Chase & FDIC v. First American -- CPL Independent of Policy Coverage

06/29/2011 11:41 AM | Anonymous
Here is an interesting case from the Federal Court in the Eastern District of Michigan defines the interaction between a Closing Protection Letter and claims under the title policy, basically holding that they are wholly independent obligations, which may be pursued separately.  

How this ruling will affect practices in the industry remains to be seen, but it certainly seems to increase a title insurer's risk.

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