TAILIEUCHUNG - A Transaction-Cost View of Title Insurance and its Role in Different Legal Systems

A more specialised health care insurance market – private long-term care (LTC) insurance – is absent or very limited in countries with comprehensive public long-term care benefits, such as in Scandinavia, the Netherlands, Japan and Luxembourg. In Germany, LTC cover is statutory for every resident. It is obtained from sickness funds for individuals covered by social insurance, and from private insurers, for those individuals holding primary private health coverage, as well as for a small number of individuals opting voluntarily for private LTC insurance and for employees of the railway and postal services companies (Verband der Privaten Krankenversicherung, 2003). It is, however, non-existent or embryonic in most. | Benito Arruiĩada A Transaction-Cost View of Title Insurance and its Role in Different Legal Systems - Published in The Geneva Papers of Risk and Insurance 27 4 October 2002 pp. 582-601. Department of Economics and Business Universitat Pompeu Fabra. Mail Trias Fargas 25. 08005-Barcelona Spain. E-mail . Http arrunada. The author thanks Mike Calder Gonzalo Fernández de Mesa William W. Fisher Nuno Garoupa Philip E. Keefer Fredrick M. Kerr Michael Johnson Nelson R. Lipshutz James R. Maher Bruce A. McKenna Fernando Méndez Thomas W. Merrill Stephen Moulton Joyce D. Palomar Celestino Pardo Malcolm Park Chris Parsons Reimund Schwarze Goran Skogh and participants at the 9th Joint Seminar of EALE and the Geneva Association for their comments and Rafael Niell for help in collecting data on the international presence of title insurance. Usual disclaimers apply. This work has benefited from financial support by CICYT an agency of the Spanish Government through grant SEC99-1191. Abstract This article outlines a transaction cost theory of title insurance and analyses the role it plays in countries with recording and registration of land titles. Title insurance indemnifies real estate right holders for losses caused by pre-existing title defects that are unknown when the policy is issued. It emerged to complement the errors and omissions insurance of professionals examining title quality. Poor organization of public records led title insurers in the USA to integrate title examination and settlement services. Their residual claimant status motivates insurers to screen cure and avoid title defects. Firms introducing title insurance abroad produce little information on title quality however. Their policies are instead issued on a casualty basis complementing and enforcing the professional liability of conveyancers. Future development in markets with land registration is uncertain because of adverse selection competitive reactions from .

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