Title: Opinion File 76-148 thru 76-150
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Permanent Link: http://ufdc.ufl.edu/WL00003468/00001
 Material Information
Title: Opinion File 76-148 thru 76-150
Physical Description: Book
Language: English
 Subjects
Spatial Coverage: North America -- United States of America -- Florida
 Notes
Abstract: Buddy Blain's Collections - Opinion File 76-148 thru 76-150
General Note: Box 14, Folder 5 ( Opinions 1976 - 1977 - 1976 - 1977 ), Item 21
Funding: Digitized by the Legal Technology Institute in the Levin College of Law at the University of Florida.
 Record Information
Bibliographic ID: WL00003468
Volume ID: VID00001
Source Institution: Levin College of Law, University of Florida
Holding Location: Levin College of Law, University of Florida
Rights Management: All rights reserved by the source institution and holding location.

Full Text


SICKER, MCEWEN, SM' COFER & TAUB 6-148
ORNEYS AND COUNSELLORS AT LAW
06 MADISON STREET. P.O. BOX 1363
TAMPA. FLORIDA 33601 KEY WORDS: 77C
(813) 228-7841 -

O
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VICTORIA L. HUNT JACQUELINE B. WHATLEY
ROBERT V. WILLIAMS ,

IN REPLrY REFER TO.
MrDonald R. Feaster, Executive Director
S ithwest Florida Water Management District
P 0. Box 457
B oksville, Florida 33512

Re The Possibility and Effect of Buying TIfl Insurance
for less than the Paid for Value of the Property

De r Don:

Af er our conference of September 29, 1976, I had two lawyers in
ou firm research the above matter and we found that title insur-
an e companies may not write such insurance, because in the "rate"
bd klet it expressly provides that the owner's policy can not be
is ued for less than the full value of the premises, see attached
cc y. Therefore, the question may be mooted because no insurance
c pany would write such a policy.

Nc etheless, I have checked into the law on the effect such policy
we ld have if we could get a company to write it. There is also
nc authority on point but 45 C.J.S., Insurance 967, states that
tl insured is entitled to be reimbursed for all losses that he
he actually sustained because of defects of title, etc., but not
tc exceed the amount of his insurance. It goes on to say that in
tt absence of any provision in the policy to the contrary, he is
li ited to the terms of the contract. The Court and Empire Devel-
op ent Company v. Title Guaranty & Trust Company, 255 N.Y. 53, 121
N. 468, stated that the parties to a contract of title insurance
me define the loss they intend to cover even though that loss is
nc the amount of money damages actually suffered. This is so long
as the contract is made in good faith and not merely as the cover
of a wager.

I ave been able to find no Florida law exactly on point, but there
iE a dicta in a couple of cases which might be helpful. In Blessing
v. American Title & Insurance Company, 121 So. 2d 455 (1st DCA 1960),
th Court noted that the insurer's liability under a title insurance


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r ^ 1 -- 11~~~~ :-* '* QJ TK-
.T6-1 4 9

GI BONS, 'UCKER, McEWEN. SMIltr. COFER & TAUB CONTINUING OUR LETTER OF
October 4, 1976
SHEET NO.

S2


Mr Donald R. Feaster, Executive Director
So thwest Florida Water Management District





p icy depends on the terms of the contract. Further, in Farrell
v Inter-County Title Guaranty & Mortgage Company, 213 So. 2d 518
( d DCA 1968), the Court pointed out that the party has the burden
o proof as to the amount of loss up to the face amount of the policy.
F >m these various sources, I am of the opinion that although most
t le insurance companies will not enter into a contract for less
t n the value of the property, if they did enter into such a con-
t ect they would be liable up to the face amount of the contract if
tU. insured could prove that he sustained a loss covered by the policy.

If you have any questions concerning this matter, please call me.
Yours very truly,
r

Myron G. Gibbons
MG:bl
Er closure



cc: Jay T. Ahern, Esq.
Mr. Robert L. Watson
L. M. Blain, Esq. V/




_-__ _- -(. -7 __ .a












Page 10 of booklet entitled "TITLE INSURANCE RATES"

of Commerce Title Guaranty Company







Original Title Insurance Rates
for Owner's or Leasehold Policies

An owner's policy, insuring fee simple
estate. cannot be issued for less than the
full value or the premises. An owner's pol-
icy, insuring a leasehold estate, cannot be
issued for less than the aggregate of the
rentals payable under the leaIse in conpcc-
lion with which lie policy is requested or
the valuation of the premises upon which
tax assessment is based, whichever is the
less.
rFo Sniultfaneous Issuanoe of Owner's and Molrtgagee's
Policies, see page 14.


TIhe premium charge for original O\vner's
or leasehold title insurance shall be:
Per Thousand
Up to S50.000 of
liability written ........$3.50
Over S50,000 and up to
$100,000, add ......... 3.00
Over S100,000 and up to
$5.000,000, add ....... 2.00
Over S5.000.000 and Lip to
S10,000.000, add ...... 1.75
Over S 100,000000
quoted upon request ....
Minimunlm Plremiumn ... S 10.00


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