Title Insurance Policies in Pennsylvania
Pennsylvania is a rating bureau state. WFG is a member of the Title Insurance Rating Bureau of Pennsylvania ("TIRBOP"). The Rate Manual and its contents are filed with and approved by the Pennsylvania Insurance Department. The Rate Manual covers all forms and all Rates up to $30 million.
Contents
The Rate Manual
The Rate Manual, with approved forms and Endorsements, can be found at: http://patitleratingbureau.org/tirbop-rate-manual/
Title Insurance Commitments
Commitments are NOT filed forms in Pennsylvania.
Title Insurance Policies
Policies are filed forms in Pennsylvania. Only approved Policies can be issued under the requirements of the Rate Manual. PA policies are a modified versions of the 2006 ALTA policies (modified 2021 ALTA policies after September 1, 2022). PA has omitted survey coverage from the policy and requires such coverage to be purchased by endorsement.
Title Insurance Endorsements
Endorsements are filed forms in Pennsylvania. Only approved Endorsements can be issued under the requirements of the Rate Manual.
Title Insurance Rates
Rates are set by the Rate Manual. Pennsylvania is an "all-inclusive rate" State. The charge includes the cost of the search, title examination, escrow and settlement services and the insurance risk assumed by the insurer. Some supplemental charges are authorized by the Rate Manual. See TIRBOP Website and Rate Manual Sections 2 & 3. Endorsement charges are also set forth in the Rate Manual.
Title Insurance Waiver
In a purchase transaction where a mortgage is being simultaneously insured, an owner's policy must be issued unless waived in writing in accordance with 31 Pa. Code 126.1. See Rate Manual Section 5.2(D), 5.3(D), 5.9(F).
