Toronto, ON (Jan. 6, 2014) – The TitlePLUS insurance program(1) is pleased to announce base premiums for residential resale purchases will be reduced by 25 per cent beginning January 6, 2014.
The base premium reduction is applicable in Alberta, British Columbia, Manitoba, New Brunswick, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Saskatchewan, and the Yukon.
“Keeping title insurance premiums affordable is an important driver for us. We are carefully monitoring the market across the country to ensure we offer excellent coverage at competitive rates,” said Mark Farrish, director, sales & marketing, TitlePLUS.
TitlePLUS policies include both title and legal services coverage for homebuyers and lenders. It is a comprehensive title insurance policy for title-related problems that could affect ownership or the marketability of the property in the future, as well as legal services(2) provided by the lawyer closing the real estate deal. These coverages include:
- Errors in information, such as that provided by a municipality;
- Forgery and fraud;
- Issues with work orders, access rights and conflicting interests in the property;
- Survey-related matters;
- Certain post-policy date events, such as fraud against the home owner or lender, and post-policy date encroachments.
For more information about title insurance and home buying refer to the Real Simple Real Estate Guide.
TitlePLUS insurance is the only all-Canadian title insurance product on the market today. It was developed in 1997 by Lawyers’ Professional Indemnity Company (LAWPRO®) in conjunction with members of the real estate bar. Since then, the TitlePLUS program has grown to be a national provider of comprehensive title insurance.
About LAWPRO and TitlePLUS title insurance
LAWPRO is owned by the Law Society of Upper Canada and is licensed to provide professional liability insurance and title insurance. Through its malpractice insurance program, LAWPRO insures about 24,000 practising lawyers in Ontario, as well as providing them with risk and practice management information under the practicePRO banner to assist them in their law practices. LAWPRO’s TitlePLUS title insurance program is used by thousands of Canadian lawyers and Quebec notaries to better meet their clients’ needs for professional legal advice and superior protection for their real estate transactions.
® Registered trademark of Lawyers’ Professional Indemnity Company (LAWPRO®).
1. The TitlePLUS policy is underwritten by Lawyers’ Professional Indemnity Company (LAWPRO®). Please refer to the policy for full details, including actual terms and conditions. Contact LAWPRO for brokers in Manitoba, Alberta and Québec.
2. TitlePLUS® policies issued with respect to properties in Québec and OwnerEXPRESS® policies do not include legal services coverage.