FCT business development director Kenneth Chin tells us commercial title insurance covers much more than the name suggests. Besides title issues, commercial policies provide protection for a variety of issues. Coverage falls into three main categories: title issues (encumbrances and liens on title, or if someone else claims interest in the property), off-title issues (lack of legal access, non-compliance with zoning regulations, lack of building permits), and transactional issues (title fraud, lack of corporate authority, survey issues). More lawyers and lenders in BC are taking advantage of the efficiencies and protection the policy coverage affords. Kenneth says that given these great benefits, leveraging title insurance is something that lawyers should consider for every deal. For more info, click here.
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