Showing posts from July 6, 2008

Insurance for Art Collectors Covers Ownership Disputes

It's a collector's nightmare:(Heuichul Kim)">Heuichul KimSALESMAN Gifford Miller sells art title insurance through a company he formed called Liberty Art Title. You buy a valuable painting from a reputable dealer and hang it on your wall. Years later, you learn that the painting was once stolen, decades before you bought it. The original owner sues you, and before you know it you've both lost your investment and racked up tens of thousands of dollars in legal fees. You can sue your dealer to try to recover your loss, but that drags the legal mess out even longer.Disputes over ownership of artworks are common, often protracted, and costly. Well-publicized cases involving theft and Holocaust restitution have drawn attention to the risks involved in not knowing every place your art has been. But collectors can find themselves dragged into court over less sensational issues, too.…

Title insurance not a necessity for homeowners

We're deeply concerned that The Vancouver Sun's view, expressed in the June 25 editorial, Rising real estate fraud makes title insurance essential, is causing unnecessary panic among B.C. homeowners.The Land Title and Survey Authority reported that over the past 18 years it processed 15 million transactions. In that time, two claims related to land ownership fraud were resolved and only 14 claims related to mortgage fraud were filed.Contrary to your assertions, the authority says there's been no increase in the number of fraud cases and that cases of attempted fraud are rare. We're not aware of any cases in B.C. that required an innocent owner to pay off a fraudulently obtained mortgage. Typically, when a homeowner is asked to pay for title insurance on a mortgage, that insurance protects the lending institution, not the homeowner. Realtors have a high level of confidence in our land title system and believe the wholesale promotion of title insurance adds unnecessarily…