Old Republic Title Insurance Group Increases Single Risk Limit for Commercial Transactions
|January 22, 2003|
Higher Limit Means More Choice, Faster Processing Times and Lower Insurance Costs to Title Agents
MINNEAPOLIS, /PRNewswire/ -- Old Republic Title announced the increase of its single risk limit to $100 million*. The increase extends Old Republic Title's reputation for financial strength and stability to the commercial property markets.
Rande Yeager, president and chief executive officer of Old Republic Title, said, "The increased limit positions Old Republic Title as a more versatile competitor within the commercial market. Being able to assume a higher liability offers benefits to both commercial title agents and lenders. Title agents can save a significant amount of time and money by avoiding the need for additional reinsurance coverage; lenders have the benefit of working with one of the highest-rated underwriters for their larger commercial deals."
The single risk limit is generally the maximum amount of liability a title insurance underwriter can assume on any one transaction. When a transaction exceeds an underwriter's single risk limit, reinsurance for the amount exceeding that limit is obtained through another insurance carrier, often resulting in additional fees and extended processing times. By increasing the single risk limit, Old Republic Title helps its agents save time and money while allowing them to be more competitive than ever on higher liability deals taking place in the largest metropolitan areas across the U.S.
"Title agents now have more choice when deciding which underwriter to use for their commercial deals," said Yeager. "We're pleased that the new limit has expanded the number of underwriters in the commercial property market and offers lenders and owners of commercial property more options."
Source: Old Republic Title Insurance Group