in case everything does not go as planned with the handset then you can always return it. Also few mobile phone retailers offer insurance and sometimes waive the amount for initial time period to lure the customers but one should be vary of these deals! One should go ahead and avail it after thoroughly reading the terms and conditions. Frankly this helps! While the independent insurance provider may offer you a wider range of insurance cover options but more often than not you will not be able to get the perks that you can if you choose the deal offered by the mobile phone retailer judiciously.

It is all about the choice you make that will help you to put your precious (and costly) mobile phone under an insurance cover. One more way is to add it to your home contents insurance policy (if you have one), that will certainly be a good idea. A fact to note is that any insurance can cost between £ 25 and £ 100 annually and if you think your handset is worth spending this amount only then the issue of insurance comes into picture.