May 31 | 2017

Does Your Client Really Need Title Insurance?

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Does your client need title insuranceThe topic of title insurance may come up when clients are purchasing a new property, and a common question is, “do I really need it?”

Well, title insurance in Canada has come a long way from when we first introduced it to the market over 25 years ago. It offers the best defense against title fraud, as well as survey and title issues/defects. It can also protect your clients from unexpected costs that may threaten their financial status.

For instance, Jason and June* finally found their dream home after years of saving and searching for the right property. Once financing was approved, they happily moved into their newly purchased home. Shortly after moving in, they received a notice from the city about outstanding tax and water utility charges amounting to over two thousand dollars. This was a very unwelcome surprise given their tight budget as first-time homebuyers. Luckily their lawyer had recommended they purchase a title insurance policy, which covered outstanding tax and utility bills. Because of their title insurance coverage, they were spared the extra expense when the claim was paid out by FCT.

Commercial property owners also benefit from protecting their multi-million dollar investments with title insurance as it covers issues like encroachments, zoning violations, unpaid taxes and utilities, etc. For example, a developer Jack*, purchased a golf course with plans to develop it into a larger golf course and resort. The municipality provided confirmation that the land could be developed for these purposes. Unfortunately, after closing, he was notified by the municipality that there was an error and the land was zoned as “open space/residential” and applying for re-zoning was not an option. As a result, the land could continue to be used as is but development plans could not proceed. Because FCT had insured the value of the land along with the approximate value with the improvements, Jack received a claim settlement for the loss in property value because of the zoning error. With the claim settled, he had the choice to use the property in keeping with current zoning, or sell the property without incurring a financial loss.

So does your client really need title insurance? You decide.

*Names have been changed to protect the privacy of our clients. This information is provided as general information only. For further details please review the subject policy.

Jun 13 | 2016

Customized protection and complete satisfaction? We endorse that!

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title insuranceWe all know that title insurance helps to minimize the risk associated with commercial real estate and helps the closing process run smoothly— title insurance provides coverage you can’t get anywhere else.

And when it comes to coverage, FCT is committed to ensuring you receive the best and most comprehensive coverage available on the market today: we know that there is no such thing as one-size-fits-all, especially when it comes to complex commercial transactions. Plus, with our vast experience in supporting and protecting diverse commercial properties and transactions, you can trust FCT’s knowledgeable team to provide you with the personalized service you can rely on. We are committed to always finding a way to say “yes” to get you exactly what you need, when you need it.

In fact, we pride ourselves on being as flexible as possible when it comes to supporting your success. One way we do this is through specialized endorsements that allow us to address almost every imaginable situation and specialized need.

But what exactly is an endorsement?

Commercial title insurance is generally issued using a standard policy. However, certain situations and varying levels of complexity often call for additional or customized coverage. An endorsement is an attachment to an insurance policy that amends or adds to it, often adding coverage that was not part of the original contract. With market conditions always evolving, endorsements allow our policies to best reflect changing markets and customer needs without sacrificing trusted, established protection.

For a listing of the current commercial loan endorsements being offered, click here. Or if you’re more interested in owner endorsements, we’ve also got a lot to offer you.

You and your customers deserve the best in the business and that’s exactly what we are ready to offer. Have you got a complex commercial transaction to close? Let us know what kinds of challenges you’re facing by commenting below. Or better yet, call FCT — when we work together you can close with confidence.

Mar 21 | 2016

Need a reason to choose FCT for commercial title insurance? Forget about one — we’ll give you 10!

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The top 10 reasons to partner with FCTAs Vice-President, Commercial Solutions, I am responsible for leading and growing the Commercial Solutions Division here at FCT. To accomplish this, my team listens to what our commercial customers are saying they need in order to succeed. We then provide them with the products and services to help them reach their goals and protect their investments.

It’s been said before, but it bears repeating: commercial title insurance offers essential protection and helps make a commercial transaction far more efficient. Plus, it has been providing Canadian lenders, lawyers and their clients with critical peace of mind since 1991, when FCT introduced the concept to the Canadian marketplace.

Today the title insurance market is a little more crowded than it was back then. Commercial customers have a choice to make and although we think that the choice is crystal clear, people still sometimes ask:

“Why would I choose to partner with FCT for commercial title insurance needs?”

I love this question, because not only do we have a good reason for you to choose FCT, we can actually give you 10 . . . and in video form, no less!

So if you’re looking for:

  • Products that meet your needs;
  • Service that makes you feel valued; and
  • Solutions that will help build your business and protect your investments

there is no need to look any further than FCT. We’ve been here since the very beginning and we will continue to innovate, well into the future.

Are you a customer of FCT? If so, tell us why you chose to partner with FCT by commenting below.

Sep 28 | 2015

FCT Commercial Services: 20 years, 200,000 policies and stronger than ever!

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200th policy

Shawn Jones of the law firm Jones & Company

We’ve just sold our 200,000th commercial policy and we couldn’t be more excited!

Thank you!

As Vice-President of Commercial Solutions here at FCT, I wanted to take a moment to thank Shawn Jones of the law firm Jones & Company for helping us achieve this milestone with his recent purchase of commercial title insurance.  His was the 200,000th commercial policy issued by FCT.


Where we’ve been

I also thought that this would be a good time to reflect on just how far we’ve come to get to today and to the celebration of this milestone for our commercial division.

Back when we started in the early nineties, title insurance was a relatively new concept in Canada, having been pioneered by our tenacious founders who saw a need in the industry and didn’t rest until lenders, lawyers, brokers and real estate professionals alike saw it too.

Commercial title insurance offers essential protection and helps make a commercial transaction far more efficient. Plus, it provides lenders, lawyers and their clients with all-important peace of mind — peace of mind that comes from knowing that despite any issues that may arise pre-closing, you have the ability and the confidence to move ahead with your deal, as planned. Furthermore, because unexpected issues do arise that can call ownership into question even well beyond the closing, our commercial policies include the duty to defend and coverage for many post-purchase issues.

At FCT all commercial underwriting is done by a team of experienced law clerks and lawyers who work on a case-by-case basis to suit each specific deal. This also affords the personalized service needed to keep clients satisfied and protected, solving problems that might otherwise delay or jeopardize a closing.

Another benefit of title insurance is the indirect, yet critical protection it offers lawyers. By shifting the lawyer’s risk onto FCT in the event of a claim, their reputation and good-standing are protected.

Where we’re going

At FCT, we’re honoured to have had the opportunity to play a role in many large national commercial projects over the years, as well as in the smaller, local ones. Through all these projects, we have embraced a “customer first” philosophy which allows us to deliver a consistent, excellent customer experience. It’s what we mean when we say Experience Excellence™ and serves as our guide to the future of commercial title insurance and how we can take this product to the next level.

But to do so, we’d like your input. Share your insights below on how commercial title insurance has helped your business or protected your commercial investment — we’d love to hear from you.

Thank you again to all of our FCT loyal customers for making this 200,000th commercial policy milestone possible.

Services by First Canadian Title Company Limited