This paper examines career opportunities in the title insurance industry, beginning with an overview of licensing and education requirements across U.S. states. It explains what title insurance is and how it protects property owners, then explores the emerging niche of title insurance for fine art — highlighted by the 2006 founding of ARIS Title Insurance Corporation. The paper profiles major industry players, including Lloyd's of London, Chubb Group, AXA Fine Art Services, and Fidelity National Title Insurance Company, assessing each for career potential. It concludes that while art title insurance is a growing and potentially lucrative field, most career seekers will find stronger near-term employment in real estate title services.
It is interesting to note that attaining a career in title insurance can be as straightforward as taking a few online courses, and that some states do not even require that minimal amount of education in order to obtain a license to work in the field.
One school offering online courses in title insurance states, "While some states do not require education in order to get your Title and Escrow licenses, you should never start a new career without some additional education" (Title and Escrow, 2005). Since the school is promoting its own courses, it is easy to understand why the website would express that viewpoint — but further research confirms that the statement is accurate.
Of the fifty American states, thirteen have pre-licensing requirements before a candidate can sit for the exam to become a title insurer. An additional twenty-four states have no pre-licensing requirements but do require that individuals pass an exam before receiving a license to work in the title insurance field. The remaining states have neither pre-licensing requirements nor an exam requirement to work as a title insurer.
The lack of required education does not necessarily mean that a person interested in working in the field could simply walk into an insurance company and be hired as a specialist. There is knowledge that must be acquired before individuals would be capable of working effectively as a title insurer.
The first thing to understand about working in the insurance industry is knowing precisely what title insurance is. When most people speak of title insurance, they are referring to the insurance typically purchased in conjunction with the purchase of a house or other type of real estate.
"Title insurance is protection against loss arising from problems connected to the title of your property" (Title Insurance, 2006). These problems can include a number of different issues, such as a previous owner owing back taxes that have caused a lien on the property, or someone transferring ownership without legal authority to do so. "Title insurance covers the insured party for any claims and legal fees that arise out of such problems" (Title Insurance, 2006).
About two-thirds of all title policies are issued by independent agents — roughly the same market share that mortgage brokers hold. The balance is accounted for by direct branches of insurers or by agencies wholly owned by them (Title Insurance, 2006). Having such a large proportion of independent agents offering the same type of product could lend itself to situations of abuse, which could spell trouble for the consumer. While thousands of companies offer mortgages through independent agents, only five title insurers account for approximately ninety percent of all issued policies.
"ARIS Corporation and art title insurance as a new niche"
"Lloyd's, Chubb, AXA, Fidelity, and ARIS career profiles"
"Real estate title work as more viable than art-only careers"
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