Elmore bulletin. [volume] (Rocky Bar, Idaho) 1889-1906, 1892-06-19
RISKS N TlrlE INSURANCE.


Kew Few xasses Have sharpeaed the
Wits sf senfchrrS.
The prominence which real estate
title guarantee companies have reached
n matters affecting searches has given
rise 30 a good dealof curiosity among
real estate dealers regarding the posi-
Die losses TINT such companies may
lave had TO sustain through insnrsnces
Of title which they have issued These
companies have been In existence only
q few years, but in that time, by reason
OF methods Of economy and sort OF
cooperative system. they have man
aged to divert a great deal of the bust
ness which was formerly monopolized
by lawyers, and the gentlemen who
have thus seen their revenues dwin-
ding are naturally prone TO throw
some suspicion upon the results, II not
upon the methods, of business employ
ed by the guarantee companies.
Before the guarantee companies came
into existence the amount of money
spent by purchasers of property In
searches was something almost fabu-
gregated during certain years as much
as 80, 900, 600, and there are reports
more OF less trustworthy that In some
years 1t has greatly exceeded that sum.
Most of the money thus expended went
into the pockets of lawyers. How
much may have been diverted from
this course 1t Ii not easy TO calculate,
but from the fact that several title
guarantee companies seem TO be doing
prosperous business it Is fair infer
ence. perhaps, that they are enjoying
good share OF the revenues which the
lawyers formerly had all to themselves.
Ii Is of course little short Of i'm
possible to get the officers of these CON-
, panies to admit that they have ever
made mistakes, but some Of them are
7 sensible enough to see that it would be
! folly to claim to be infallible, and In
conversations recently they have adj
: mitted that 1t has been necessary for
D them In some cases TO buy of claimants
! to property after they have passed title
q upon IL and insured the title. There
! was one case In Broadway in which q
9 claimant insisted upon els, 900 in order
d to satisfy his rights In certain property,
g but he finally compromised and signed
g a quit claim deed for 50, 900. Quite q
q number of cases have come to the at
b tention of real estate dealers in which
. the title companies were called upon t.
pay few hundred dollars at time
but this Broadway case Is the only on,
o which has involved any considerable
IS amount according TO common repor
N and according to the admission of tn,
y officers of the guarantee companies.
n In every office of these companie
D. there il no hesitation in saying that il
y the course of their searches they FIRE
d quently come across flaws in titles, an,
1t that they are obliged while acting a
la agents for buyers or sellers to clear N
such doubt as may thus be throw
ne upon titles to property. These adm.
r, sions are of course in no way TO tho
ly discredit, but are rather complimentar
ID to their skill In detecting clouds upo
IL titles which had passed unnoticed &
ut former searches which had been cor
st Quoted by lawyers privately engaged
: 1t is positively claimed by the officers 4
all the guarantee companies that in ia
searches they have made, invoiyin
values to the amount of many millions
IN the mistakes for which they are a,
countable have not amounted alto
gether to S25, 900. Considering Oh
y, vast amount Of business that they hav
done, this sum may be considered yer
small, ard the fact must be unique,
ne toned that with the experience tbs
III they have gathered in searching title
u they have equipped themselves so we
~ as ferrets that a flaw in title must b
re very well concealed indeed to oscar
thair notice..-New York Times.
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