Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-186 - TITLE INSURANCE RATES › Section 69O-186.004 - Classification of "Certificates of Title" as a Respective Type of Title Insurance Contract and Promulgation of a Specific Rate Schedule Applicable Thereto

Current through Reg. 50, No. 138; July 16, 2024
(1) The initial Title Insurance Rate
				Promulgation Order promulgated on March 7, 1967, pursuant to the provisions of
				Section 627.0956, F.S. (Rule
				69O-186.003, F.A.C.), did not
				recognize Certificates of Title (commonly identified as Department of the Army
				Engineers Form 903, dated December 1, 1963, and Department of the Army
				Engineers Form 1017, dated April 1, 1962) and other substantially similar
				contracts used by governmental agencies, federal or state, in the acquisition
				of real property and easements for non-proprietary governmental uses and
				purposes, as "a respective type of title insurance contract" to which a
				specific rate schedule would be applicable.
(2) Such Certificates of Title and
				substantially similar contracts differ from "standard" title insurance
				contracts contemplated in the initial rate order in that the risk assumed is
				substantially confined to matters of record only and that in transactions with
				many such governmental agencies statutes of limitation constitute a bar to
				action for inverse condemnation.
(3) These distinctions warrant promulgation
				of a lesser risk premium applicable to such Certificates of Title and
				substantially similar contracts.
(4) Such a promulgation shall apply only to
				and be limited to those Certificates of Title and substantially similar
				contracts used by governmental agencies in the acquisition of real property and
				easements for a governmental or public purpose for public use as distinguished
				from such acquisitions by such agencies in the exercise of their proprietary
				functions.
(5) Transactions
				involving such Certificates of Title for such purposes usually involved the
				issuance of several interim title insurance certificates, sometimes referred to
				as title insurance binders, the cost factor of which should be recognized in
				the allowance of an interim certificate charge for each certificate issued
				subsequent to the initial certificate, sometimes referred to as the preliminary
				certificate, in addition to the risk premium charge.
(6) In recognition of the above factors the
				following risk premium schedule and interim binder or certificate charges are
				hereby promulgated as being applicable only to such Certificates of Title and
				substantially similar contracts when used by governmental agencies, state or
				federal, for the acquisition of real property and easements for a governmental
				or public purpose and use as distinguished from a proprietary purpose and use:
For Each Interim Certificate
Amount of Liability
Per Thousand
Subsequent to Initial Certificate
$0-50,000
2.25
Plus $5.00
50,000-100,000
1.75
Plus $5.00
100,000-500,000
1.50
Plus $5.00
Over 500,000
1.25
Plus $5.00
Rulemaking Authority 624.308(1) FS. Law Implemented
					 624.307(1), 627.782 FS.
New 9-17-71, Amended 12-28-73, Repromulgated 12-24-74,
					 Amended 4-12-82, 12-23-82, Formerly 4-21.04, Amended 6-25-86, 2-26-90, Formerly
					 4-21.004, 4-186.004.