Title Insurance Policy Surcharge Assessment

Title Insurance Policy Surcharge Assessment

Fees, fees and more fees…. There is now a new fee you will see on your settlement statement as of September 2, 2014. A title Insurance Policy Surcharge Assessment. Due to the payment of claims and administration expense for two failed domestic underwriters that are currently in receivership, the funds will be aggregated.

Both National Title Insurance Company (“National Title”) and K.E.L. Title Insurance Group, Inc. (“K.E.L.” ) have failed and are in receivership currently. The Florida Office of Insurance Regulation (“OIR”) is mandating this charge.

surchargeThe surcharge will last until further notice. The OIR anticipates that it will take approximately one year to recoup the funds. Attorneys and title agencies alike will be charging the fee. It will be paid by the party contractually responsible for paying the premium for the policy.

Not all bad news as it is a small charge, let’s hope this will take care of what needs to be.

Title Junction is a full service real estate title company serving the area of Fort Myers, Cape Coral and the entire state of Florida since 2005. The company handles a number of real estate title services for both commercial and residential properties. Employees of Title Junction can also act as a witness in courtesy closings as well as an escrow agent or a notary public.

Please contact Jennifer Ferri of Title Junction, LLC for further information @ 239-415-6574 or www.title-junction.com

Posted on July 25, 2014, in Title and tagged , , , , , , , , , . Bookmark the permalink. Leave a comment.

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