The TIPIC System

FACT >> Agencies = Underwriters. There are many myths, ironies and misperceptions related to the advantages and need to deal with underwriters directly. The majority of title insurance policies are actually issued by agents of underwriters, NOT by the underwriters themselves. There are other options available to you (the insured public) -- all of which ironically have been created by the title insurance underwriters, themselves. TIPIC ADVANTAGE >> TIPICs may work with multiple underwriters or agencies in accordance with applicable laws and regulations as governed by the Maryland Insurance Commission. Multiple agents = More Options. Agents – who are in the field, have local and expert knowledge with “equal” power and authority to quote and issue the very same policies, on the very same terms, at the very same price.

FACT >> Each title insurance underwriter maintains different underwriting guidelines, which in turn substantially alters the coverage offered, your ability to secure certain coverage, and ultimately the pricing options offered. Limiting yourself to just one underwriter and/or agency can, by definition, significantly limit your options. TIPIC ADVANTAGE >> TIPICs have the ability to be uniquely affiliated with every underwriter in the commercial title insurance world. Unlike an underwriter, and most agencies – TIPICs  identify your needs and are able to shop multiple underwriters for the best solution. Limiting yourself to just one option can often significantly impact the end-result (i.e., coverage, risk, pricing, etc.) -- for you, your firm and/or your client.

FACT >> Although there are many talented individuals within the offices of our underwriter partners, many who we rely on ourselves, you – by definition -- are limited to the attorney and/or support staff at the local underwriter’s office, and subject to their decisions, limitations, and availability. TIPIC ADVANTAGE >> Alternatively what makes a TIPIC so unique is that we are a “single source,” an independent broker for all things commercial title, with access to each underwriting counsel, in all 50 States. On your behalf, we have the ability  to shop your specific needs to multiple insurers – simultaneously -- and obtain creative solutions to your individual scenario. The result can be: getting the deal done, extraordinary risk coverage, lower premiums for endorsements, etc.  Therefore, it is not about who’s better, it’s all about who is the best position to secure the best results for you, your firm and your client.

FACT >> Large volume title agencies and underwriters generate a tremendous amount of business – especially in an market of mass residential refinancing. Files are often times delegated to lower level staffers – not attorneys themselves -- who do not have the necessary knowledge, resources and/or focus to handle complex commercial title issues and events that predictably come up, from time-to-time. TIPIC ADVANTAGE >> Dedication to every transaction is a typical TIPIC benefit. Not all TIPICs, however, are attorneys. Therefore, to assure best results demand that you work with a qualified commercial real estate attorney accountable to you. Deal only with those TIPICs that focus on quality, not quantity and specialize in commercial transactions that tend to be large and complex. Look for a one call and/or email solution – during or after hours.

FACT >> Each underwriter, especially when it comes to deleting title exceptions, issuance of endorsements and coverage for extraordinary risks, uses their own underwriting criteria which is similarly applicable to their agents. Should a request be “denied” or additional premiums for multiple endorsements and/or extraordinary risk coverage be required, moving the file from insurer-to-insurer becomes logistically prohibitive, especially more proximate to Closing. TIPIC ADVANTAGE >> Given that all underwriting is on equal footing for each underwriter, the only way to secure better coverage is to shop amongst all available underwriters. Being anchored to just one option is limiting and can significantly reduce essential coverage and/or increase cost.  This is exactly why TIPICs are uniquely suited to have multiple affiliations, with virtually all underwriters, as well as many agencies.  By having possession of and being intimately familiar with the title abstract and title insurance commitment, TIPICs have the ability to “shepherd” the file to another underwriter, even just prior to Closing, to close on a contract and/or loan and provide the necessary coverages and/or reduce costs. Without this ability you can’t ensure your clients best interests, 100% of the time!

FACT >>All clients and firms are sensitive to costs. Sounds logical, however, pricing – in terms of premium rates -- is typically promulgated by State regulation, and NOT-Negotiable.  But that’s only part of the story …. Find out about the bottom-line value of professionals-dealing-with-professionals. When there is duplication of effort, there’s economies of scale and, as such, you and your clients should benefit. TIPIC ADVATAGE >> As a licensed attorney Myles Lichtenberg, Esq. has the flexibility to collaborate with your law firm and/or your counsel. In selected circumstances professionals can create referral fee arrangements that can help off-set costs that are associated with complex commercial real estate transactions. Beyond the payment of referral fees, and depending upon the value of the premium, a willing TIPICs business model may allow for a “no fee” or an “expense only” quote to waive all other associated fees such as fees for title examination, title insurance binder, document preparation, notary fees and attorney fees.

FACT >> As you know, many underwriters’ offices are branches of large public corporations, staffed by salaried employees, that follow set-guidelines, procedures and hours. Therefore providing extensive amounts of flexibility is unfortunately is not always possible. TIPIC ADVANTAGE >> Many TIPICs are independent entrepreneurs and, as such, are free to set their own policies, procedures, and work hours to service their valued clients. They are available “anytime,” day or night, weekday or weekend to do whatever it takes to get the job done. Total availability by expert hands-on, real estate attorneys!  

FACT >> The insurance underwriters are bound by their corporate procedures, especially with regard to established nationwide bureaucracies. This fact is especially true with out-of-state and multi-state transactions, when title processing is delegated by region or state and you are then forced to deal with multiple providers – a logistical scenario you would never opt-for on your own. TIPIC ADVANTAGE >> The strategic structure of the TIPIC model and its philosophy, not only provides necessary solutions, but allows for an easier, more turkey outcome. Maintaining one single point of contact provides the access and accountability you require and deserve. The power of the TIPIC comes from the synergy created by their relationships with agencies and underwriters throughout the U.S. to insulate you from dealing with multiple providers in multiple states. This rare “composition” allows TIPICs to scale down to service you one-on-one, while providing the power and synergistic and resources necessary to take care of all of your multi-state needs. 

FACT >> From time-to-time transactions may dictate alternatives to your primary provider, such as when: (i) Real estate is located in a jurisdiction that your preferred agency does not have an Agency Agreement, or (ii) Requires special services by different offices, or (iii) Are not able to be processed by one particular underwriter, such as endorsement to existing policies issued by other underwriters. TIPIC ADVANTAGE >> Professional TIPICs never want to disrupt a relationship, especially one that is working well. In fact, many clients even serve on Advisory Boards of select underwriters. In the end, the TIPIC model is able to fill a critical void. It’s about adding value, supporting partners and providing options. A TIPIC you know and maintain a relationship with can fill a much needed niche’ when the need arises.

FACT >> We love the underwriters, they are our partners as well. However, like any other entity in todays world, they too have been subject to hiccups, from time-to-time. As we have all witnessed in the last few years, sometimes the bigger they are the more susceptible they have been. TIPIC ADVANTAGE >> TIPICs, because of their independence, have the ability to maintain total flexibility and market agility. A TIPIC you know and trust has 100% control over where your deals are processed and where your funds are escrowed.  Once again, you not only have total control, but you have many more options to explore, as well.