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Working Title (Insurance)
Title insurance is grossly overpriced relative to actual risks involved. Why is that?
When this required actually schlepping down to the county clerk’s office to review yellowing papers or microfiche, the fact of the records being public was an interesting bit of operational minutiae for practitioners but had very little impact on owners. Framing influences perception quite a bit (“Anyone on Twitter can figure out your children’s exact walk to school” sounds different than “Your property tax payment is a public record” despite being the same physical database entry). One, vanishingly unlikely (as a percent of claims) but extremely evocative, is a “historical defect,” where the king of Spain (or, in Illinois, far more likely an Indian tribe or the federal government) has a justiciable concern about the original transfer of land to private ownership.
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